This report analyzes the innovation and commercialization strategies for Essence Drinks, a UK-based company experiencing declining sales of its mango lassi. The report explores the importance of innovation, distinguishing it from invention, and examines how vision, leadership, culture, and teamwork shape innovation. It delves into the 4Ps of innovation (product, process, position, and paradigm) and the innovation funnel, offering a framework for developing new product ideas. The report also discusses frugal innovation, new market opportunities, resource utilization, the commercial funnel, and the implementation of new product development for the company. Finally, it addresses the business case and intellectual property considerations for protecting the innovative product, aiming to provide a comprehensive overview of the innovation process for Essence Drinks.