Business and Innovation .

Running head: BUSINESS AND INNOVATION
Business and Innovation
Name of the Student:
Name of the University:
Author’s Note:

1BUSINESS AND INNOVATION
Introduction
As opined by Amponsah and Adams (2017), the recent developments in the field of
technology had changed the business world in a substantial manner. França et al. (2017) are
of the viewpoint that these innovative technologies has not only changed the business models
used by the different business enterprises but at the same time they have much altered the
manufacturing, operational, promotional, marketing and other processes used by these
enterprises. More importantly, one of the most important effects of these innovative
technologies is perhaps noticed within the cannon of the innovative business ideas used by
these organizations (Dincer 2017). This essay will discuss the manner in which different
innovations and innovative business ideas have changed the nature of the contemporary
business world in the particular context of the organization 3M.
Main factors that make 3M an innovative organization
The organization 3M, established in 1902 by five entrepreneurs specializes in the
manufacture of sandpaper through the use of various kinds of minerals. In addition to this, the
organization also offers a plethora of services to the customers on the basis of a thorough
assessment of their needs. The major factor which has made the organization under
discussion here one of the most innovative organizations of the world in the recent times it is
business idea that it is using for the process of its business operations and also the wide range
of business services that it offers to the customers. In this regard, it needs to be said that the
initial business idea of the five entrepreneurs was to mine minerals however having failed at
that attempt they sought to procure minerals at a much cheaper much and instead
manufactured sandpaper from them.

2BUSINESS AND INNOVATION
The concerned organization tries to foster an environment of creativity as well as
innovation within its workplace wherein the employees can try out new different ideas for the
completion of their job roles. More importantly, it is seen that the concerned organization
focuses on “finding practical solutions” to meet the requirements of the customers in the best
possible manner. Furthermore, the concerned organization from time to time prioritizes
various kinds of innovations and before implementation they are made to undergo various
kinds of trial runs so as to offer the best design solutions to the customers.
Commercialization of Innovations
González-Benito, Muñoz-Gallego and García-Zamora (2016) are of the viewpoint that
commercialization is perhaps the single most important factor which has changed the
business world in the past three to four centuries. In this regard, it needs to mention that in the
earlier times the organizations and also the individuals used to follow the barter system for
the purpose of transaction (Visnjic, Wiengarten and Neely 2016). More importantly, in the
recent times, it is seen that the organizations are even taking the help of the trend of
commercialization of innovations. For example, it is seen that the different recent are being
patented by the organization and used on a commercial basis not only for the development of
further new products or services but also to cater to the different needs of the customers as
well (Saebi and Foss 2015).
The organization 3M follows this method not only for the process of the plethora of
business services that they offer to the customers but also within the framework of their own
organization as well. The organization follows the method of reverse thinking for the
formulation of different kinds of innovations which are in synchronicity with the needs as
well as the requirements of the different stakeholders or customers who are associated with
them. More importantly, the organization not only prioritizes these innovations but at the