A sunk cost is a cost that has already been incurred and cannot be recovered.
Technological Innovation refers to the discovery and subsequent development of innovative technologies.
Subject matter experts are the go-to people for particular topics, who provide specific insights and collaborate for better innovation results.
First-Mover Advantage refers to the benefits companies gain by being the first to enter a new market or develop a new product.
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.
The Sunk Cost Fallacy is a toxic mindset that keeps people and companies investing in failed projects even when they should be stopped.