Strategic Report: Innovation and Commercialisation for Essence Drink

This report focuses on the innovation and commercialisation strategies for Essence Drink, a UK-based health drink company. It begins by defining innovation and then analyzes the business case for introducing new products, specifically flavored Lassi drinks. The report explores various funding sources, including personal savings, loans, and equity capital, and discusses the importance of financial resources for launching new ventures. It includes financial projections, estimated expenses, and potential revenue, along with an analysis of the risks associated with new product development. The report also covers marketing strategies, including iterative marketing and advertising, and emphasizes the need for a strong online presence. Furthermore, it touches upon intellectual property protection and its impact on the business, providing a comprehensive overview of the steps Essence Drink can take to revitalize sales and achieve sustainable growth through innovation.