Future-oriented innovations include progressive technology, products, and firms that improve the lives of people. They can improve the efficiency of sectors like healthcare and space technology or boost a company’s competitiveness. To develop them, it requires lots of effort from different high tech technique stakeholders. It also requires a paradigm shift and a major epistemic awareness. It is essential that the top management and employees of the company are open to learning from long-term trends and taking note of them.

The most frequent obstacles to fostering future-oriented innovation are fear of the unknown, resistance to change and the focus on short-term gain. In an organisational setting, these challenges can be overcome through the development of a mindset that is based on growth and an environment of innovation. Employees will also feel motivated to work toward a future goal. This is known https://datatraininst.com/2020/05/09/advantages-of-adopting-a-future-oriented-approach-for-retrieving-information-from-a-data-room as phronesis. It is the belief that people need motivation to take risks in their work. It can lead to greater retention rates of employees in organizations that adopt a futuristic approach.

It is becoming increasingly apparent that innovation ecosystems could benefit from an improved understanding of future possibilities. This could be achieved by integrating foresight in innovation ecosystems, extending structural ties between strategy-building processes and research programs, and raising awareness of the future possibilities through dialog. The foresight wheel model is a methodological construction that can be used to address these needs effectively and in a scalable way. This article describes this innovative method of developing forward-looking innovations.