3M Innovation Case Study

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3M Optical Systems: Managing Corporate Entrepreneurship Matthew Campbell MBC 619: Corporate Strategy Entrepreneurship is all about creating opportunities as well as identifying them. Entrepreneurship is not sitting back and responding and reacting to opportunities others have created or discovered. Corporate entrepreneurship is the twin sibling of innovation for firms. Corporate entrepreneurship allows firms to create and discover new business ventures, new products, services, processes while revamping and refreshing business strategies and competitiveness. It is the totality of a company’s innovation and business ventures. 3M embodies corporate entrepreneurship through their longstanding history of innovative products and unique internal innovation and cooperative strategies. Corporate entrepreneurship is most definitely different from entrepreneurship in general. What corporate entrepreneurship requires in distinguishing itself is a strong focus on the internal environment of a firm. The ability to innovate doesn’t simply come from strong research and development and persistence; the internal workings of a firm weigh heavily on the opportunity to create and exploit potential in the external market. What corporate entrepreneurship requires is strong corporate culture which first involves finding the right people with bright minds and putting them in the right divisions, departments etc. Corporate entrepreneurship goes beyond simply taking risks; it puts in place the tools and resources needed to provide that push to actually be willing to take that risk. Entrepreneurship in general doesn’t revolve around resources as there are generally very few available, where corporate entrepreneurship may not have vast resources it does amplify those that are available. 3M is a company that has a great internal innovative cooperation strategy which has allowed the

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