This document explores the importance of innovation and commercialisation in organizations. It discusses the significance of innovation in comparison with invention and how vision, leadership, culture, and teamwork shape innovation and commercialisation. The document also explains the 4Ps of innovation, the use of the innovation funnel, developments in frugal innovation, and the importance of the commercial funnel and New Product Development (NPD) processing. It concludes with an evaluation of tools for knowledge and intellectual property protection.