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Many Japanese chemical material based companies supply various kinds of digital materials for high technology based industries, like semiconductor. Their market shares are over 50% in global. That is one of the hidden strongest industries in Japan.There are big expectations for high-tech start-up companies for play innovative roles at the cutting edge of high technology based industries; semiconductor, display, solar cell, etc.On the contrary, there is not enough study of digital material based start-up companies from new material development point of view.In this paper, I could report a case study of chemical material based Start-up Company and propose revised business model based on the cube model which was presented in 2007 PICMET.

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