Long-term Innovation Culture

It has spent a 100 years refining its approach to innovation -- and continues to succeed in doing so.

3M is a world class product innovator. Best known for products lie Post-it notes and Scotch tape, it has a history of innovation success in diverse fields: computer disks and tape, industrial coatings and abrasives, medical supplies and office products.

It began in 1901 as the Minnesota Mining and Manufacturing Corporation -- and its first attempts at establishing the business were not successful. But the company persisted, and build a business that today sets a goal of getting 30% of its revenues from products introduced in the past three years. It has spent a 100 years refining its approach to innovation -- and continues to succeed in doing so.

ACTION POINT: Set revenue goals tied to innovative products.