This report examines the concepts of innovation and commercialization, using the case study of Essence Drink, a UK-based company selling mango lassi. It explores the importance of innovation for organizations, differentiating it from invention, and analyzing how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. The report delves into the 4Ps of innovation (product, process, position, paradigm) and the innovation funnel, along with frugal innovation principles. Furthermore, it covers the commercial funnel, new product development, and the creation of an innovation business case, including tools for knowledge and intellectual property protection. The analysis provides a comprehensive overview of strategies for fostering innovation and driving commercial success.