Hello. My name is Mariusz Soltanifar,
and I am a researcher in the area of corporate entrepreneurship,
and marketing lecturer at
Hanze International Business School in Groningen, the Netherlands.
Today, I'm going to be talking about corporate entrepreneurship and how
it can be used to stay competitive at the market in an ever-changing economy.
We will be looking at the 3M Company.
Let us first have a look at the overview of what I've prepared.
The following case discusses how 3M used corporate entrepreneurship
and digitalization to cope with the challenge of supply chain transformation,
and it is structured as follows.
First, the nature of the challenge is highlighted.
Second, the company itself is presented.
Third, the explanation of what has been done,
so action taken is discussed.
Fourth, the outcome is revealed,
and Lastly, the learning is discussed.
Let me highlight now the nature of the challenge that 3M faced.
First, 3M is a multinational company
that is known for its corporate entrepreneurship processes,
similarly to Apple, Johnson & Johnson,
Motorola, and Procter and Gamble.
By operating at various markets with different products and technologies,
3M places a heavy reliance on the new product introduction.
Through investments into research and development,
the company ensures that they continue to develop new products.
Let us now move to the explanation,
why developing new products at 3M is so important.
Each of the divisions at 3M is expected to achieve
30 percent of its revenue from products that have been introduced in the last four years.
This is closely monitored and often is the basis for employees bonuses.