3m- a Case on Their Strategies Essay

1195 Words Aug 5th, 2013 5 Pages
What actions, policies, strategy are used by the selected organization to motivate innovations among its employees? 3M Company, previously known as the Minnesota Mining and Manufacturing Company is an US MNC. They focus on two core themes – Deep technological competence and Strong product development capabilitie. * Setting stretch targets – such as demarcation of profit generated from X product in Y year sets benchmark for others. * Allocating resources as “Slack” – Ample of space, time and opportunity to grow. * Encouragement of “bootlegging” employees working on innovative projects. * Access to resources in a non-formal manner. * Different levels of Venture capitalist and provision to stag resource for …show more content…
What are the factors that the selected organization uses to select among innovation projects (financial non-financial, customer needs etc…? The formal stage gate system, which has a radical idea, moving from a incubator stage, where they are encouraged and where the development of funds is availed, through too much of rigorous business appraisal it goes further down the line for acceptance. The main factors involved in this process were: * Authenticity of the product / idea. * Cost involved in it, although the firm manages to have ample of VC’s at different level. * Real knowledge versus innovation. * Need of the market along with customers need. * Need of the hour; depending on the nature of project and the area it’s going to serve. Discuss the innovation strategies that are used by the selected organization? * Recognition and reward. Throughout the company there are various schemes which acknowledge innovative activity. * Reinforcement of Core values. Innovation is respected – Practicing “Hall of fame” whose members are elected on the basis of their innovative achievements. * Sustaining circulation. Movement and combination of people from different perspective allows for creative combinations. * Patience providing ample of time for growth and research to come up with new ideas which were acknowledged. * Acceptance of failure Even if someone has failed the project, they’d allow them to

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