While many discussions about innovation begin and end with Apple, there's much to learn from the creator of Post-it Notes and Scotch tape.
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With $30 billion in sales, and products sold in nearly 200 countries, 3M Co. (IW 500/44) is a global innovation leader that has brought many of the world's most recognizable brands to market.
The root of 3M's success is its business model: to foster organic growth by inventing entirely new, market-changing products. These disruptive technologies have not only led to new products but also to the creation of new industries.
In order to foster this growth, 3M always has emphasized the importance of R&D, to which the company dedicates 6% of its yearly revenue. Although a high percentage in R&D spending does not guarantee success, 3M is doing very well.
