Future-oriented innovations are progressive goods, firms and techniques that can improve the lives of people. They can enhance sectors such as healthcare and space technology, or boost the competitiveness of a company. To produce them, it takes many hours of work from different high tech technique stakeholders. It also requires a paradigm shift and an epistemic understanding. It is also crucial 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 to change and a focus solely on short-term rewards 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 innovative thinking. Employees will also feel motivated to work towards the future goals. This is commonly called phronesis, which is the notion that individuals must have a reason to make the risky choices in their work and it can result in higher retention rates for employees in businesses that are geared towards the future.
It is becoming more apparent that innovation ecosystems can benefit from an improved understanding of future possibilities. This could be achieved by infusing foresight into innovation ecosystems, expanding structural ties between research programs and strategic planning processes, and enhancing overall understanding of the possibilities by incorporating diverse perspectives in dialog. The model of the foresight wheel provides an approach to methodological development which can meet these demands in a manner that is both effective and scalable. This article discusses this new approach for developing forward-looking innovations.