This report analyzes the innovation and commercialization strategies for Essence Drinks, a UK-based energy drink company facing declining sales due to increased competition. It explores the importance of innovation, comparing it to invention, and examines the roles of leadership, organizational culture, and teamwork in fostering innovation and commercial success. The report delves into the 4Ps of innovation (Product, Process, Position, Paradigm), the use of innovation funnels, and the application of frugal innovation. It further investigates the commercial funnel, the New Product Development (NPD) process, and the development of an innovation business case, including funding access. Finally, the report discusses tools for protecting intellectual and knowledge property within Essence Drinks. The report provides a detailed overview of the content.
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