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Future-oriented innovations are products as well as techniques, companies and businesses that can improve the lives of people. They can improve the efficiency of sectors like healthcare and space technology, or enhance a company’s ability to compete. To develop them, it takes a lot of work from various high tech technique stakeholders. It also requires a paradigm shift as well as an epistemic understanding. It is vital that the staff and leadership of a company are open to taking note of trends over time and taking note of them.

Fear of the unknown, resistance to change and a focus only on the short-term gain are the main obstacles that block future-oriented innovations. In an organizational setting, these obstacles can be overcome by fostering the development of a mindset that is based on growth and an environment of innovation. Employees will also feel inspired to work towards the future goals. This is often known as phronesis which is the belief that individuals require an incentive to take risky decisions within their work and it can result in higher retention rates for employees in companies that have a futuristic mindset.

There is increasing evidence that innovation ecosystems could benefit from a more thorough understanding of the possibilities for the future. This could be achieved by integrating foresight into innovation ecosystems, expanding structural ties between research programs and strategic planning processes, and enhancing general awareness of possibilities by incorporating diverse perspectives into dialog. The foresight-wheel model is a methodological model that can be used to address these needs efficiently and in a flexible manner. This article describes this innovative approach to developing innovative technologies that are geared towards the future.