A sunk cost is a cost that has already been incurred and cannot be recovered.
The practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the internet.
Digital innovation is the use of digital technology to create or improve products, services, processes and business models.
Entrepreneurial Culture: A workplace ethos promoting innovation, risk-taking, and proactive problem-solving.
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.
