This report examines innovation and commercialization strategies within the context of a business case study involving Essence Drink, a company facing declining sales of mango lassi in the UK. The report explores the importance of innovation, differentiating it from invention, and discusses how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. It delves into the 4Ps of innovation (Paradigm, Position, Process, and Product), the innovation funnel, and frugal innovation approaches. Furthermore, the report analyzes the commercial funnel, new product development processes, and the creation of an innovation business case, including funding access. Finally, it evaluates tools for developing, retaining, and protecting knowledge and intellectual property, providing a comprehensive overview of innovation management and its practical application in a real-world business scenario. The report highlights the importance of adapting to market changes and customer preferences, such as the shift towards healthier drink options, and proposes innovative solutions to address these challenges, such as introducing papaya and honey lassi.