Businesses are facing increasing pressure from society and regulators to become more sustainable and do their part to address the climate crisis. These businesses will require continual sustainability innovation formulation and implementation processes to meet these demands. Collaborative foresight (CF) has high potential for helping business sectors produce a continuous stream of sustainability options to select and deploy in finished products. Recent developments in futures studies indicate that a capability called futures literacy (FL)—acts of individuals or groups switching their modes and purposes for imagining futures—is relevant to the production of innovation-related outcomes. FL may be key to driving the effectiveness of such foresight collaborations; however, little is known about its exact functions in such business networks and processes. This article examines this issue in the context of a luxury-cruise shipbuilding network in Finland. It analyzes research data from the foresight workstreams of a multi-partner consortium active across three sequential projects between 2016 and 2022. The foresight team took an interventionist research approach, conducting interviews and workshops as part of all three projects. In this article, we analyze the materials produced from these interventions for the appearances of FL enhancement. Based on this analysis, we found that FL can play key functions in CF, such as supporting actors in perceiving new developmental pathways, identifying new opportunities for innovation, and identifying alternative priorities built from new realizations and insights—a finding in line with existing claims by FL scholars and educators. This article contributes to ongoing discussions about the significance of CF and FL in addressing the most pressing environmental issues of our time. It offers an evidence-based argument for the relevance of taking a capabilities approach (i.e., introducing and developing FL) for business networks seeking to use foresight when engaging in sustainability innovation.