First Semester B203A Report: Analyzing 3M's Business Innovation

This report provides a detailed analysis of 3M's innovative business practices, focusing on how the company has adapted and thrived over a century. It begins with an introduction to the impact of technology on modern business and the importance of innovative business ideas. The report explores 3M's core strategies, emphasizing its focus on customer needs and fostering a culture of creativity. It examines the commercialization of innovations, highlighting how 3M patents and utilizes new technologies to develop products and services. A key aspect of the report is the discussion of multi-layer films as an innovative application, illustrating how 3M uses this technology to offer cost-effective and sustainable solutions. The report concludes by summarizing the importance of integrating innovative technologies and fostering an innovative culture for business success.

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.

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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

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same time subjects them to various kinds of trials and test to analyze their effectiveness. Once
they have proved their effectiveness as well as usefulness then patents are being procured and
they are being used for commercial purpose. It is pertinent to note that these innovations as
well as their commercialization have not only enabled the concerned organization to offer
innovative kind of services to the customers but at the same time become one of the leaders
in the sector in which it is currently operational. Thus, it can be said that the process of
commercialization of innovations have helped the organization 3M in a substantial manner to
further enhance their business prospects.
Multi-layer films as an innovative application
The organization 3M actively takes the help of the “multi-layer films as an innovative
application” within the framework of its organization to offer innovative kinds of business
solutions to the customers. For example, the use of this is not only evident in the sandpaper
that the organization offers to the customers but at the same time in the other kinds of designs
and other kinds of solutions offered by the organization. In this regard, it can be said that the
Enterprise Growth Team of the organization had developed new kinds of display signs which
not only use less energy but at the same time generate less heat as well. Thus, it can be said
that this cost effective alternative solution is likely to help the customers of the organizations
in a substantial manner.
The organization NOVA Chemicals Corporation is one of the most important
examples of the organizations, which is actively taking the help of the process of multi-layer
films as an innovative application (Novachem.com 2018). The organization offers packaging
for a wide range of food products like meat, nuts and others to the customers from the
different parts of the world and this is one of the major reasons for the unprecedented success
attained by the organization in the recent times (Novachem.com 2018). However, in the

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recent times, it is seen that the organization taking the help of the process of “multi-layer
films as an innovative application” is trying to “a recyclable oxygen-barrier film structure”
for the packaging of the food materials that the other organizations offer (Novachem.com
2018). More importantly, unlike the other kinds of non-recyclable packaging materials used
by the other organizations these packaging materials are completely recyclable and at the
same time bio-degradable.
The innovative business idea of the concerned organization is likely to help the world
to overcome the problem of pollution caused by various kinds of non-recyclable materials
which are used for the packaging of different kinds of food products (Novachem.com 2018).
Furthermore, this is at the same time likely to help the concerned organization to improve the
method of packaging which is being used by the different organizations in a substantial
manner. Thus, it can be said that this innovative idea developed by the concerned
organization is not only likely to help the packaging industry but at the same time the
environment as well.
Conclusion
To conclude, the business prospects of an organization depends to a great extent on
the manner in which different innovative technologies are not only being used by them but at
the same time integrated within their organizational framework as well. Furthermore, for the
effective utilization of these innovative technologies the organizations need to foster an
innovative culture within the framework of their organization wherein the employees would
be encouraged to use. More importantly, the organizations need to prioritize and test the
effectiveness of these innovative technologies before using them on a commercial basis.

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References
Amponsah, C.T. and Adams, S., 2017. Open Innovation: Systematisation Of Knowledge
Exploration And Exploitation For Commercialisation. International Journal of Innovation
Management, 21(03), p.1750027.
Dincer, I., 2017. Importance of research, innovation and commercialisation for technological
success. International Journal of Research, Innovation and Commercialisation, 1(1), pp.8-
22.
França, C.L., Broman, G., Robèrt, K.H., Basile, G. and Trygg, L., 2017. An approach to
business model innovation and design for strategic sustainable development. Journal of
Cleaner Production, 140, pp.155-166.
González-Benito, Ó., Muñoz-Gallego, P.A. and García-Zamora, E., 2016. Role of
collaboration in innovation success: differences for large and small businesses. Journal of
Business Economics and Management, 17(4), pp.645-662.
Novachem.com. 2018. NOVA Chemicals Home. [online] Available at:
http://www.novachem.com/Pages/home.aspx [Accessed 27 Nov. 2018].
Saebi, T. and Foss, N.J., 2015. Business models for open innovation: Matching
heterogeneous open innovation strategies with business model dimensions. European
Management Journal, 33(3), pp.201-213.
Visnjic, I., Wiengarten, F. and Neely, A., 2016. Only the brave: Product innovation, service
business model innovation, and their impact on performance. Journal of Product Innovation
Management, 33(1), pp.36-52.