The theory of change is an established, widely used approach to guide the design, implementation, and evaluation of change initiatives. Methodological literature primarily focuses on this approach as a way to model causal processes and, secondarily, as a participatory way for groups to explore a change process. We elevate a third use of a theory of change process: to (re)imagine future possibilities. Part 1 synthesizes prior literature to contrast three purposes (i.e., explanation, exploration, and (re)imagination) and emphasizes the opportunities for forward‐looking, imaginative uses by combining the theory of change with foresight approaches. Part 2 presents a case example of a year‐long process to reimagine how to support social enterprises and women entrepreneurs in Australia and the Pacific involving iterative co‐development of a theory of change complemented by futures thinking. We close with lessons and future directions at the intersection of the theory of change and futures studies. [ABSTRACT FROM AUTHOR]