This report explores the significance of innovation and commercialization in Unicorn Grocery, a co-operative grocery store in England. It discusses the definition of innovation and its importance compared to invention. It also examines how organizational vision, leadership, teamwork, and culture shape innovation and commercialization. The report explains the 4P's of innovation mix and the use of the innovation funnel. It also discusses the development of frugal innovation and the significance of the commercial funnel and new product development. Finally, it presents a business case for Unicorn Grocery and the tools for protecting intellectual property.