One Number Reveals 3M's Innovation Problem Is Finally Solved

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.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool