Rotman Management

Strategic Foresight: How to Think Like a Futurist

THE 1920S BEGAN IN CHAOS. Cataclysmic disruption resulting from World War 1 and the Spanish flu shuttered businesses and provoked xenophobia. Technological marvels like the radio, refrigerator, vacuum cleaner, moving assembly line and electronic power transmission generated new growth, even as the wealth gap widened. More than two-thirds of Americans survived on wages too low to sustain everyday living. The pace of scientific innovation — the discovery of insulin, the first modern antibiotics, and insights into theoretical physics and the structure of atoms — forced people to reconsider many of their cherished beliefs.

The sheer scale of change and the great uncertainty that came with it produced two factions: Those who wanted to reverse time and return the world to ‘normal’; and those who embraced the chaos, faced forward and got busy building thefuture. As COVID-19 and extreme weather events continue to test our collective resilience, it is difficult not to see striking parallels to our modern world. Exponential technologies — artificial intelligence, synthetic biology, autonomous robots, and missions to space — are challenging our assumptions about human potential. Under lockdown, we’ve learned how to work from our kitchen tables, lead from our spare rooms, and support each other from afar.

The disruption has only just begun. But armed with the benefit of both hindsight and strategic foresight, we can choose a path of reinvention. In this article I will share some tools and principles for confronting deep uncertainty, adapting to it — and thriving.

The Macro Forces Shaping our World

My colleagues at the and I are closely tracking 11 macro

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