Future-oriented innovations are those that incorporate innovative products, firms and technologies that improve the lives of people. They can enhance sectors such as healthcare and space technology, or boost the competitiveness of a business. Producing them requires a lot of effort amongst diverse high tech technique stakeholders which can lead to a paradigm shift as well as significant epistemic visibility. It is also essential that a company’s command line and staff to be willing to learning from long-term trends and be able to hear them.
Fear of the unknown, reluctance towards change and a tendency to focus only on the short-term gain are the most common obstacles that prevent future-oriented innovations. In an organization, these barriers are overcome by having a growth mindset and an environment that encourages innovation. Employees will also feel motivated to work towards a goal for the future. This is referred to as the phronesis. It is the idea that employees need a reason to take risks in their work. It can lead to higher employee retention rates for businesses that have a forward-looking approach.
It is becoming increasingly evident that innovation ecosystems can benefit from a better understanding of future possibilities. This could be achieved by integrating foresight in innovation ecosystems, expanding the ties between strategy building processes and research programs, and increasing awareness of the possibilities for the future through dialog. The foresight wheel model provides an approach to methodological development that can meet these needs in a manner that is both efficient and scalable. This article outlines this new method of developing innovative technologies that are geared towards the future.