Future-oriented innovations include progressive products, firms and technologies that can improve people’s lives. They can boost sectors like healthcare and space technology, or increase the competitiveness of businesses. To produce them, it takes a lot of work from a variety of high tech stakeholders. It also requires a paradigm shift and an epistemic awareness. It is important that the leadership and staff of the company are open to learning from long-term trends and paying attention to them.
The most common obstacles to encouraging future-oriented innovation are fear of the unknown, resistance to change and an emphasis on short-term gains. In an organizational setting, these obstacles can be overcome through the development of a mindset that is based on growth and an environment that encourages innovative thinking. Employees will also be driven to work towards a future goal. This is commonly described as phronesis which is the belief that people need a reason to make more risky decisions in their job and could result in greater retention rates of employees for organizations that have a forward-looking mindset.
It is becoming increasingly apparent that innovation ecosystems can benefit from an understanding of future possibilities. This can be accomplished through the integration of foresight into innovation ecosystems. This could be achieved by extending structural ties between strategy-building processes and research programs, and raising awareness of the future possibilities through dialogue. The foresight wheel model is a methodological model that can be used to address these needs efficiently and in a efficient manner that is scalable. This article provides a new method for creating forward-looking innovations.
