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Read attachedpages about 3-M and their approach to innovation Research one of 3M’s innovations. Write a full two page paper in which you respond to the following questions: 1. How did the creative thinking process work in the development of this product? Describe what took place in each of the four steps. 2. Analyze what type of innovation this was—invention, extension, duplication, or synthesis. What characteristics of the innovation have led you to this conclusion? 3. Explain which of the sources of innovative ideas discussed in this week’s reading help account for this product’s success and why? Include a minimum of two sources The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship Thus, 3M’s philosophy was born. Innovation is a numbers game: The more ideas, the better the chances for a successful innovation. In other words, to master innovation, companies must have a tolerance for failure. This philosophy has paid off for 3M. Antistatic videotape, trans- lucent dental braces, synthetic ligaments for knee surgery, heavy-duty reflective sheeting for construction signs, and, of course, Post-it notes are just some of the great innovations devel- oped by the organization. Overall, the company has a catalog of 60,000 products.40 Today, 3M follows a set of innovative rules that encourages employees to foster ideas. The key rules include the following: • Don’t kill a project. If an idea can’t find a home in one of 3M’s divisions, a staffer can devote 15 percent of his or her time to prove it is workable. For those who need seed money, as many as 90 Genesis grants of $50,000 are awarded each year. • Tolerate failure. Encouraging plenty of experimentation and risk taking allows more chances for a new product hit. The goal: Divisions must derive 25 percent of sales from products introduced in the past five years. The target may be boosted to 30 percent in some cases. • Keep divisions small. Division managers must know each staffer’s first name. When a division gets too big, perhaps reaching $250 million to $300 million in sales, it is split up. • Motivate the champions. When a 3M employee has a product idea, he or she recruits an action team to develop it. Salaries and promotions are tied into the product’s progress. The champion has a chance to someday run his or her own product group or division. • Stay close to the customer. Researchers, marketers, and managers visit with customers and routinely invite them to help brainstorm product ideas. • Share the wealth. Technology, wherever it is developed, belongs to everyone.41 3-4c structuring the Work environment Structuring the Work environment When establishing the drive to innovate in today’s corporations, one of the most critical steps is to invest heavily in an innovative environment. A top-level manager’s job is to create a work environment that is highly conducive to innovation and entrepreneurial behaviors. Within such an environment, each employee has the opport ...
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