Fostering a culture of innovation
Last week I read that 3M plans to spin off its healthcare business by the end of 2023. This is a logical step that will help 3M's healthcare business become even stronger in the medium term. This move is also the result of a deep love of innovation.
3M's success is based on a willingness to experiment and take risks. Few people know that the company was founded in 1902 as a mining company (3M stands for Minnesota Mining and Manufacturing). However, the company quickly experimented with other products and soon became known for its adhesive tape, which led to the invention of the now ubiquitous Post-It Note in 1974. Since then, the company has continued to develop new and innovative products that have changed the world: Scotchgard, Thinsulate, ACE bandage, and Filtrete air filters.
This is made possible by the culture of innovation rooted in the company. 3M encourages open innovation, hosts ideation sessions with department members to broaden their perspectives on problems, rewards and encourages creativity, and values long-term over short-term thinking.
This reminded me of what I love about the MedTech ecosystem: Innovation in the MedTech ecosystem is rarely a one-off story or an end in itself. It is more of a process and a strategy at the same time, determined by a shared culture and structure we established to promote it. Guided by a North Star: MedTech innovations are beneficial to people. They help make the lives of many better and not a single life worse. On an individual level, but also on a community level.
There may be different views on how to define innovation—especially where the classic definitions are concerned. But under the impact of the great challenges of the 21st century, we cannot afford innovations that serve only to increase the happiness or convenience of a global urban high-income population.
Innovation is useful if it ensures our physiological needs (e.g., clean water, sufficient food), satisfies our security needs (e.g., physical and mental security), enhances our social needs (e.g., family, friendship, community), strengthens our individual needs (e.g., trust, independence, and freedom) and last but not least, enables self-fulfillment.
These are, of course, high and noble goals. But companies like 3M show that you can be both innovative and successful with a clear foundation of values. In any case, 3M is a role model, in light of the many challenges of the 21st century.
