This report examines innovation and commercialization strategies for YOYO Drinks, a UK-based company selling Mango Lassi. It analyzes the importance of innovation, differentiating it from invention, and discusses the value and significance of innovation for businesses, including how it can help companies beat competitors and increase productivity. The report covers different types of innovation, such as incremental, radical, disruptive, and architectural innovation. It further explores the 4Ps of innovation (product, process, position, and paradigm) and how they support innovation management. The report also delves into the new product development process using the innovation funnel, including opportunity assessment, ideation, conceptualization, evaluation, and launch. Additionally, it examines frugal innovation and its application, highlighting new market opportunities and resource management. The report provides insights into how YOYO Drinks can protect its innovative products through intellectual property tools and techniques.