This report analyzes the innovation and commercialization strategies of Essence Drinks, a food and beverage venture. It explores the importance of commercial funnels and the application of new product development, detailing the stages involved in bringing a new product to market. The report builds a business innovation case for Essence Drinks, outlining the need for innovation, its analysis, and the benefits derived, as well as the various funding sources utilized. Furthermore, it discusses tools for developing, retaining, and protecting knowledge and intellectual property, including patents, copyrights, and trademarks. The conclusion emphasizes the crucial role of innovation in problem-solving and the success of Essence Drinks in delivering products and services to offshore locations and ships, highlighting the practical application of these concepts.
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