Innovation & Commercialization: Importance, 4Ps, Frugal Innovation, NPD Processing

This report discusses the importance of innovation and commercialization in organizations, the difference between innovation and invention, and how organizational vision, leadership, culture, and teamwork can shape innovation and commercialization. It also explains the 4Ps of innovation, the use of the innovation funnel to examine and shape innovative ideas, and developments in frugal innovation. Additionally, it covers the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialization of innovation.