This report discusses the importance of innovation and commercialisation in organizations, using the case study of IKEA. It explains the concept of innovation and its significance in comparison to invention. It also explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialisation. Additionally, it delves into the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. The report concludes with an evaluation of different tools that organizations can use to develop, retain, and protect knowledge and intellectual property.