Innovation and Commercialization Report: Essence Drinks - Strategies

This report provides a comprehensive analysis of innovation and commercialization, using Essence Drinks, a beverage company, as a case study. The report begins with an introduction to innovation and its importance, followed by an explanation of the differences between invention and innovation. It then delves into the value and importance of innovation to organizations, relating it to organizational leadership and culture at Essence Drinks. The report further explores the 4Ps of innovation, the concept of the innovation funnel, and frugal innovation. It also examines the commercialization process, including the protection of ideas, and concludes with recommendations for Essence Drinks to enhance its innovation and commercialization strategies. The report covers various aspects like brand image, profit maximization, leadership styles, teamwork, organizational culture, and sources of innovation, offering a detailed overview of the company's approach to product development and market strategies. The report also includes analysis on the innovation funnel, benchmarking, and the steps involved in the commercialization process.