Simple, return to 3M's roots:
Make premium products - if it can't at least arguably claim to be best in class, discontinue or private label it away from the 3M brand. R&D is a big part of this.
Sell value - By this I mean actually have 3M sales people and tech service out in the field selling. Show the world that a better 'mousetrap' exists and that is will make their lives better/easier/safer. Distribution and channel partners will not do this, it runs counter to their very business model.
Maximize flexible manufacturing - A secret strength of 3M is the ability to make a great many products on a single line. Sometimes complex supply chains have large advantages.
Tell Wall Street and the hedge funds to go fu-k themselves in no uncertain terms. 3M can generate plenty of cash to grow. 3M does not need their money. If they don't like it, invest elsewhere.
Play long-term: Build the new 3M to think in terms of years and decades, not months and quarters. R&D needs to be playing at this time frame to work.
Return to the McKnight principles - Be very selective to hire the best, pay them well, and let them do their jobs. Knock most decision making down 1 to 2 levels in the organization. If a division or BG president is approving anyone's travel, it had better be to space.
For the 3M monitors on the site: If you want more details, reach out for a consulting agreement. I promise I'm much cheaper than McKinsey.
An excellent post that deserved to be on top. Posted by @vnp+1kW5td5H.