product development

Innovation vs. Invention: Only one drives organizational growth

I am a big advocate of creating a culture of continuous innovation in organizations. However, I find that a lot of individuals have a difficult time with step one – discerning between innovation and invention.

Invention is the creation of new ideas for products or processes. For example, the original formula for Coca-Cola was the invention of a pharmacist by the name of John Stith Pemberton. Although he invented what has since become the world’s most popular soft drink, in my opinion, he was not the company’s greatest innovator.

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Son Proves Worth in Family Business

Originally published by The Globe and Mail Online on December 10, 2010.

We often read about companies that endure bumpy, life-threatening transitions as they pass from one generation to another. While they make good stories, they mask the fact that if you plan your succession process properly, there’s no need for things to go bad.

Case in point: Mississauga-based McLoughlin Promotions Ltd., a promotions-marketing company founded by Don and Lee McLoughlin in 1988.

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Marketing and sales: Siamese twins

At some point somebody has to sell something.

I didn’t want to leave this thought about selling something unaddressed because at the end of the day, the generation of profitable sales and a strong bottom line is everybody’s goal. The thing is, success comes much easier when you sell the right stuff to the right people. That’s why understanding your core business, your customers and your culture must drive the process of entrepreneurial thinking and innovation.

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