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From products to people

By Elizabeth Eyre (October 2007 Issue)
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The Post-It Note is nearing 40 years old. Representing the cutting edge of technology when two American scientists invented it back in the late 1960s, the ubiquitous square of yellow paper is now an essential office supply and has spawned a host of imitators – there are even electronic versions to ‘stick’ on your desktop.

The company that invented Post-Its – 3M – manufactures everything from office supplies to aeroplane parts and medical equipment. It has more than 60,000 products on its books and is now moving into the burgeoning areas of digital signage and track-and-trace. It is heavily reliant on product innovation to maintain its world-leading position: in the 2005/06 financial year, it spent $1.52bn on research and development and has spent $6.39bn on R&D in the last five years.

3M’s product-focused approach to sales has been highly successful in the past and continues to be successful today. In the UK alone, the company made a profit of just over £48m for the year ending 31 December 2006 – £3m more than the previous year.

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