This report provides a detailed analysis of innovation and commercialization strategies within the context of Essence Drinks, a company established by Mr. Akshay Kumar specializing in healthy mango lassi. The report begins by defining innovation and commercialization, highlighting their significance to companies, and contrasting innovation with invention. It explores the influence of organizational culture, vision, leadership, and teamwork on shaping innovation and commercialization processes. The report delves into various sources of innovation and methods for fostering an innovative environment, followed by an explanation of the 4Ps of innovation (Paradigm, Product, Process, Position) and the application of the innovation funnel to shape creative ideas. A key focus is on frugal innovation, its development, and its practical application within Essence Drinks, examining its role in cost reduction, resource utilization, and product adaptability. The report also includes an analysis of the innovation funnel's application and concludes with a discussion of the benefits of commercialization.
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