This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on the case study of Essence Drinks. The report explores the definition and importance of innovation in comparison to invention, particularly within the context of a business aiming for growth and competitive advantage. It examines how organizational vision, leadership, culture, and teamwork shape innovation and commercialization processes. Furthermore, the report delves into the 4Ps of innovation (Product, Process, Position, and Paradigm) and the use of the innovation funnel to shape innovative ideas, as well as the application of frugal innovation, with examples of its use in an organizational context. The report also discusses the commercialization funnel, the process of New Product Development (NPD), and the creation of an innovation business case. The report concludes by highlighting the importance of protecting knowledge and ideas within an organization. This report offers insights into how Essence Drinks can improve its business.