A sunk cost is a cost that has already been incurred and cannot be recovered.
The knowledge, abilities, and attitudes that enable individuals to contribute to the innovation process.
Innovation management process is the system of tools and techniques used to foster creativity and convert ideas into successful products, services or processes.
Have you heard of this concept called “Trial and Error”? It involves researching, testing, and then retrying something until you find the solution you are looking for.
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.
