Future-oriented innovations are innovative products, firms and techniques which can enhance the lives of individuals. They can enhance areas like healthcare and space technology, or increase a company’s competitiveness. To make these, it requires a lot of work from different high tech technique stakeholders. It also requires a paradigm shift as well as a major epistemic awareness. It is vital that the staff and leadership of the company are open to learning from long-term trends and paying attention to them.
Fear of the unknown, reluctance toward change, and a focus on only short-term gains are the main obstacles that block future-oriented innovations. In the context of an organization, these obstacles can be overcome by encouraging a growth mindset, promoting an environment of innovation, and creating a sense an end-to-end goal for employees to strive towards. This is known as the phronesis. It is the belief that people require a reason to take risks in their work. It can result in greater retention rates of employees in companies that employ a future-focused approach.
It is becoming increasingly clear that innovation ecosystems could benefit from an understanding of the future possibilities. This could be achieved by integrating foresight into innovation ecosystems. This could be achieved by extending structural ties between strategy-building processes and research programs, and increasing awareness of future options via dialogue. The foresight wheel model provides an idea of a methodological structure that can address these needs in a manner that is both effective and adaptable. This article presents a new method for developing future-oriented innovations.