Future-Oriented Innovations
Future-oriented innovations include innovative technology, products, and firms that can improve people’s lives. They can enhance areas such as healthcare and space technology or enhance a company’s ability to compete. To develop them, it takes lots of effort from various high tech technique stakeholders. It also requires a paradigm shift as well as an epistemic awareness. It is important that the management and staff of the company are open to learning from the long-term trends and taking note of them.
Fear of the unknown, resistance toward change, and a focus on only short-term gains are the main obstacles that prevent future-oriented innovations. In an organizational setting, these obstacles can be overcome with the development of a mindset that is based on growth and an environment of innovation. Employees will also be motivated to work toward a future goal. This is referred to as the phronesis. It is the belief that employees need an incentive to take risks in their work. It can result in greater retention rates of employees in organizations that adopt a futuristic approach.
It is becoming increasingly apparent that innovation ecosystems can benefit from an understanding of future possibilities. This can be achieved by integrating foresight into the innovation ecosystem, expanding structural ties between research and strategy building processes, and increasing the general awareness of the future by incorporating different viewpoints in dialogue. The foresight wheel model is a methodological framework that can address these needs in a manner that is both efficient and adaptable. This article describes this innovative method of developing future-oriented innovations.
