Innovative Product Launch

Your company is working on an innovative product, which is expected to be ready for launch in next three months. You have already spent $10mn so far and another $2mn is required to complete this project.

A new development has taken place. Only yesterday, you have come to know that your competitor is ready to launch a similar innovative product by next month. This product is better, packed with good features and is also less expensive than your product.

You need to decide whether to continue with the project and release $2mn budget for this project. What will you do as CEO?