Future-Oriented Innovations
Future-oriented innovations encompass innovative products, firms and technologies that will improve the lives of people. They can help improve areas such as healthcare and space technology, or boost a company’s competitiveness. To produce them, it requires a lot of work from different high tech technique stakeholders. It also requires a paradigm shift and an epistemic understanding. It is essential that the top management and employees of a company are open to taking note of trends over time and listening to them.
The most common barriers in fostering innovation that is future-oriented are fear of the unknown and resistance to change, as well as an emphasis on short-term gains. In an organisational setting, these challenges are overcome by having an attitude of growth and an environment that encourages innovative thinking. Employees will also be inspired to work towards an end-point in the future. This is referred to as phronesis. It is the notion that people require motivation to take risks in their work. It can lead to higher employee retention rates for organizations that adopt a futuristic approach.
There is growing evidence that innovation ecosystems could benefit from a greater understanding of future possibilities. This could be achieved through the integration of foresight into innovation ecosystems, strengthening the structural connections between strategy building processes and research programs, and increasing awareness of the possibilities for the future through dialog. The foresight-wheel model is an approachological design that can be utilized to address these needs effectively and in a efficient manner that is scalable. This article provides a new approach for developing forward-looking innovations.
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