“3M: A Culture Made For Innovation” Introduction 3M stands for Minnesota Mining and Manufacturing Co. It was founded by five businessmen in 1902 at the town of Two Harbors, Minn (3M, 2012). They originally financed the company to mine the mineral cornundum for grinding wheel abrasives but the investment became a failure because it turned out that the mineral was actually low-grade anorthosite (Goetz, 2011). After being done with mining, the founders bought a sand paper company but
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broader opportunities and threats to assist 3M in making business strategic plans and decisions (Renault 2015). Whereas, opportunity-based theory is used to support the behavior of 3M’s leaders in discovering and taking advantages of possibilities in the business without regarding to resources currently controlled (Pramanik 2015). SWOT Analysis stands for strengths, weaknesses, opportunities and threats existing in the business of 3M. In term of strengths, 3M has a diversified business because of their
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3M Case Study (4) “3M has been known for decades as an entrepreneurial company that pursues growth through innovation. It generates a quarter of its annual revenues from products less than five years old. 3M started life as the Minnesota Mining and Manufacturing Company back in 1902. Its most successful product - flexible sandpaper - still forms an important part of its product line but this now comprises of over 60000 products that range from adhesive tapes to office supplies, medical supplies
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Innovation, ideas and solutions for a modern world 1 Introduction – A Century of Innovation 3M is a global diversified materials science company and a powerful, diverse and integrated enterprise. Although 3M identifies its core competency simply as “applying coatings to backings”, the company’s operations extend far beyond this. 3M, famous for its consumer brands such as Scotch® Tape and Post-it ® Notes, also creates thousands of industrial products used by manufacturers and service
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Case study An analysis of 3M, the innovation company Introduction Any review of the literature on new product development and innovation management will uncover numerous references to 3M. The organisation is synonymous with innovation and has been described as ‘a smooth running innovation machine’ (Mitchell, 1989). Year after year 3M is celebrated in the Fortune 500 rankings as the ‘most respected company’ and the ‘most innovative company’. Management gurus from Peter Drucker to Tom Peters continually
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3M has been known for decades as an entrepreneurial company that peruses growth through innovation. It generates a quarter of its annual revenues from products less than 5 years old. Long before “reinvention” became a buzzword of American business, 3M already had made change a central part of its corporate culture [1]. Many say the company’s success over the years is linked to its ability to change as 3M, its products and the world marketplace evolves. Once 3M top management has long felt that the
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Case Studies in Entrepreneurship 3M 3M has been known for decades as an entrepreneurial company that pursues growth through innovation. It generates a quarter of its annual revenues from products less than five years old. 3M started life as the Minnesota Mining and Manufacturing Company back in 1902. Its most successful product - flexible sandpaper - still forms an important part of its product line but this now comprises of over 60000 products that range from adhesive tapes to office supplies
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1) 3M is an exploration firm because rather than doing better in a given domain, it always strives to change domains. It has enjoyed global growth and has a reputation for remaining a “hothouse of innovation”. 3M has a defiantly non-corporate nature and though the company is gigantic, yet it is very innovative and shows enormous growth potential as though it were a small endeavor. It has developed a wide category of innovative products such as waterproof sandpaper, masking tape, Post-it notes
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Questions for “Innovation within the Organization” 1.) Radical innovations are technologies that allow firm to differentiate themselves from competition and become leaders in newly developed markets. As radical innovations are speculative in nature, it is essential for firms to constantly conduct numerous research and development projects to increase the likelihood a commercially viable one is discovered. Within the article “Innovation’s New Math,” Gary Hamel offers the innovation pipeline as
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Innovation Organisations: The 3M Way Damian Gordon Recommended Reading 3M formerly known as the Minnesota Mining and Manufacturing Company Founded on the North Shore of Lake Superior at Two Harbors, Minnesota in 1902 With over 76,000 employees they produce over 55,000 products, including: adhesives, abrasives, laminates, passive fire protection, dental products, electrical materials, electronic circuits and optical films Richard Drew June 22, 1899 – December 14, 1980 American
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