This report provides a comprehensive analysis of Essence Drink's innovation and commercialization strategies, focusing on the introduction of their new chocolate-flavored lassi. It begins by defining innovation and its importance to organizations, exploring how vision, mission, teamwork, culture, and leadership shape the innovation process. The report then delves into the 4Ps of innovation (Product, Process, Position, Paradigm) in the context of the new product, followed by an examination of frugal innovation and its application. The analysis further extends to new product development (NPD), the innovation funnel, and the importance of commercialization. Additionally, the report covers tools for retaining intellectual property. The report examines these elements to provide a holistic overview of how Essence Drink approaches innovation and brings its products to market, with a focus on its chocolate lassi.