3M, a multinational conglomerate corporation, implements its innovation strategy in several ways:

1. Fostering a Culture of Innovation: 3M encourages its employees to spend 15% of their time on projects of their own choosing. This policy, known as "bootlegging," encourages creativity and can lead to unexpected breakthroughs.

2. Diverse Product Portfolio: 3M has a diverse product portfolio that spans many industries. This diversity allows the company to leverage its wide range of expertise and encourages cross-pollination of ideas.

3. Research and Development: 3M invests heavily in R&D. In 2020, the company spent $1.9 billion on R&D, which represents 5.8% of its sales. This investment allows 3M to stay at the forefront of innovation.

4. Collaboration: 3M fosters collaboration both internally and externally. Internally, the company encourages its employees to share ideas and work together on projects. Externally, 3M collaborates with customers, academia, and other businesses to drive innovation.

5. Customer-Centric Innovation: 3M places a strong emphasis on understanding its customers' needs and uses this understanding to drive its innovation efforts. This customer-centric approach ensures that 3M's innovations are relevant and valuable to its customers.

6. Patents: 3M has a strong patent portfolio, which is a testament to its innovative capabilities. As of 2020, the company holds more than 118,000 patents.

By implementing these strategies, 3M is able to make its innovation strategy a reality.

Question

3M, a multinational conglomerate corporation, implements its innovation strategy in several ways:

1. Fostering a Culture of Innovation: 3M encourages its employees to spend 15% of their time on projects of their own choosing. This policy, known as "bootlegging," encourages creativity and can lead to unexpected breakthroughs.

2. Diverse Product Portfolio: 3M has a diverse product portfolio that spans many industries. This diversity allows the company to leverage its wide range of expertise and encourages cross-pollination of ideas.

3. Research and Development: 3M invests heavily in R&D. In 2020, the company spent $1.9 billion on R&D, which represents 5.8% of its sales. This investment allows 3M to stay at the forefront of innovation.

4. Collaboration: 3M fosters collaboration both internally and externally. Internally, the company encourages its employees to share ideas and work together on projects. Externally, 3M collaborates with customers, academia, and other businesses to drive innovation.

5. Customer-Centric Innovation: 3M places a strong emphasis on understanding its customers' needs and uses this understanding to drive its innovation efforts. This customer-centric approach ensures that 3M's innovations are relevant and valuable to its customers.

6. Patents: 3M has a strong patent portfolio, which is a testament to its innovative capabilities. As of 2020, the company holds more than 118,000 patents.

By implementing these strategies, 3M is able to make its innovation strategy a reality.

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