Future-oriented innovations include progressive technology, products, and firms that improve the lives of people. They can help improve areas such as healthcare and space technology or enhance a company’s ability to compete. To produce them, it takes lots of effort from a variety of high tech stakeholders. It also requires a paradigm shift as well as an epistemic understanding. It is crucial that the top management and employees of a company are open to learning from long-term trends and taking note of them.
Fear of the unknown, resistance towards change and a focus on only short-term gains are the most frequent obstacles that hinder future-oriented innovation. In an organizational setting, these challenges can be overcome by encouraging a growth mindset, promoting an environment of innovation, and establishing a an end-to-end goal for employees to strive towards. This is known as the phronesis. It is the idea that people need motivation to take risks in their work. It can lead to greater retention rates of employees in organizations that adopt a futuristic approach.
It is becoming increasingly evident that innovation ecosystems can benefit from an understanding of the future possibilities. This can be accomplished by integrating foresight in innovation ecosystems, expanding the ties between strategy building processes and research programs, and raising awareness of future options via dialog. The model of the foresight wheel provides a methodological construct that can meet these needs in a manner that is both efficient and scalable. This article outlines a novel approach to developing future-oriented innovation.