Future-oriented innovations are products as well as techniques, companies and businesses that can improve the lives of people. They can help improve areas like healthcare and space technology, or enhance a company’s ability to compete. To create them, it requires an enormous amount of effort from various high tech technique stakeholders. It also requires a paradigm shift as well as an epistemic consciousness. It is also crucial that a company’s command line and staff to be willing to learning from long-term developments and to be attentive to them.

Fear of the unknown, reluctance to change and a focus only on the short-term gain are the most common obstacles that hinder future-oriented innovation. In an organizational setting, these obstacles can be overcome with the cultivation of a growth mindset and creating an environment that encourages innovation. Employees will also feel driven to work towards a goal for the future. This is referred to as the phronesis. It is the notion that people require motivation to take risks in their work. It can result in higher retention rates for employees of companies that employ a future-focused approach.

It is becoming more apparent that innovation ecosystems can benefit from an understanding of the future possibilities. This can be accomplished by integrating foresight into innovation ecosystems, extending structural ties between strategy building processes and research programs, and increasing awareness of the possibilities for the future through dialogue. The foresight-wheel model is a methodological structure that can be used to meet these needs efficiently and in a efficient manner that is scalable. This article provides a new method of developing forward-looking innovations.

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