All too often in the world of corporate research and development, people look for innovation ?at the top of the pyramid? – an expensive mistake to make during these tumultuous economic times. As 3M CEO George Buckley says in this interview with the Wall Street Journal, ?Many people ask, ?What can I add?? Sometimes you have to ask, ?What can I take away??? Far from limiting or stifling innovation, Mr. Buckley motivates his employees to innovate by reducing production costs. In the midst of the economic turbulence of last year, Mr. Buckley was able to cut back on R&D spending by 8% while keeping it steady at 5.6% as a percentage of revenue.
Mr. Buckley also knows the importance of open, uninhibited creativity when it comes to innovation, encouraging everyone involved in R&D to spend 15% of their time researching whatever they want. Click here to read the entire interview with George Buckley: http://online.wsj.com/article/SB10001424052748703787304575075590963046162.html?mod=WSJ_Tech_LEFTTopNews.