This report analyzes the concepts of innovation and commercialization within a business context, focusing on the fictional company 'Essence Drink'. It explores the importance of innovation, comparing it to invention, and examines how company vision, leadership, culture, and teamwork shape these processes. The report details the 4Ps of innovation, the innovation funnel, and the application of frugal innovation. It also covers the commercial funnel, business cases for innovation, funding methods, and tools for protecting intellectual property. The report emphasizes how innovation leads to competitive advantages and increased profitability, with examples of product development and market strategies. The report covers topics like product innovation, process innovation, positioning innovation, and the significance of team work and organizational culture in fostering innovation. The report stresses the importance of understanding customer needs and adapting to market changes for successful commercialization.
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