This report explores the concepts of innovation and commercialization, focusing on the difference between innovation and invention. It also discusses the impact of an organization's vision, culture, leadership, and teamwork on shaping innovation and commercialization. The report further explains the 4Ps of innovation and the use of frugal innovation in the context of F-Drones. Additionally, it examines the significance of the commercial funnel and the application of new product development processing for the commercialization of innovation.