This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on Ensoft Ltd, a UK-based networking software company. The report delves into the importance of innovation, emphasizing its role in organizational growth and customer satisfaction. It examines how vision, leadership, culture, and teamwork shape innovation and commercialization efforts. The report further explores the 4Ps of innovation (Product, Process, Position, Paradigm) and the application of the innovation funnel, including the concept of frugal innovation. It highlights the significance of the commercial funnel and new product development processes, presenting a business case for Ensoft Ltd to secure funding. Finally, the report discusses various tools for protecting, developing, and retaining intellectual property and knowledge, providing a well-rounded perspective on innovation and commercialization within the context of a small to medium-sized enterprise.