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Future-oriented innovations are those that incorporate innovative technology, products, and firms that improve the lives of people. They can fine-tune sectors like healthcare and space technology or improve a company’s competitiveness. They require a lot of effort amongst numerous high tech technology stakeholders as well as a paradigm shift and important epistemic awareness. It is also crucial for a company’s command line and personnel to be open to learn from long term trends and listen to them.

Fear of the unknown, reluctance to change and a focus on only short-term gains are the most common obstacles that hinder future-oriented innovation. In organizational settings these can be overcome by encouraging a growth mindset, promoting an environment of innovation and establishing a the future that employees can work towards. This is often called phronesis, which is the belief that individuals require the motivation to make more risky decisions in their job and it could lead to higher retention rates for employees of companies with a future-oriented attitude.

There is growing evidence that innovation ecosystems can benefit from a better understanding of the future potential. This can be achieved by integrating foresight into the innovation ecosystem by extending the ties between research programs and strategy building processes, and enhancing general awareness of possibilities by incorporating different viewpoints in dialog. The foresight-wheel model is an approachological structure that can be used to address these needs efficiently and in a efficient manner that is scalable. This article describes this innovative method for creating innovative technologies that are geared towards the future.