3M = INNOVATION
If there is one company in the word that personifies innovation in the world, it is 3M.
Started as Minnesota Mining and Manufacturing company in USA in 1902, 3M, came to be strongly associated as one of the pioneers of innovation catalysts in the world today. With a turnover of 29 Billion US Dollar in 2011 and a net income of over 4 Billion US Dollars, 3M has shown that innovation pays rich dividends in establishing a highly profitable global enterprises, while allowing it to touch the lives of people it serves in a number of ways, very fondly.
Started as an unsuccessful stone mining company, 3M encouraged its employees to come out with new ideas by offering its employees to spend 15% of their time at work to come out with innovative products. The products developed through this strategy, have now become the core of its product portfolio. Known globally for its Post-It Note, a revolutionary, yet simple product that has generated huge sales, 3M today has over 55,000 products, including adhesives, abrasives, laminates, passive fire protection, dental products, electronic materials, medical products, car care products (such as sun films, polish, wax, car shampoo, treatment for the exterior, interior and the under chassis rust protection), electronic circuits and optical films.
3M aims to achieve 33% of its turnover from new launches every year and all its innovations that have been taken to market, are showcased in its corporate office at Minnesota.
3M doesn't believe in innovation for innovation sake. It believes in operationalizing innovation through efficient and profitable manufacturing, leading to launch of unique products that positively impact the lives of its target audience.
3M is truly a global company with its products being available in over 200 companies. It has manufacturing operations and innovation laboratories in over 60 countries, employing over 80000 people, mostly local residents of respective countries.
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