CHAPTER 12 STRATEGIC MANAGEMENT Gregory G. Dess and G. T. Lumpkin 12-11 3Ms Rules for Successful Innovation Exhibit 12.4 Sources: Collins, J. C., & Po
{"Image DocumentName": "3M\u2019s Rules for Successful Innovation", "Image ImageDescription": "Exhibit IMPLICATIONS. RULE. Try and try again.. Encourage experimentation and risk taking, even when the outcome is unclear. Tolerate failure. Ideas can be kept alive by individuals who believe in a project, even if it can\u2019t find a home in one division. Don\u2019t kill a project. Product champions are challenged and rewarded. If a product takes off, its champion may run the product group. Motivate product champions. Divisions have autonomy but are split up if too large. Division managers know staffers by their first names. Keep divisions small. Open communication helps everyone benefit from the technological insights and breakthroughs of others. Share the wealth. Customers are invited to brainstorm with researchers and marketers. Stay close to customers. Sources: Collins, J. C., & Porras, J. I Built to Last. NewYork: HarperBusiness; Graham, A. B The Learning Organization: Managing Knowledge for Business Success; Mitchell, R Masters of innovation. Business Week, April 10: 58-63; Osborn, T The new product champions: How 3M manages for innovation. Marketing communications, 13(11):", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}