A sunk cost is a cost that has already been incurred and cannot be recovered.
Innovation Best Practices: Proven methods that consistently yield successful innovative outcomes in corporate environments.
R&D Spending is the amount of money a company spends on research and development in a given period to innovate new products.
Idea Development: An iterative process to refine, test, and enhance an idea's viability, feasibility, and desirability for market success.
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.
