A sunk cost is a cost that has already been incurred and cannot be recovered.
Innovation Self-Assessment: A tool to evaluate an organization's innovation capabilities and identify areas for improvement.
Architectural innovation is the process of changing the way that components of a product or service are configured together to improve outcomes.
Entrepreneurial Culture: A workplace ethos promoting innovation, risk-taking, and proactive problem-solving.
The Sunk Cost Fallacy is a toxic mindset that keeps people and companies investing in failed projects even when they should be stopped.
Sunk-cost bias affects decision-making in innovation projects, leading to zombie projects. Daily reflection and mindfulness meditation can help reduce sunk-cost bias and the anticipation of regret in the future if a project is abandoned.
