A sunk cost is a cost that has already been incurred and cannot be recovered.
Scenario planning is a strategic tool used to anticipate potential futures by creating detailed descriptions of possible outcomes. By exploring various scenarios, organizations can proactively prepare for the future.
Process Tools is a set of tools to facilitate the management of an innovation process, from idea generation to commercialization.
Followership is the strategy of following the first mover into a new industry. It can have advantages such as existing infrastructure and customer base, but also carries risks such as greater competition and slower product innovation.
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.
