3M (Minnesota Mining and Manufacturing) was founded in 1902 in Minnesota, USA, by 5 enterprising men who were looking to mine deposits of corundum (a mineral used in the manufacture of sandpaper and grinding wheels).
After an early setback, they decided to switch from mining to manufacturing. The switch proved to be very fortuitous and the newly named 3M company evolved into a unique, innovative and diverse company as well as a world leader in the development and manufacture of a broad range of high-quality products. These include Scotchtape , Cellophane tape (sticky tape), window films and abrasives.
Overview of 3M:.
3M stands for the Minnesota Mining & Manufacturing Company . .
A global company, 3M operates in more than 60 countries with over half of its income derived from operations outside America. 3M employ over 70,000 people and generated approximately $15 billion in income in June 1997. .
Every year, 3M spends over $1 billion of its income in research and development to ensure its reputation for innovative products is maintained, as 30% of annual sales are from products developed in the last 4 years.
3M has been developing and manufacturing highly innovative solutions to meet their customer's needs worldwide. From 'Post-it notes' and masking tape, to residential and commercial window film, to industrial adhesives that help bond structural panels in skyscrapers and aeroplanes, "3M has a solution for you-.
Today, 3M sells over 50,000 products in over 200 countries and 1 in every 4 people worldwide benefits from a 3M product or service every day. Their innovation has led them to even to the creation of a medical products division, later establishing a sub-division specializing in Medical-Surgical Markets division.
To this aim, a 3M tradition known as the "15 percent rule" seeks to encourage 3M researchers to spend up to 15% of their own time on their own projects, thereby inspiring unplanned experimentation and innovation.