The figure below describes a methodology for determining the recommended degree of consensus required in a group, depending on the costs of errors of omission and commission. It is based on an excellent article in the recent MIT Sloan Management Review.
Obtaining group consensus (and avoiding a veto) is difficult, so making it a requirement for approving R&D investments and breakthrough innovation efforts risks inaction. Such omissions may in part explain the downfall of companies like Kodak, Nokia and Blackberry. A preferred strategy would be to undertake a series of progressive experiments and studies, as well as frequent project reviews of the innovative efforts.