Future-Oriented Innovations

Future-oriented innovations encompass innovative technology, products, and firms which can enhance the lives of individuals. They can improve the efficiency of sectors like healthcare and space technology or improve a company’s competitiveness. Producing them requires an enormous amount of effort from numerous high tech technology stakeholders which can lead to a paradigm shift as well as important epistemic awareness. It is also important for a company’s command lines and personnel to be open to learning from long-term trends and to listen to them.

Fear of the unknown, reluctance towards change and a focus only on short-term benefits are the most frequent obstacles which hinder the development of future-oriented ideas. In organizational settings these can be overcome by encouraging an attitude of growth, encouraging an environment of innovation and creating a sense of the future goals employees should strive towards. This is known as the phronesis. It is the idea that employees need an incentive to take risks in their future-oriented innovations work. It can lead to higher retention rates for employees of businesses that have a forward-looking approach.

It is becoming increasingly evident that innovation ecosystems could benefit from an understanding of the future possibilities. This can be accomplished through the integration of foresight into innovation ecosystems. This could be achieved by expanding the ties between strategy-building processes and research programs, and enhancing awareness of possible future options through dialog. The model of the foresight wheel provides a methodological framework which can meet the needs of the market in a way that is both effective and adaptable. This article outlines this new approach for developing forward-looking innovations.