This report analyzes the significance of innovation and commercialization in the success of a business, using Rowlinson Knitwear Limited as an example. It explores the differences between innovation and invention, the importance of organizational vision, leadership, culture, and teamwork in fostering innovation, and the application of the 4Ps of innovation. The report also delves into frugal innovation and its implementation, the new product development process, and the creation of an innovation business case. Finally, it discusses the importance of protecting intellectual property through patents, copyrights, trademarks, and trade secrets.