The purpose of this paper is to investigate and analyze a case study on the revival of tourism in disaster-stricken areas using the PokémonGO augmented-reality (AR) game for smartphones, to elucidate how a superior corporate business model is created as an emergent business model forms through interorganizational co-creation in the innovation process.

The results of analysis showed that this process consisted of the five stages of (1) germination within the preexisting situation, (2) planning of the business model initially intended, (3) the emergence of the business model through interorganizational co-creation, (4) execution and outcomes, and (5) completion. Also, Stage (3) can be divided further into the three sub-stages of the emergence of ideas for co-creation, emergence activities in co-creation, and realization activities in co-creation.

These findings were considered in terms of (1) the enlargement of an emergent business model into interorganizational co-creation, (2) the logic and management from which these emerge, and (3) other meanings of the case study.

This research reveals to the results of subsidiaries after going-private for transition to a wholly owned subsidiary and the results of parent company standalone. The transition of listed subsidiary by a parent company into a wholly owned subsidiary is carried out under the assumption that going-private makes subsidiaries more effective than continuing listing. But, this effective has not been verified. Because, the financial statements after becoming a wholly owned subsidiary is considered difficult to obtain. This research obtains data published as information of public licensee companies and clarify the results. This research clarifies the possibility that delisted subsidiaries and the parent companies do not show significant differences in their financial performance as the parent companies’ claims and the transfer of wealth from delisted subsidiaries to parent companies may be occurred.