What helps luck is a habit of watching for opportunities, of having a patient but restless mind, of sacrificing one’s ease or vanity, or uniting a love of detail to foresight, and of passing through hard times bravely and cheerfully.
- Victor Cherbuliez
It has been long debated if there is a return on investment for organizations to adopt foresight activities. Well here are five tangible and intangible outcomes of establishing foresight activities within your organization.
Profits and Revenue
Despite what might seem like a deep and scary hole of sunk costs, if done correctly, then foresight activities can have a huge impact…
Companies are starting to see that they need to utilize foresight as an advanced innovation process for seeking new business opportunities. This article will cover the different elements of foresight and what do you need know to get the right composition of your future exploration team.
Faces of Foresight
First, you need to understand that there are several faces of foresight, and depending on your industry it may be more intensive than the other. However, it is still a best practice to have a team of mixed backgrounds, even if you’re intensively foresighting technology for opportunities. …
Google has recently revealed Stadia, a cloud gaming service that is supposed to take the gaming world by storm. What we know right now about what they released is that the gamer can seamlessly play games across many consoles right from their Chrome browser with no download or installation time needed. I’ll let you check out all the features by yourself from their keynote announcement. It may seem like a standard “let's take on the gaming industry” move but there is much more than meets the eye. …
The future is unpredictable and we will never truly know how the future will turn out. Through a combination of processes, leveraging knowledge and experiences, we can make the uncertain future more knowable. Some people are better at making good forecasts. We looked at their skill and researched this topic extensively, most of the top forecasters exhibit some or all of these traits listed below.
- Pattern seekers: Spotting patterns and finding unusual connection across domains is a talent not many people have, but the best forecasters hone in on this skill to spot opportunities in the market.
- Reflect: Learn to…
Innovation has been a buzzword almost any organization says it has but is essentially an empty word that is injected with different meanings by anyone who comes across it. To many organizations, this word is the survival of their business. Being related to the Board of Innovation family, there are many ways innovation is addressed; to build up the clients capabilities or assist them to build in businesses/services/products. In the last 20 years, we have seen that many organizations need to change in order to address increasingly strong competition from new entrants (mainly from startups).
Most methods and processes in…
It is starting to feel like we are seeing it over and over again. The Personal Digital Assistant, or more commonly known as PDA(even with cellular functionality), came out years before an iPhone. While many Japanese automobile manufacturers produced electric vehicles before Tesla came into play. Timing these days seem to be even more crucial in a rapidly changing environment, hitting the market little too early could spell disaster or hitting the market too late could mean you’re the laggard business in the market.
Although a number of other factors did play a part in the success or failure of…
It is apparent that 50-year predictions almost never go according to plan, nevermind 300-year predictions. So why are companies still investing heavily in outlandish future scenarios far beyond the scope of predictability? Because what most enterprises believe is that the return on investment (RoI) is far larger if they stay ahead of the competition.
Often, businesses look far beyond their current capabilities into the future in search of the “Blue Oceans” (Blue Ocean refers to unknown and untapped market space that is full of opportunity and profitable growth). When they find them, they can settle down and cash in on…
I don’t often hear of many startups doing foresight research, nor do I hear many venture capitalists give their opinions on the matter. Is it worth it for them to even get in the field? In an idle world where we live with infinite resources, everyone will want to win the futures game. The truth is Startups and even many VC’s may not have the financial capacity to perceive, prospect and probe their way into high yield opportunities (depending on how far we are looking into the future).
Foresight should still not be ignored! Strategic foresight can still be a…
Jeffery Hansen
Full Stack Innovator |Interested Tech, Society, Anthropology, Startups, and Design.
