One Number Reveals 3M's Innovation Problem Is Finally Solved
2026-01-21 08:10:00 ET
In August 2024, 3M (NYSE: MMM) CEO Bill Brown diagnosed one of the industrial giant's core problems just a few months after taking the helm. A years-long slide in innovation, as measured by new product launches, was crippling the company's growth engine. "The simple fact is that our products are aging," Brown said during a conference call.
Image source: 3M.
In the past, 3M was a prolific innovator, launching at least 1,000 new products each year. While the company's stable of time-tested products is important to its success, you don't find the next blockbuster product unless you try a lot of new things. By 2024, 3M had largely given up, launching fewer than 170 new products that year.
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