Innovation and Commercialization Report: Essence Drinks

This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on Essence Drinks, a company founded by Akshay Kumar that launched a healthy mango lassi in the UK market. The report begins by differentiating between invention and innovation, highlighting their strategic implications. It then explores the importance of innovation for organizational success, discussing how it can be integrated into company culture and leadership. The 4 Ps of innovation (Product, Process, Position, and Paradigm) are examined, with a recommendation for Essence Drinks to adopt product innovation. Furthermore, the report details approaches for processing innovative ideas, including the innovation funnel and frugal innovation, and provides examples of product diversification. Finally, the report outlines the steps Essence Drinks can take to develop new innovative drinks, emphasizing the identification of intriguing ideas, their execution, and amplification to achieve strategic novelty. The report underscores the significance of innovation for maintaining a competitive edge in the fast-paced business environment.