This document discusses the importance of innovation and commercialisation in organizations. It explains the difference between invention and innovation and how organizational vision, leadership, culture, and teamwork can shape innovation and commercialisation. It also explores the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. Additionally, it discusses the concept of frugal innovation and provides examples of its application in an organizational context. Lastly, it explains the importance of the commercial funnel and the application of the New Product Development (NPD) process for commercialisation of innovation.