Innovation in children is typically studied by examining their capacity to create novel tools. However, innovation also involves recognising the future utility of a solution. Across two experiments, we examined children's capacity to recognise and construct a tool for future uses. Experiment One presented 3- to 5-year-olds (N=55) with a future-directed problem-solving task. When given a tool construction opportunity in anticipation of returning to the task, only 5-year-olds made the correctly shaped tool above chance levels. Experiment Two assessed 3- to 7-year-olds' (N=92) capacity to build a tool with future, as well as present, utility in mind. Age was positively associated with constructing a tool of greater utility than necessary to solve the present task. Children's propensity to construct longer tools was associated with their capacity to prepare for two alternative possibilities on a secondary task, suggesting performance on our innovation task reflects emerging future-oriented cognition.