MASTER IN INNOVATION AND TECHNOLOGICAL ENTREPRENEURSHIP CREATIVITY 20 DECEMBER 2013 CREATIVITY CASE STUDY Table of contents 1 - Introduction ....................................................................................................................................................... 3 2 - Culture of Innovation ......................................................................................................................................... 6 3 - Pillars of 3M Innovation
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3M Corporation Company Background: The Minnesota Mining & Manufacturing Corporation (3M) was founded in 1902. It reported sales revenues of $16.7 billion during the year 2000. These revenues came from 3M ’s six business divisions: industrial; transportation‚ graphics‚ and safety; healthcare; consumer and office; electro and communications; and specialty materials. All business divisions were profitable in 2000. The same year‚ the company made more than 60‚000 products and about $5.6 billion sales
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Art Fry was in search of a bookmark for his church hymnal that would neither fall out nor damage the hymnal. Fry noticed that a colleague at 3M®‚ Dr. Spencer Silver‚ had developed an adhesive that was strong enough to stick to surfaces‚ but left no residue after removal and could be repositioned. Fry took some of Dr. Silver’s adhesive and applied it along the edge of a piece of paper. The
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3M is one of the thirty businesses of the Dow Jones Industrial Average and Standard & Poor’s 500 Index. The company has worldwide sales of $29.6 billion‚ and international sales of $19.6 billion‚ which makes up about 66% of the company’s total sales. After analyzing 3M’s annual balance sheets for the past five financial years‚ we can compare the company’s assets and liabilities and predict its future progress. 3M’s current ratio is positive because its current assets are all higher than that
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Strengths ■ Over 50‚000 patents extended over 13 technology platforms ranging from abrasives to polymers ■ Global company – companies in over 60 countries and 139 plants worldwide ■ Strong recognition for standard innovations with practical applications ■ Operational efficiencies - cost of sales declining and margin % increasing over the years ■ IBD’s new strategy was to transform from margin expansion to top line growth ■ Corporate brand strength and technology behind its products with
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SIGMA TELECOM COMPANY 1. What steps would you suggest to the company management for reversing the downward trend in their profits? Ans. The following are our suggestions to the company management: Product innovation and after sale service: The company should focus on research of new technology and product as well as make sustained effort to harness foreign technology to better meet customer requirement and gain customer loyalty. Another important aspect the
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Innovation & creativity Much of 3M’s ethos for and cultivation of innovation and creativity can be attributed to multiple‚ mutually supporting “layers”: At layer 1‚ the primary concern is the 3M culture. The official vision statement is “to be the most innovative enterprise in the world”‚ and 3M’s basic definition is: “new ideas +action or implementation which results in an improvement‚ gain‚ or profit”. 3M has also coined the word “inventorpreneur” for those who invent and implement. The culture
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3M’s rhythm of change: 3M started as a mining and manufacturing company but soon developed into and moving toward technological innovations and products an example of steady rejuvenation. This kind of change was continuous throughout the life cycle of the company. The change started when a young book keeper named William L.McKnight took the place of 3M’s sales manager and observed the quality problems with company’s products. He started with a systematic change which eventually took effort after
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Case Analysis- 3M Corporation Case Analysis- 3M: Profile of an Innovating Company Introduction Relevant Facts The next invention was the wetordry waterproof sandpaper‚ which came about when an ink manufacturing named Francis Okie asked for samples of every mineral supply in the house. Mr. Okie was persuaded to join 3M as the company first product developer. The wetordry found immediate acceptance in automobile plants and repair shops. The next critical event occurred in 1925 when
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Sigma Alpha Sigma- a name foreign to those apart from my educational setting. A vast amount of students throughout my school follow this name‚ seeking leadership experience or someone to be led by. Despite a lack of recognition‚ Sigma Alpha Sigma possesses drastic influence on the community and on the pursuits of education. As a timorous freshman approaching a dauntingly large high school‚ I was thrown into an abyss of unknowns. My freshman year‚ I noticed the Greek letters of Sigma Alpha Sigma pass
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