A sunk cost is a cost that has already been incurred and cannot be recovered.
A type of Innovation that creates a new market, leading to the disruption of an existing industry.
Risk aversion is a situation where an individual has a natural preference for certainty over uncertainty.
Innovation activities are tasks and processes aimed at developing new products, services, or improvements to drive business growth.
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.
