This report examines innovation and commercialization strategies for Essence Drinks, a company experiencing challenges in the market. It begins by defining innovation and comparing it to invention, emphasizing its importance for Essence Drinks' growth. The report then explores how vision, leadership, culture, and teamwork can foster innovation and commercialization within the company. It delves into the four P's of innovation (product, process, position, and paradigm) and utilizes the innovation funnel to evaluate and shape new ideas. Furthermore, the report explains frugal innovation and its application in Essence Drinks, followed by a discussion of the commercial funnel and new product development processes for commercializing innovations. It also covers building an innovative business case and accessing funding options. Finally, the report evaluates tools for knowledge development, retention, and intellectual property protection, providing a comprehensive overview of strategies for Essence Drinks to enhance its market position and achieve sustainable growth.
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