Situation: Evonik is recognized as one of the world's leading specialty chemicals companies, deeply committed to innovation. Its dedication to R&D is substantial, with the company spending approximately 460 million euros annually on R&D, which reinforces its reputation as a frontrunner in the specialty chemicals sector. To sustain this success, Evonik established Creavis, a strategic innovation unit, to help propel the company towards new markets and technologies 

Complication: The need for strategic foresight stemmed from the imperative to focus on long-term growth and mitigate risk by moving beyond Evonik's current product scope and business activities. To ensure Evonik remained a frontrunner, it needed a dedicated structure to focus on long-term, disruptive innovations. This focus on the future was backed by investment: about 10% of Evonik's total R&D spend is specifically committed to R&D that goes beyond the current product scope. Proactive exploration and pilot projects were required to broaden and diversify the company's portfolio, which helps in mitigating business risks linked to market volatility. 

Solution: Creavis explored the following foresight approaches:

1. Exploratory Scenario Approach: This method is used to develop a realistic view of possible future scenarios. Evonik has, for example, developed "The World in 2040 – Scenarios for the future" and "Five scenarios of the future of the specialty chemicals industry". 
2. STEEP Trend Analysis: This established method is used to monitor societal, technological, economical, ecological, and political factors.
3. Wild Cards: The Foresight unit, in collaboration with Group Controlling, developed 95 so-called wild cards which describe low-probability, high-impact events.

Impact/Outcome:

1. Revenue Growth: Evonik reported strong revenue growth, increasing from 13.3 billion euros in 2013 to 18.5 billion euros by 2022. 
2. Sustained R&D Investment: The company maintains a substantial annual R&D spend of approximately 460 million euros. 
3. Focus on Disruptive Innovation: Approximately 10% of total R&D spend is specifically committed to R&D that goes beyond the current product scope, focusing on long-term, disruptive innovations.
4. Established Frontrunner Position: The dedication of Creavis ensures Evonik’s long-term frontrunner position in the specialty chemicals arena. 
5. Portfolio Diversification and Risk Mitigation: Creavis’s exploration and pilot projects in future-focused technologies have empowered Evonik to broaden and diversify its portfolio, which helps in mitigating business risks related to market volatility. 
6. Developed Comprehensive Wild Cards: Evonik Foresight and Group Controlling developed 95 so-called wild cards which describe low-probability, high-impact events. 
7. Established Foresight Scenarios: The company developed major strategic documents, including "The World in 2040 – Scenarios for the future" and "Five scenarios of the future of the specialty chemicals industry". 
8. Cultivated Interdisciplinary Innovation: Creavis serves as one of the main entry points for new scientists into Evonik, helping to distribute the spirit of interdisciplinary innovation throughout the wider organization. 
9. Produced Public Foresight Content: The team regularly publishes insights on future topics, covering subjects such as "Cheese without cows," "Geoengineering," and "Robots in daily life" in publications.