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Entrepreneurship, Innovation and Strategic Foresight: How Entrepreneurs Engage the Future as Opportunity

Author

Listed:
  • Arran BROWN

    (Wits Business School, University of the Witwatersrand, South Africa)

  • Brian BARNARD

    (Wits Business School, University of the Witwatersrand, South Africa)

Abstract

This study investigates how entrepreneurs and innovators engage the future, and it reflects on how strategic foresight (also called futures studies) can contribute to innovation and entrepreneurship. The literature emphasizes the importance of planning for the future, but not much attention has been given to how entrepreneurs view, forecast and incorporate the future, and how this influences their innovation and creativity. The study found that entrepreneurs are disconnected from the future, and do not take it seriously. The future is mostly left to unfold, and it appears as a surprise. Entrepreneurs use simple methods to engage the future, and their understanding of it is vague. There is a lack of leadership and coordination around the future, and very little intervention around the future. Entrepreneurs recognize a general connection between the future and innovation, but they fail to see the relationship between innovation and futures studies. Futures studies are central to innovation, especially radical innovation, but entrepreneurs do not exploit it. Incremental innovation is predominant, and this leads to the conclusion that entrepreneurship is dysfunctional, to the extent that radical innovation is an important part of entrepreneurship and futures shaping. The study essentially surfaces a number of obscure philosophical positions regarding the relationship between entrepreneurship, innovation and the future.

Suggested Citation

  • Arran BROWN & Brian BARNARD, 2019. "Entrepreneurship, Innovation and Strategic Foresight: How Entrepreneurs Engage the Future as Opportunity," Expert Journal of Business and Management, Sprint Investify, vol. 7(1), pages 11-30.
    • Handle: RePEc:exp:bsness:v:7:y:2019:i:1:p:11-30
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    References listed on IDEAS

    as
    1. Rohrbeck, Rene & Arnold, Heinrich M. & Heuer, Jörg, 2007. "Strategic Foresight in multinational enterprises – a case study on the Deutsche Telekom Laboratories," MPRA Paper 5700, University Library of Munich, Germany.
    2. Heger, Tobias & Rohrbeck, René, 2012. "Strategic foresight for collaborative exploration of new business fields," Technological Forecasting and Social Change, Elsevier, vol. 79(5), pages 819-831.
    3. Rohrbeck, René & Schwarz, Jan Oliver, 2013. "The value contribution of strategic foresight: Insights from an empirical study of large European companies," Technological Forecasting and Social Change, Elsevier, vol. 80(8), pages 1593-1606.
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    Cited by:

    1. Beata Poteralska, 2021. "Support for the Development of Technological Innovations at an R&D Organisation," Sustainability, MDPI, vol. 13(22), pages 1-17, November.
    2. Rixa Georgi‐Kröhl, 2022. "Start‐ups and the art of ignoring the future: Commentary on Rowland and Spaniol 2021," Futures & Foresight Science, John Wiley & Sons, vol. 4(1), March.

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    More about this item

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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