This document provides an overview of innovation and commercialization. It explains the context of innovation, the difference between invention and innovation, and the importance of innovation to organizations. It also discusses how organization vision, leadership, culture, and teamwork can shape innovation and commercialization. Additionally, it explores different types of innovation, the four 'P's of innovation, and the use of the innovation funnel to examine and shape innovative ideas. Furthermore, it delves into frugal innovation and its application in an organizational context. Lastly, it discusses the process required to commercialize innovation, the importance of the commercial funnel, and the application of new product development for commercialization of innovative offerings.
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