Glencore

One of the world's largest commodity trading and mining companies, founded in 1974 and headquartered in Switzerland. Glencore operates the opposite strategy to Roche: minimal innovation with maximal operational excellence and market intelligence. This represents a low mutation rate strategy - perfecting execution of existing business models rather than experimenting with new ones.

Glencore's R&D spending is less than 0.1% of revenue, reflecting that in commoditized markets (copper, zinc, coal, oil), innovation doesn't differentiate. Instead, competitive advantage comes from operational excellence, superior market intelligence, and vertical integration across the value chain.