Report on Innovation and Commercialization for Essence Drinks Company

This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on the case of Essence Drinks, a beverage company based in the UK. The report begins by differentiating between invention and innovation, emphasizing the significance of innovation for organizational success and brand image in a competitive market. It then explores the 4Ps of innovation (Person, Process, Product, and Press) and suggests an innovation for the company to adopt. The report also explains the innovation funnel and frugal innovation concepts. Furthermore, it examines how organizational leadership, culture, and teamwork influence innovation within Essence Drinks. The report concludes with recommendations for the company's innovation and commercialization efforts, highlighting the importance of adopting new techniques and utilizing available resources to attract customers and increase profitability. The report is divided into two parts, the first part includes the introduction, the difference between invention and innovation, the value and importance of innovation, the 4Ps of innovation, the innovation funnel, and recommendations. The second part includes the references.