On April 7th, 2011; 3M launched a Mining Innovation Center in Antofagasta, Chile.
The mining industry currently represents 20% of 3M’s total sales in Chile. That’s why 3M is interested in leading the industry as a provider and doing the research and development that mining companies are going to need in the upcoming years.
Guillermo Ochoa, Managing Director at 3M Chile, said:
“the goal of this innovation center is to cover the demand that will come from the mining industry, which will be close to $ 50 billion (US) over the next five years.”
In May 2011, a month later, 3M launched their business incubator called “El Ingenio” and they partnered with ENDEAVOR, which is going to work on the detection and evaluation of high potential entrepreneurs related with mining and energy industry. ENDEAVOR’s challenge is to recruit between 3 and 4 projects on a monthly-basis.
The incubator is intended to help 3M reach its next milestone:
“In 2016, the company hopes that 40% of their total sales in Chile, will come from products launched over the last 5 years. And from that 40%, the half should come from local projects”