Future-oriented innovations include innovative products, firms and technologies which can enhance the lives of individuals. They can help improve areas like healthcare and space technology, and also boost the competitiveness of businesses. They require lots of work from various high tech technique stakeholders, a paradigm change and major epistemic visibility. It is also crucial for a firm’s command line and staff to be open to learn from long term developments and to be attentive to them.
The most common obstacles to fostering forward-looking innovation are fear of the unknown or change, and the focus on short-term gain. In an organisational setting, these challenges are overcome by having a growth mindset and an environment that encourages innovative thinking. Employees will also feel motivated to work towards a goal for the future. This is known as the phronesis. It is a belief that people need motivation to take risks in their work. It can result in greater retention rates of employees in companies that employ a future-focused approach.
There is growing evidence that innovation ecosystems could benefit from a greater understanding of the possibilities for the future. This can be accomplished through the integration of foresight within innovation ecosystems, strengthening the structural connections between strategy building processes and research programs, and increasing awareness of possible future options innovative solutions in all areas through dialogue. The foresight wheel model is an approach to methodological development that can respond to these needs in a manner that is both effective and scalable. This article provides a new approach to developing future-oriented innovations.
