3M is more innovative than any company other than Apple and Google, according to Booz & Co.'s annual innovation survey. That's because of the company's tradition of open innovation, says chief technology officer Fred Palensky. 3M prizes workers who can shift from one field or specialization to another, and encourages outreach to other departments and even other companies in search of new ideas. "All of this creates a community of collaboration, and it ensures that everybody has some skin in the innovation game," Palensky says.

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