INTRODUCTION: 3M is a 109-year-old company is a $21-billion technology giant with major brands like Post-It Notes and Scotch Tape on its roster as well as innovative products like multi-layer optical films that go into LCDs. There are 6 major business units with 40 independent divisions in the company, operating with hundreds of offices, plants and suppliers around the world. 3M also has a number of core technologies feeding into its different markets and crossing over business lines. It was founded in 1902 and has become synonymous with innovation. While Post it Notes is its most recognized product, the company has launched more than 50,000 innovative products over the past century. The 1990’s set new sales records of over $15 billion annually, and 30% of 3M’s sales were from products created in the last 4-5 years. In 2002, 3M celebrated its first “Century of Innovation”, recognizing the company’s remarkable success, which is rooted in its ability to create innovative world products. Key success factors and critical analysis: 3M has various key factors which have contributed to its success. Some of these factors are listed below:- 32 R&D locations in 30 countries coordinated by one global research center Innovation and strong technology base
Diversified product line and addressing customer need
Commitment to research and development
Entrepreneurially oriented corporate culture
Freedom to take risk and try new ideas and 15% rule and MindMatter’s solution Management structure
Achieving 6 sigma perfection
If we study these key success factors in detail and analyze 3M in prospect of entrepreneurially oriented corporation, two things that distinguish 3M from rest of the similar corporate are its rich entrepreneurial culture and the amount of freedom given to its employees to take risk. Its rich culture enables its employees to utilize their 15% of time only think and work on new ideas i.e What if your boss said you could just daydream...