Innovation and Commercialization: Importance, Sources, and Frugal Innovation

This document explores the difference between invention and innovation, the importance of innovation, and how leadership, teamwork, culture, and organizational vision shape commercialization and innovation. It also analyzes different sources of innovation and how organizations can foster an environment and culture of innovation. The document explains the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. Additionally, it discusses developments in frugal innovation and its use in an organizational context.