Commercialisation of Innovation: Essence Drinks Report - Task 3 & 4

This report examines the innovation and commercialization strategies employed by Essence Drinks, a UK-based producer of mango lassi. The report begins with an introduction to the importance of commercial funnels and the application of New Product Development (NPD) processes to facilitate the commercialization of innovative products. It then delves into the construction of an innovation business case specifically for Essence Drinks, including a discussion of various funding avenues such as bank loans and angel investors. The report also evaluates the application of intellectual property (IP) tools within the broader business context, offering insights into how Essence Drinks can protect its innovations through tools like copyright, trade secrets, and patents. The analysis provides a comprehensive overview of the company's approach to innovation, its market opportunities, and its competitive advantages, culminating in a discussion of the company's mission, target market, and financial considerations, including a detailed budget. The report concludes by summarizing key findings and emphasizing the role of innovation in establishing a successful brand within a competitive market.