3m company innovation at its best

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3m company innovation at its best

In this series of articles, professor Jean-Philippe Deschamps delves deeper into this topic; what is innovation governance, what different models are there and which ones seem to be the most effective?

How can companies effectively steer and manage a complex, cross-functional and multidisciplinary activity like innovation? Most companies are organized to manage business units, regional operations and functions.

Many have gone further by allocating specific responsibilities and setting up dedicated mechanisms to manage cross-functional processes, for example new product development.

But how can they stimulate, steer and sustain innovation, an ongoing transformational endeavor that is increasingly becoming a corporate imperative? Certainly, innovation consists of several cross-functional processes from generating ideas to taking technologies to market, but there is more to it.

Like marketing, innovation is a mindset that should pervade the whole organization. To review whether your company has adopted a comprehensive innovation governance system, you need to start with three distinct types of questions regarding the content of innovation.

Current innovation management techniques and organizational solutions tend to focus on many — not all — of the hard aspects of innovation, but much less on its softer elements.

The scope of innovation is so broad that few companies appear to have thought deeply about what it takes now and will take in the future to steer and manage innovation in an integrated way, across all its aspects, hard and soft. But these dedicated innovation leaders are not commonly found, and besides, there are many other ways to address the innovation governance challenge than to entrust it to a single executive.

What is Innovation Governance? – Definition and Scope

It remains a top management responsibility and preserve. Given the newness of the term and of the concept behind it, it is important to define what innovation governance really means, i. The next article in this series will identify and characterize the various governance models that companies have put in place — I have identified nine in my research.

The last article will be devoted to discussing how effective these models seem to be, based on ongoing research with a number of large and medium-sized organizations. What does innovation governance entail?

In a recent management development seminar that I directed at IMD on the theme of innovation governance, the participants — all senior managers vastly experienced in the field of innovation — proposed an excellent list of innovation governance responsibilities: Defining roles and ways of working around the innovation process Defining decision power lines and commitments on innovation Defining key responsibilities of the main players Establishing the set of values underpinning all innovation efforts Making decisions that define expectations Defining how to measure innovation Making decisions on innovation budgets Orchestrating, balancing and prioritizing innovation activities across divisions Establishing management routines regarding communications and decisions.

This list provides a good first description of the scope of innovation governance. But to see how it applies in your company, it is worth going a bit further and asking: What questions does innovation governance address?

Where do you look for innovation? And how much innovation do you want?

3m company innovation at its best

Good innovation governance starts with providing clear answers to these three questions. This basic question may seem mundane or unnecessary, particularly to senior managers with a strong innovation commitment, but is it in fact that obvious?By , in fact, in a Booz & Company survey of the world's most innovative firms, 3M was the third-most cited company, just behind Apple and Google.

Everyone wants more innovation. 3M applies science and innovation to make a real impact by igniting progress and inspiring innovation in lives and communities across the globe. Our Mission: To be a leader in globally recognizing, honoring and fostering innovation and innovators to create a positive impact in the world.

Being recognized with an Edison Award™ is one of the highest accolades a company can receive in the name of innovation and business success. The Edison. 3m Company Innovation at Its Best Essay 3M Company (NYSE: MMM), formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation based in Maplewood, Minnesota, a suburb of .

3M applies science and innovation to make a real impact by igniting progress and inspiring innovation in lives and communities across the globe. Innovation governance can be thought of as a system of mechanisms to align goals, allocate resources and assign decision-making authority for innovation, across the company and with external parties.

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