A sunk cost is a cost that has already been incurred and cannot be recovered.
As used in innovation, Tools and Techniques refers to the various methods, processes, and systems that companies use to innovate.
Information, including a formula, pattern, compilation, program, device, method, technique, or process, that provides a business with a competitive advantage in the marketplace.
Enterprise Innovation refers to a company's initiatives to foster, implement, and integrate novel ideas to improve business outcomes.
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.
