A sunk cost is a cost that has already been incurred and cannot be recovered.
Measures of an organization's innovation performance, such as the number of patents filed, the percentage of revenue from new products, or the time it takes to bring a new product to market.
First-Mover Advantage refers to the benefits companies gain by being the first to enter a new market or develop a new product.
Ground rules are agreed-upon principles that set the framework for behavior and interactions within a group, ensuring a productive environment.
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.