This report provides a comprehensive analysis of innovation and commercialization strategies, using Essence Drinks as a case study. It begins by defining innovation and contrasting it with invention, emphasizing their importance to organizational success. The report explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialization, examining different sources of innovation within an organization. It then delves into the 4Ps of innovation and the application of the innovation funnel. The report also discusses the importance of the commercial funnel and new product development processes, including the creation of a detailed business case. Finally, the report evaluates tools organizations can use to develop and measure innovation, and concludes with a summary of key findings and recommendations. The report covers topics such as frugal innovation, employee creativity, and the development of a culture of innovation, offering insights into how businesses can foster and embed innovation within their operations. The report also covers the development and measurement of innovation in an organizational context.