This report explores the importance of innovation and commercialisation for Essence Drinks. It discusses the differences between invention and innovation, the value of innovation to organisations, and how it can be implemented in the culture and leadership of Essence Drinks. The report also covers the 4 Ps of innovation and suggests that Essence Drinks should focus on product innovation. Additionally, it explains the approaches used by the company, such as the innovation funnel and frugal innovation, and describes the steps taken to derive a new drink. Overall, the report highlights the significance of innovation and commercialisation in the business world.