What is a Wild Card?

In recent years, Foresight has emerged as a key instrument for the development and implementation of forward-looking research and innovation policies. Some activities show an interesting mix of approaches combining three types of elements: prospective studies of long-term opportunities and alternatives, participatory networking, and policy orientation. However, far too little attention has been paid to the identification and analysis of Wildcards and Weak Signals (WI-WE).

Wild Cards are surprising and unexpected events with low ‘perceived probability’ of occurrence but with very high impact (e.g. 2001 attack to the World Trade Centre on 9/11, major disasters in environmental or technological systems, etc.). Serendipity or the faculty of making scientific discoveries by accident is another important source of wild cards, which can be included into the unexpected surprises of human actions category. Some typical examples are the discovery of the penicillin (by Fleming), LSD (by Hofmann), dynamite (by Nobel), America (by Columbus) and Viagra (by Osterloh), to name a few.