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How to Overcome Six Cognitive Biases That Could Kill Your Innovation Project
The mental shortcuts our brains use to make quick decisions.
“Of course, we will do it faster than everyone else.”
“This is not working, but I can’t stop. I had spent two years working on it and looking desperately for data that confirms my way.”
Several times, I fell victim to the “Sunk Cost Fallacy” bias.
After several months of working on a project and convincing myself that I had invested too much time and effort to give up, I stubbornly pushed forward despite mounting evidence that my approach was flawed.
I reassured myself, ignoring the signs that indicated otherwise.
Today, while working with changemakers and entrepreneurs, I see how this and other cognitive biases led them down a path of diminishing returns, as they clung to past investments rather than objectively evaluating the project’s viability.
Our mind’s bias is called “cognitive bias,” a systematic error in thinking that occurs when people favor their personal…
