Future-oriented innovations include innovative technology, products, and firms that can improve people’s lives. They can help improve areas like healthcare and space technology, or boost a business’s competitiveness. Making them requires considerable effort from various high tech technique stakeholders as well as a paradigm shift and major epistemic visibility. It is important that the top management and employees of the company are open to taking lessons from long-term trends as well as taking note of them.
The most frequent obstacles to fostering forward-looking innovation are fear of the unknown and resistance to change, as well as an emphasis on the short-term benefits. In an organizational setting, these obstacles can be overcome with a growth mindset and an environment that encourages innovative thinking. Employees will also feel driven to work towards the future goals. This is often referred to as phronesis, which is the notion that individuals must have a reason to make more risky decisions in their job and could result in higher employee preservation rates for companies with a future-oriented attitude.
There is increasing evidence that innovation ecosystems could benefit from a greater understanding of future possibilities. This can be accomplished through the integration of foresight into innovation ecosystems. This could be achieved by strengthening the structural connections between strategy-building processes and research programs, and increasing awareness of the possibilities for the future through dialog. The foresight model provides a methodological construct that can respond to these needs in a way that is both efficient and scalable. This article describes this innovative approach for developing futuristic innovations.