This report provides a comprehensive analysis of innovation and commercialisation strategies employed by Essence Drinks, a company founded by Akshay Kumar, focusing on their flagship product, Healthy Mango Lassi. It differentiates between innovation and invention, highlighting the importance of innovation for Essence Drinks in terms of customer satisfaction, competitive advantage, and market share enhancement. The report elucidates how organisational vision, leadership (including top-down and participative styles), culture, and teamwork contribute to shaping innovation and commercialisation within the company. Furthermore, it explores the 4Ps of innovation (Product, Position, Process, Paradigm) and the use of the innovation funnel. The development of frugal innovation is discussed in relation to cost reduction, alongside the importance of the commercial funnel and the new product development (NPD) process. The report also presents an innovation business case for Essence Drinks, including potential funding sources, and touches upon the use of intellectual property tools for long-term protection.
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