3M is known as an innovative company. However, between 2001 and 2005, CEO James McNerney pursued efficiency at the expense of creativity. 3M was ranked no. 1 on Boston Consulting Group’s Most Innovative Companies list in 2004. This year, it dropped to no. 7. Now, current CEO George Buckley is trying to restore the lost innovative climate in his company.
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Here is an interesting, or perhaps depressing, quote from the article:
While process excellence demands precision, consistency, and repetition, innovation calls for variation, failure, and serendipity.
Can efficiency and creativity co-exist? What do you think?