With vertical thinking one may look for different approaches until one finds a promising one. With lateral thinking one goes on generating as many approaches as one can even after one has found a promising one. With vertical thinking one is trying to select the best approach but with lateral thinking one is generating different approaches for the sake of generating them.

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Quote text and notes from Wikiquote: Edward de Bono (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.