A sunk cost is a cost that has already been incurred and cannot be recovered.
Agile Marketing: A flexible, data-driven approach prioritizing rapid iterations and customer feedback to optimize marketing strategies.
Short-term, low-cost, low-risk test of an idea to prove its value. Used in business innovation and software development.
Innovation benefits are the measurable value gains from novel solutions that meet new requirements or existing market needs.
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.