This article locates itself at the interface of the innovation ecosystem approach and foresight methodologies. The need for writing this paper emerged from the notion that despite existing common praxis, there is a lack of academic studies combining these approaches simultaneously in a more profound sense. The study adapts the perspective of how foresight can assist in the development of innovation ecosystems. As a constructive study, the aim is to foster revealing the potential that foresight can have for the innovation ecosystem development in both theoretical and practical sense. Foresight approach and its methods offer anticipatory mindset and practical tools for developing and steering of ecosystem life cycle, keeping in mind that an ecosystem is not static but evolving system. For the foresight, the relevance of this article emerges from emphasising the viewpoint of stakeholders, which may generate wider and more engaged involvement of different stakeholders in foresight processes. As an outcome, the paper presents a model called the foresight wheel, which consists of three interrelated elements of ‘Thinking beyond immediate cooperating’, ‘Enabling continuous futures dialogue’ and ‘Building ecosystem futures’ capabilities’. The empirical reflection of this paper relies on observations achieved in an H2020-funded research project, in which both innovation ecosystems and foresight frameworks were applied as part of cybersecurity workshops organised in three Asian countries.