This document discusses the concept of innovation and its importance to Essence Drinks. It also explores the role of vision, leadership, culture, and teamwork in driving innovation and commercialisation. The document further examines the use of the innovation funnel and the four P's of innovation. It also discusses the development of frugal innovation and its application in Essence Drinks. Additionally, the document explains the importance of the commercial funnel and the new product development process for commercialisation. Finally, it evaluates different tools that an organisation can use to develop, retain, and protect knowledge and intellectual rights.