This report examines innovation and commercialisation strategies within the context of Unicorn Grocery, a small and medium enterprise. It begins by defining innovation and comparing it with invention, emphasizing its importance for organizational growth. The report then explores how organizational vision, leadership, and teamwork shape innovation and commercialization, highlighting their impact on the company's success. The 4Ps of innovation are explained, along with the use of the innovation funnel. The report also delves into frugal innovation, providing examples of its application in an organizational context. Furthermore, it discusses the importance of the commercial funnel and the application of New Product Development processing for commercialization. Finally, the report builds an innovation business case for Unicorn Grocery, including methods for accessing funding, and evaluates tools for knowledge and intellectual property management. The report provides a comprehensive analysis of innovation and commercialization strategies, offering insights into the practical application of these concepts.
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