This report examines the concepts of innovation and commercialization, using Mind Candy as a case study. It explores the importance of innovation, the role of organizational vision, leadership, culture, and teamwork in shaping innovation, and analyzes different sources of innovation. The report also delves into frugal innovation, the innovation funnel, and the commercialization funnel, providing examples and practical applications. It concludes with a discussion on intellectual property protection and building an innovation case for Mind Candy.