Future-oriented innovations are those that incorporate innovative products, companies and technologies which can enhance the lives of individuals. They can fine-tune sectors like healthcare and space technology or increase a company’s competitiveness. To develop these, 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 essential that the management and staff of a company are open to taking lessons from long-term trends as well as listening to them.
Fear of the unknown, reluctance toward change, and a focus only on short-term benefits are the main barriers that prevent future-oriented innovations. In the context of an organization, these obstacles can be overcome by encouraging an attitude of growth, encouraging a culture of innovation and creating a sense of the future goals employees should work towards. This is commonly called phronesis, which is the belief that people need a reason to make difficult decisions in their work and it could lead to higher employee preservation rates for companies that have a futuristic mindset.
There is increasing evidence that innovation ecosystems can benefit from a better understanding of future possibilities. This can be accomplished by integrating foresight within innovation ecosystems, expanding the ties between strategy-building processes and research programs, and raising awareness of future options via dialogue. The foresight model provides an approach to methodological development that can respond to these needs in a way that is both effective and scalable. This article outlines this new method of developing forward-looking innovations.
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