INTRODUCTION
Founded in 1902, the Minnesota Mining & Manufacturing Corporation (3M) when five businessmen agreed to mine a mineral deposit for grinding-wheel abrasives. Early technical and marketing innovations began to produce successes and, in 1916, the company paid its first dividend of 6 cents a share. Early innovations include:
? The world's first waterproof sandpaper, which reduced airborne dusts during automotive manufacturing, was developed in the early 1920s.
? Richard G. Drew, a young lab assistant, invented masking tape in 1925 - the first step toward diversification and the first of many Scotch tapes.
? In the 1950s, 3M introduced the Thermo-Fax? copying process, Scotchguard? Fabric Protector, videotape, and Scotch-Brite® Cleaning Pads (3M India).
3M has identified 21 established and new strategic brands. Some of its best-known brands are Scotch tapes, Scotch-Brite cleaning products, and Post-it notes. Newer brands include Thinsulate products, Filtrete air cleaning filters and Nexcare first-aid products.
3M has institutionalized a corporate culture that promotes intrapreneurship. Early in 3M's history, chair and CEO William L. McKnight, long considered to be the company's "spiritual founder," introduced policies and philosophies that were considered to be responsible for 3M's ability to innovate consistently ? seed capital, 15 percent option, dual-ladder career path, etc. Current management has continued to embrace and expand these policies and philosophies, believing innovation to be the cornerstone of 3M's future success.
SWOT ANALYSIS
Strengths ? Progressive/forward thinking is one of 3M's largest strengths. Mr. McKnight's forethought into hiring a scientist to develop their original Wetordry sandpaper ...