Future-oriented innovations include innovative products, firms and technologies that can improve people’s lives. They can enhance areas such as healthcare and space technology, or boost a company’s competitiveness. They require a lot of effort amongst various high tech technique stakeholders as well as a paradigm shift and important epistemic awareness. It is also essential for a company’s command lines and staff to be willing to learn from long term trends and listen to them.
The most common barriers to encouraging future-oriented innovation are fear of the unknown or change, and an emphasis on short-term gains. In the context of an organization, these obstacles can be overcome by encouraging the development mindset, fostering an environment of innovation and creating a sense an end-to-end goal for employees to strive towards. This is referred to as phronesis. It is the notion that people need motivation to take risks in their work. It can lead to greater retention rates of employees in companies that employ a future-focused approach.
There is increasing evidence that innovation ecosystems can benefit from a greater understanding of the possibilities for the future. This could be achieved by integrating foresight in innovation ecosystems, strengthening the structural connections between strategy building processes and research programs, and increasing awareness of possible future options through dialogue. The model of the foresight wheel provides an idea of a methodological structure which can meet these demands in a manner that is both effective and scalable. This article outlines a novel method for developing future-oriented innovations.
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