My cofounder and I are working on an alternative to performance reviews which focuses more on real-time feedback. Instead of a formal time period to do reviews

My cofounder and I are working on an alternative to performance reviews which focuses more on real-time feedback. Instead of a formal time period to do reviews and tedious tasks like employee self-assessments, we just have a continuous system with quick feedback loops from both management and peers. We feel this solves the root intention of performance reviews and is less invasive and demeaning to employees.