A sunk cost is a cost that has already been incurred and cannot be recovered.
Blue Ocean refers to untapped market spaces ripe for innovation, distinct from 'Red Oceans' where fierce competition turns waters bloody.
Imagination is the ability to form new ideas beyond current reality's constraints.
Lean and Agile is a business methodology that emerged as a response to the unpredictable nature of today’s market and technology.
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.
