Future-oriented innovations are a range of products or companies and techniques which can enhance the lives of individuals. They can improve sectors like healthcare and space technology, or boost the competitiveness of businesses. To develop these, it requires lots of effort from a variety of high-tech technique stakeholders. It also requires a paradigm shift as well as an epistemic consciousness. It is also important for a company’s command line 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 only on the short-term gain are the main barriers that block future-oriented innovations. In organizational settings these can be overcome by encouraging the growth mindset, encouraging an environment of innovation, and creating a sense of an end-to-end goal for employees to work towards. This is known as phronesis. It is the idea that employees need an incentive to take risks in their work. It can result in higher retention rates for employees of companies who have a future-oriented approach.
There is growing evidence that innovation ecosystems can benefit from a better understanding of the future potential. This could be achieved by integrating foresight into the innovation ecosystem, expanding structural ties between research programs and strategy building processes, and enhancing general awareness of possibilities by incorporating different viewpoints in dialogue. The foresight-wheel model is an approachological model that can be used to meet these demands with a practical and flexible manner. This article describes this innovative approach to developing forward-looking innovations.