gradient circle arrowsInnovation is not a one-time activity.  Many innovative companies are founded on an initial innovative idea, but those companies must continue to innovate if they want to grow.  Successful companies continually look for innovation opportunities that can expand their product offerings, increase sales of existing products or enter a new segment of their market.

Netflix is an example of a company that implements continuous innovation.  Initially, Netflix offered a DVD rental service where DVDs are delivered to a customer’s home by mail.  As online streaming of content increased, Netflix began offering services to stream content directly to customer’s homes.  Many commentators criticized Netflix for this business move because the online streaming service resulted in a drop in revenue from the DVD rental service.  However, based on the popularity of online content streaming, it appears that Netflix made a good decision.

Netflix continues to innovate by streaming its own original programs.  Thus, instead of just providing content distributed by other companies, Netflix now offers its own content.  Additionally, the company has changed the way its own program content is released.  Traditional programs with multiple episodes in a “season” release those episodes once a week over a period of months.  Netflix is changing that traditional model by releasing all episodes of its original programs at the same time.  This allows fans of a program to watch the entire season at their own pace, rather than waiting a week between episodes.

Is your business practicing continuous innovation? If not, today is a perfect day to start discovering innovation opportunities and developing innovative products or services.  Work with other members of your team to identify gaps or unmet needs in your market, then brainstorm to develop solutions that fill those gaps and meet the needs of the market.