Future-oriented innovations are products, firms and techniques that improve the lives of people. They can boost sectors like healthcare and space technology, or improve a business’s competitiveness. They require considerable effort from many high tech technique stakeholder that can result in a paradigm shift and important epistemic awareness. It is also important for a company’s command lines and staff to be open to learn from long term trends and to listen to them.
Fear of the unknown, reluctance toward change, and a focus solely on short-term rewards are the most frequent 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 of future goal for employees to strive towards. This is commonly described as phronesis which is the notion that individuals must have an incentive to take the risky choices in their work and could result in higher employee preservation rates for organizations that have a forward-looking mindset.
There is growing evidence that innovation ecosystems could benefit from a more thorough understanding of future possibilities. This could be achieved by infusing foresight into innovation ecosystems by extending the ties between research programs and strategy building processes, and enhancing overall awareness of future options by incorporating diverse perspectives in dialog. The foresight wheel model is an approach to methodological development that can respond to these needs in a manner that is both effective and adaptable. This article describes a new method of developing a future-oriented innovation.