An Analysis of 3m, the Innovation Company

Topics: Innovation, Technology, New product development Pages: 3 (789 words) Published: October 10, 2012
1There are many examples of successful companies. To what extent is 3M justifiably highlighted as the ‘innovating machine’?
3M has an impressive performance when it comes to developing new products. 3M hires good hardworking people and puts trust in them; this brings about innovation and excellent performance. 3M ensured that developing new products is much higher on the agenda in management meetings than in other companies. Moreover, the success of the approach is due to the continual reinforcement of its objectives. 3M has concentrated the internal development of new products in a variety of different industries. 3M manufacture over 60,000 products; they have operations in 61 countries and have achieved an n average year-on-year growth in sales of 10 percent. New products that are less than 4 years old represent Thirty Percent of 3M’s sales.

2 In the 3M case studies, what is meant by the statement: ‘the message is more important than the figures’?
It means that the 15 percent rule is meaningless, because some people use more than 15 percent for projects of their choosing, some less and some none at all. The message is that there is some slack in the system for anyone that wants to be creative and innovate a new product of their choosing. People shouldn’t feel pressured or timed to be creative or innovative. They should be comfortable at doing it so that they will deliver their best results. 3Discuss the merits and problems with the so-called ‘15 per cent rule’. Consider cost implications and a busy environment with deadlines to meet. To what extent is this realistic or mere rhetoric?

The 15 percent rule is almost pointless due to every project is different and everyone has different roles which may require more time that may cut into their 15 percent. There are others who may have a lot more free time to spare and can dedicate more than 15 percent towards innovation. The other factor is if deadlines need to be met in producing a new producing a new...
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