This report discusses the importance of innovation and commercialisation, different sources of innovation, and frugal innovation with examples. It also explores the role of leadership, vision, culture, and teamwork in shaping innovation. Learn how to use the innovation funnel and 4P's of innovation. Discover the commercial funnel, NPD, and tools for developing, retaining, and protecting knowledge and intellectual property. The report focuses on Essence Drinks, a London-based organisation offering a variety of drinks to customers.