Managing Foresight for Innovation in Large Firms.

Abstract

More and more companies are searching for strategic orientation and feel the need to support more future insights to win the innovation race. Corporate foresight is expected to do exactly that. On a social level we apply foresight every day by expanding our awareness of the future. Yet, in a corporate context this concept has been less explored. There is a lack of research covering how to organise for and manage foresight, particularly in an innovation context. The purpose of this study is therefore to examine how large companies can manage foresight for innovation. This was investigated in a qualitative study with the means of multiple case studies and expert consultation. Findings show that managing and organising for foresight for large firms can be done on the basis of two approaches, formal or informal. This is based on theory and has been extended and modified in this study. The formal approach builds on structure and processes whereas the informal approach is based on the corporate culture. Which approach is more suitable depends on the existing structures and culture in place, as well as the desired outcome of foresight.