Future-oriented innovations include innovative technology, products, and firms that will improve the lives of people. They can fine-tune sectors like healthcare and space technology, or enhance a company’s ability to compete. Making them requires a lot of effort amongst various high tech technique stakeholders which can lead to a paradigm shift as well as major epistemic visibility. It is crucial that the management and staff of a company are open to taking note of trends over time and taking note of them.
The most common obstacles to fostering future-oriented innovation are fear of the unknown and resistance to change, as well as an emphasis on short-term gains. In an organizational setting, these obstacles are overcome by having the development of a mindset that is based on growth and an environment of innovation. Employees will also be driven to work towards the future goals. This is known as phronesis. It is the notion that employees need a reason to take risks in their work. It can lead to greater retention rates of employees in companies who have a future-oriented approach.
It is becoming increasingly apparent that innovation ecosystems can benefit from an understanding of future possibilities. This could be achieved through the integration of foresight into innovation ecosystems. This could be achieved by extending structural ties between strategy-building processes and research programs, and increasing awareness of possible future options through dialogue. The foresight-wheel model is a methodological design that can be utilized to meet these needs effectively and in a adaptable manner. This article outlines a novel method of developing a future-oriented innovation.
