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In the last years of the 1990s, Marc Randolph and Reed Hastings came up with an alternative to the traditional video rental store. After throwing ideas around for an endless number of start-ups, they hit on one that would completely alter the concept of home entertainment.
That Will Never Work is the story of how Netflix started and the lessons that can be learned from them. Netflix was able to create true innovation and continue to innovate, but it wasn’t always easy.
To get to a groundbreaking idea, you have to rigorously scrutinize ideas. Taking out the ones that have less potential allows you to focus on the one that can pay off. But an idea needs a good team and work culture for it to thrive. Use the Netflix model...
Developing a winning idea takes a lot of time and vetting of bad ideas, but it pays off in the long run.
Work on your idea with people who you trust and be open to their suggestions. They will help filter the good ideas from the bad. Once you have positioned your company, find ways to innovate and stand out from the competition by doing something they aren’t. Finally, surround yourself with a good team and build your customer base. Once you have these things in place, you can continue to try out new ideas and grow the company in different directions with success.
Marc Randolph is the co-founder and former CEO of Netflix. He has mentored hundreds of entrepreneurs and invested in several successful tech ventures. In recent years, Randolph co-founded the analytics company Looker Data Sciences where he serves as director. He also sits on the boards of several companies including the environmental advocacy group 1% For The Planet.
Randolph is in demand as a public speaker and travels all over the world to speak. When he is not traveling for speaking engagements and work, he lives in Santa Cruz, California.