This report examines the concepts of invention and innovation, exploring their differences and how they shape organizational vision, culture, and leadership. It delves into the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. The report also discusses frugal innovation and its application in an organizational context, highlighting the importance of the commercial funnel and New Product Development. Finally, it analyzes the tools used by organizations to retain intellectual property, including patents, trademarks, and copyrights.