We introduce a general method to induce Bridgeland stability conditions on semiorthogonal components of triangulated categories. In particular, we prove the existence of Bridgeland stability conditions on the Kuznetsov component of the derived category of Fano threefolds and of cubic fourfolds. As an application, in the appendix, written jointly with Xiaolei Zhao, we give a variant of the proof of the Torelli theorem for cubic fourfolds by Huybrechts and Rennemo.