A sunk cost is a cost that has already been incurred and cannot be recovered.
Product innovation is the process of introducing new products or significantly improving existing products to meet customer needs and preferences.
The innovation process is a series of steps for translating ideas into marketable products, services, or methods that drive value creation.
Innovator's Dilemma: Conflict firms face when new tech disrupts their successful products, challenging existing business models.
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.
