Future-oriented innovations include progressive technology, products, and firms that will improve the lives of people. They can improve sectors like healthcare and space technology, or increase a business’s competitiveness. To create them, it requires an enormous amount of effort from different high tech technique stakeholders. It also requires a paradigm shift as well as an epistemic awareness. It is also crucial for a firm’s command line and employees to be able to learn from long term trends and to listen to them.
Fear of the unknown, reluctance towards change and a focus on only short-term gains are the main barriers that block future-oriented innovations. In an organisational setting, these challenges can be overcome with an attitude of growth and an environment of innovation. Employees will also be motivated to work towards a future goal. This is commonly called phronesis, which means that individuals require a reason to make more risky decisions in their job and could result in higher employee preservation rates for companies that have a futuristic mindset.
There is growing evidence that innovation ecosystems could benefit from a greater understanding of future possibilities. This could be achieved by integrating foresight into innovation ecosystems and strengthening the structural connections between research and strategy building processes, and increasing the general awareness of the future by incorporating different viewpoints in dialog. The foresight model provides an idea of a methodological address structure that can respond to the needs of the market in a way that is both effective and adaptable. This article introduces a fresh method for developing future-oriented innovations.
