Future-oriented innovations are progressive goods as well as techniques, companies and businesses that improve the lives of people. They can enhance areas like healthcare and space technology or boost a company’s competitiveness. Producing them requires a lot of effort amongst numerous high tech technology stakeholders, a paradigm change and important epistemic awareness. It is vital that the top management and employees of a company are open to taking note of trends over time and taking note of them.
The most common barriers in fostering innovation that is future-oriented are fear of the unknown and resistance to change, as well as a focus on short-term gains. In the workplace, these issues can be overcome by encouraging the development mindset, fostering an environment of innovation and creating a sense the future that employees can achieve. This is referred to as the phronesis. It is the notion that employees need an incentive to take risks in their work. It can lead to more retention rates among employees in companies who have a future-oriented approach.
There is increasing evidence that innovation ecosystems can benefit from a stronger grasp of the possibilities for the future. This can be accomplished through the integration of foresight into innovation ecosystems, building stronger structural ties between strategy building processes and research programs, and enhancing awareness of future options via dialogue. The foresight wheel model provides a methodological construct that can meet these needs in a way that is both efficient and scalable. This article describes this innovative method of developing innovative technologies that are geared towards the future.