This report provides a comprehensive analysis of innovation and commercialization strategies for DELUSHIOUS, a UK-based food and beverage company. The report begins by defining innovation and its importance compared to invention, followed by an examination of how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. It also analyzes different sources of innovation, including unexpected events, market structures, and necessity. The report then delves into the 4Ps of innovation and the innovation funnel, exploring frugal innovation and its application within an organizational context. Furthermore, the report explains the commercial funnel and the application of New Product Development (NPD) processes for commercializing innovation, and develops a business case for DELUSHIOUS, including methods for accessing funds. Finally, the report discusses various tools for retaining intellectual property. The report concludes with a summary of the key findings and recommendations for DELUSHIOUS to enhance its market share through innovation.
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