Business Report: Innovation and Commercialisation for Essence Drink

This report comprehensively analyzes the concepts of innovation and commercialization, emphasizing their crucial roles in organizational success and competitive advantage. It uses Essence Drink as a case study to explore the differences between invention and innovation, various types of innovation (incremental, disruptive, architectural, and radical), and the 4Ps of innovation. The report delves into the company's approach to innovation, including the innovation funnel and frugal innovation, and provides a detailed overview of the new product development process, from idea generation to commercialization. Furthermore, it addresses the importance of commercial funnels, techniques for testing new products, and tools for protecting intellectual property. The report highlights the significance of leadership and organizational culture in fostering innovation and achieving long-term growth, offering valuable insights into strategic business development.