This report delves into the critical concepts of innovation and commercialization, using Bigbelly, a smart waste and recycling solutions company, as a case study. The report is divided into two parts. The first part examines the significance of innovation compared to invention, the influence of organizational culture, vision, leadership, and teamwork on shaping innovation, and the application of the 4Ps of innovation and the innovation funnel. It also discusses the development of frugal innovation. The second part focuses on the importance of the commercial funnel, the application of the New Product Development (NPD) process for commercializing innovation, building an innovation business case, and the evaluation of tools for developing, retaining, and protecting diverse knowledge and intellectual property. The report provides a comprehensive overview of how businesses can foster innovation and successfully commercialize their ideas in the market.