Fujifilm was the second largest manufacturer of photographic film in the world when digital imaging began to substitute for its core business. In contrast to some photography incumbents, such as Polaroid, Fuji had a relatively successful transition to digital imaging. In 2000, the company had more than a 20% share of the global digital camera market and at the same time had increased its share of the global film market to about 35% from just 18% in 1990. Despite this accomplishment, by 2006 the company felt the need to find new growth opportunities and was aggressively searching for other markets in which to apply its specialty chemicals expertise. In the process, however, the company had lost its sense of self. "If we aren't an imaging company, then what are we?" was the critical question posed by the CEO. The case examines both how Fuji was able to successfully move from analog to digital imaging and how the CEO should now think about finding a "second foundation."