A sunk cost is a cost that has already been incurred and cannot be recovered.
The act of creating a product, service, or process that is new, toward a specific end or goal
A product that is new to you + a market that is new to you/ your company.
End-users are the final consumers who use the product or service in its intended 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.