A sunk cost is a cost that has already been incurred and cannot be recovered.
Innovation platforms are digital ecosystems that facilitate idea exchange, collaboration, and resource integration for novel solutions.
At the heart of every exceptional customer experience is a foundation built on genuine insights. By harnessing a deep understanding of customer preferences, emotions, and feedback, businesses can cultivate an experience that not only resonates with the audience but forms a lasting bond.
Urgency in innovation refers to a pressing matter or need for a change to avoid a negative outcome or capitalize on a positive result.
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.
