Future-oriented innovations are innovative products or companies and techniques that can enhance people’s lives. They can enhance sectors such as healthcare and space technology, or improve the competitiveness of a business. To produce them, it requires a lot of work from a variety of high tech stakeholders. It also requires a paradigm shift as well as an epistemic understanding. It is vital that the top management and employees of an organization are open to learning from long-term trends and listening to them.
Fear of the unknown, resistance towards change and a focus solely on short-term rewards are the main obstacles that block future-oriented innovations. In the workplace, these issues can be overcome by encouraging a growth mindset, promoting an environment of innovation and creating a sense future goal for employees to work towards. This is commonly called phronesis, which means that individuals require an incentive to make risky decisions within their work and can lead to higher employee preservation rates for organizations that have a forward-looking mindset.
It is becoming more apparent that innovation ecosystems could benefit from a better understanding of future possibilities. This could be achieved through the integration of foresight within innovation ecosystems, expanding the ties between strategy building processes and research programs, and enhancing awareness of future options via dialog. The foresight-wheel model is a methodological model that can be used to meet these demands efficiently and in a efficient manner that is scalable. This article introduces a fresh method of developing a future-oriented innovation.