Croda presented its approach to innovation, The Niche Discovery Process, at a press breakfast during the 2007 New York Society of Cosmetic Chemists Suppliers' Day. According to the company, its tagline "Innovation you can build on" is the guiding philosophy behind the practice. At the breakfast, the process was explained as a business model for identifying solutions to new, evolving and unmet consumer needs and satisfying them through new product development and formulation support, among other processes.
"Invention is not innovation," explained Kevin Gallagher, president of Croda Inc., at the breakfast. "Many great ideas have been invented over the years, but they are not truly innovative and of value until they are marketed and address the need of the consumer."
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