Future-oriented innovations are progressive goods as well as techniques, companies and businesses that improve the lives of people. They can enhance sectors such as healthcare and space technology, and also boost the competitiveness of a business. They require lots of work from numerous high tech technology stakeholders as well as a paradigm shift and important epistemic awareness. It is essential that the management and staff of the company are open to learning from long-term trends and paying attention to them.

The most common obstacles to fostering forward-looking innovation are fear of the unknown or change, and a focus on short-term gains. In an organization, these barriers can be overcome through the cultivation of a growth mindset and creating an environment that encourages innovative thinking. Employees will also be driven to work towards a future goal. This is known as the phronesis. It is the idea that people require an incentive to take risks in their work. It can result in higher retention rates for employees of companies who have a future-oriented approach.

It is becoming increasingly apparent that innovation ecosystems could benefit from an understanding of the future possibilities. This can be achieved by infusing foresight into innovation ecosystems and strengthening the structural connections between research programs and strategic planning processes, and increasing the overall awareness of future options by incorporating diverse perspectives in dialogue. The foresight wheel model is an approach to methodological development which can meet these needs in a manner that is both efficient and adaptable. This article outlines a novel approach to developing future-oriented innovation.

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