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00:19Welcome to episode 9 of Bigger Than You Know, the series where in each episode, I feature a company that's much bigger than most people realize.
00:35Today's episode is a good one. It's about 3M.
00:38I've had so many people requesting that I talk about 3M, with a lot of them specifically requesting that I make it part of this series.
00:46Which is a perfect idea, because 3M is huge.
00:49On the Fortune 500 list, they're number 97, which means 3M is one of the top 100 companies in the United States.
00:56They have sales over $31 billion in 2017.
01:00Here's a few other figures from their 2017 annual report that help express their size.
01:05Income of nearly $5 billion, total assets approaching $40 billion, and they have over 90,000 employees.
01:12I don't know, these numbers are generally consistent from year to year, and it all suggests a very large company.
01:18On the stock market, they're one of the staples. They're one of the 30 companies that make up the Dow.
01:24It's an industrial average that indicates how the market is doing.
01:27I talk more about that in my video about GE, but just realize it's a big deal to be part of it.
01:32They're even listed first on it most of the time.
01:35Well, it's because they're alphabetically first. None of the other 30 start with a number, but still, it's the first one people see.
01:42Also worth mentioning, they've been giving dividends for 100 years straight, which investors like.
01:48Today, 3M is undeniably one of the largest companies in existence, which is extra impressive,
01:54considering they had probably the shakiest beginning I've ever covered on this channel.
02:00It started as the Minnesota Mining and Manufacturing Company, which is far too long,
02:05so naturally people started calling it 3M.
02:08It began in 1902 by a bit of a motley crew.
02:11It was five people coming together from different backgrounds.
02:14It was a lawyer, a doctor, a butcher, and two railroad executives.
02:18The focus of their new business was to mine Corundum.
02:21Now, of course, we're all very familiar with Corundum.
02:25Is that how you say it? Corundum?
02:27But for the select few that aren't familiar, let's consult Minerals.net,
02:31the complete information guide to rocks, minerals, and gemstones.
02:34Corundum is a very hard, tough, and stable mineral.
02:38For all practical purposes, it's the hardest mineral after diamond.
02:41For these reasons, it works very well as an abrasive,
02:44meaning it's a perfect material to make things like sandpaper.
02:48And that was their plan.
02:49From the beginning, mine a bunch of this Corundum, use it to make sandpaper,
02:53grinding wheels, and whatever else, sell those to the public, and there's your business.
02:57Just like the name says, do some mining and manufacturing in Minnesota.
03:01It sounds like a solid plan, but very early on,
03:04they had what I think you would call a major problem.
03:08See, they thought they were mining Corundum when it was actually anorthite,
03:14which, of course, we're all very familiar with, so I don't have to tell you that it isn't good for
03:18making sandpaper, and in fact, isn't really good for anything.
03:22I know, this sounds like the punchline to a joke, but this was a very serious issue.
03:26They basically wasted all of their time and money obtaining something with almost no value.
03:31They centered their business around Corundum, and just learned that they don't have any.
03:36So, how do you recover from something like that?
03:39Well, they tried making the best of the situation by using the anorthite to make the sandpaper,
03:44but no one wanted it.
03:45It was a highly competitive market, and they were selling an inferior product.
03:49It was looking like the end of the company, and it sure took a lot to save it.
03:53One of the early investors, Edgar Obner, refused to let them fail.
03:58He convinced a wealthy friend of his, Lucius Ordway, to get involved as well,
04:03and together they paid off $13,000 of debt and provided $12,000 of capital.
04:08It resulted in the two owning 60% of the company, and over the years, Lucius provided an additional $250,000.
04:17I imagine it would have been easier in many ways just to start an entirely new business
04:22rather than rescue this small struggling business, but I suppose they had their reasons.
04:273M was able to abandon all that anorthite nonsense and purchase the proper material.
04:33They built a fancy new two-story sandpaper manufacturing plant,
04:37and at this point, I think you can say they had a solid foundation.
04:40Such an odd beginning, but from there, they stopped relying on miracles to grow the business.
04:45They did it through their innovations.
04:47From very early on, 3M has been known to spend a bunch of money on research and development.
04:52In 2017, they spent $1.85 billion on it, which is over 5% of their sales,
04:58and as expected, it's similar to previous years.
05:01As a result, they've been issued over 100,000 patents, currently about 3,000 new ones every year.
05:07They are constantly inventing new things and constantly improving previous inventions.
05:12Obviously, there's far too many to talk about each one,
05:14so I'll just touch on some of the big ones that helped establish the company
05:18and make them into what they are today.
05:20For instance, in 1921, they introduced wet or dry sandpaper.
05:24It was a landmark product for them.
05:26This guy, Francis Oki, independent from 3M, invented a waterproof sandpaper.
05:323M learned about it, bought the patent from him, perfected the coating a little bit,
05:37and sold it under the name wet or dry sandpaper.
05:40They even hired Francis as a full-time researcher.
05:42You might be thinking, is it such a big deal to have waterproof sandpaper?
05:46Absolutely, mainly in car manufacturing.
05:50Allowing the sandpaper to get wet makes it possible to create nicer finishes by reducing friction
05:55and creates less dust, which was a big issue for the workers.
05:59You don't want all that dust getting in your lungs.
06:01And keep in mind how the auto industry was exploding at this time.
06:05It was the early 1920s.
06:07The assembly line was fairly new.
06:09Cars were the next big thing,
06:11and for their purposes, waterproof sandpaper was far superior to the conventional kind.
06:16Being the only company to supply it was a very good thing for 3M.
06:21Another innovation, only four years later,
06:23also stemming from necessity in the automotive industry,
06:26masking tape.
06:27When you paint a car, you need to mask parts of it
06:29so parts can remain unpainted and colors won't run together.
06:333M saw the necessity, created the tape, and of course, it was a big hit.
06:38This was the first tape that they offered, and today, they've expanded that offering quite a bit.
06:43The brand is now called Scotch.
06:45Along these lines, you know the transparent tape that they make?
06:48That started in 1930.
06:50They came out with the tape and a portable dispenser for it, and it was a huge hit.
06:54They had been doing well, supplying the auto industry and making products for industrial use,
06:59but this was their first big success with consumers.
07:02And during the Great Depression, of all times,
07:05Since money was tight, people used it to tape together and repair just about everything.
07:10While most other companies were struggling, 3M was growing faster than ever.
07:15In the 1940s, they started offering tape for sound recording.
07:18You can imagine how that helped the entertainment industry.
07:21In the 1950s, they introduced a bunch of new products, such as Scotchgard.
07:25You use that to put over the furniture and protect it.
07:27Also, Scotchbrite scouring pads.
07:29There's a good chance you bought those before.
07:31Here's something impressive. Throughout the 1940s and the 1950s, their sales went up every year.
07:38All of this growth and innovation continued through the 1960s and the 70s.
07:42From 1963 to 1967, the company doubled in size.
07:47The next big innovation worth mentioning is the Post-It Note in 1980.
07:51I don't have much to say about it, but it was a cool product that became popular.
07:54In the 1990s, they made floppy disks and more along those lines, but then they spun all of that off into a separate company when they shut down their audio and videotape divisions.
08:03There's a lot going on, and 3M is all over the place.
08:06So let's skip ahead back to today.
08:08As a consumer, they make, and likely invented, many of the products that you see all the time.
08:13The reason you may not realize it is many of them are marketed under separate brands.
08:18Go down to the office supply store. Anything you see with the Scotch name on it, or Post-It, or Command, that's another one, all made by 3M.
08:26If you knew about 3M at all before this video, there's a good chance that's how you knew them.
08:31That, or maybe the sandpaper.
08:33And there's a bunch of other products in different industries that you probably don't associate with them.
08:39Like I said, in cleaning, there's Scotch-Brite.
08:41They have multiple brands of bandages, even a brand that specializes in air filters.
08:46And there's a lot more.
08:47I recommend you keep an eye out for that 3M symbol next time you're at the store, and you'll see it on other stuff.
08:52So as a consumer, it's one of those things where you know their products, you just didn't realize that they made them.
08:58But there's a whole other level to this.
09:003M produces over 50,000 different items.
09:03They separate their business into five segments.
09:06Industrial is 34.5% of their sales.
09:09Safety and graphics is 19.4%.
09:12Healthcare is 18.4%.
09:14Electronics and energy is 16.3%.
09:17And finally, at the bottom, is consumer at 14.5%.
09:22Almost everything I talked about in this entire video, all the tapes and bandages and everything else, comes together to form their smallest segment.
09:31They sold over $30 billion in 2017, and everything I've said is less than $5 billion of it.
09:38So what do they make in all these other segments?
09:41Oh gosh, that's opening a whole new area.
09:43A very large and complex area.
09:45It's overwhelming.
09:46To learn more about that, I recommend you visit the 3M website, and there's this tab that says products for business.
09:52Clear out an afternoon and look through that.
09:54Like, here, let me pick out a few.
09:56Under automotive, traffic, and vehicle safety, they make that tape that goes on fire trucks to make them all bright and reflective.
10:04Under healthcare and dental, they make a lot of the things that you see when you visit the dentist.
10:08And then transportation, marine maintenance and repair, I don't know.
10:13Unless you're in the industry, a lot of this stuff is not familiar.
10:16So, 3M is bigger than you know, because they brand their products in different ways, and more so, because over 85% of their sales are from things that the average person would not know about.
10:27And, as if you needed more reasons that they're bigger than you know, I also have a third reason.
10:32They're an international company.
10:34Sure, they're Minnesota Mining and Manufacturing, Minnesota being a state in the U.S., but they've expanded.
10:40Today, less than 40% of their sales come from the United States.
10:44The other 60% are spread out across the rest of the world.
10:48No matter where you're from, they sell more in the rest of the world than they do in your country.
10:53Let me know in the comments.
10:54Did you know how big they were?
10:56Unless you've actually studied 3M in the past, I can't imagine you thought that they were this big.
11:02Here, I take that back.
11:03I suppose if you frequently travel around the globe reading packages very closely, and also work in multiple industries, yeah, then you would know.
11:12Another thing I wanted to point out is 3M is all over the place, way more than most companies out there, which has its drawbacks, but it does make them very diversified, meaning a lot of things have to go wrong for them to fail.
11:25Also, I'd like to know, in your profession, do you encounter any 3M products that the general public normally wouldn't?
11:32I'd like to hear what you have to say.
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