This assignment focuses on the importance of innovation and commercialisation in organizations. It discusses the difference between invention and innovation, explores different types of innovation, and the process required to commercialise innovation. It also covers the 4Ps of innovation, the use of the innovation funnel, the significance of the commercial funnel, and the application of new product development for commercialisation. Additionally, it provides insights into tools for developing, retaining, and protecting knowledge and intellectual property.