This report discusses the importance of innovation and commercialisation in organizations. It explains the difference between innovation and invention and how innovation can contribute to the success of a business. It also explores the ways in which organizational vision, leadership, culture, and teamwork can shape innovation and commercialisation. Additionally, it discusses the 4 Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. The report also highlights the developments in frugal innovation and the tools that organizations can use to develop, retain, and protect knowledge.