Scott Cook (Intuit) at Startup Grind 2014

TL;DR

Intuit founder, Scott Cook, discusses the origins and challenges of starting the company and the success of their flagship product, Quicken.

Transcript

welcome to the startup grind thank you Mike um thank you everybody and thank you Scott for joining us um let's start at the beginning tell us how you went from working at a big company like proor and gamble to deciding to start a company to make PC software which was sort of I that was like deciding to start a web start up today uh well my wife and... Read More

Key Insights

• 🏛️ Successful entrepreneurship involves identifying important and unsolved problems, creating innovative solutions, and building a competitive advantage.
• 👤 Understanding customer behaviors and needs is crucial for creating user-friendly and intuitive products.
• 🤑 Word-of-mouth advertising and user recommendations can significantly contribute to a product's success.
• 🛩️ Entrepreneurial success can come from adapting and integrating smaller startups and leveraging their innovative ideas.
• 🥺 The experimentalist approach, focusing on rapid testing and learning, can lead to breakthrough product developments and business growth.

Questions & Answers

Q: How did Scott Cook transition from working at a large corporation to starting a PC software company?

Scott Cook's transition to entrepreneurship came after observing his wife's job at a small software company and recognizing the potential of using technology to solve everyday problems in finance.

Q: What set Quicken apart from its competition?

Unlike other personal finance software products that focused on features, Quicken aimed to understand customer needs and created a simple and intuitive product that focused on the basics of managing finances, saving time, and being user-friendly.

Q: How did Intuit overcome distribution challenges and gain success with Quicken?

Intuit initially faced challenges in finding distribution partners and raising capital. However, their product gained traction through word-of-mouth advertising, as satisfied customers recommended the software to others. This helped Quicken become the market leader with 94% market share in the US for small business accounting software.

Q: How did Intuit acquire and integrate Mint into their product offerings?

Intuit acquired Mint, a personal finance startup, and recognized the potential in its business model. Instead of extinguishing Mint, Intuit kept the brand and incorporated its ideas and concepts into both Quicken and other Intuit products. This acquisition allowed Intuit to tap into the growing online personal finance market.

Summary & Key Takeaways

• Scott Cook explains his transition from working at a large corporation to starting a PC software company after realizing the potential of using technology to solve everyday problems.

• Quicken succeeded in the personal finance software market by focusing on customer needs and creating a simple and intuitive product, unlike their competition that loaded up on features but lacked usability.

• Intuit faced near-death experiences and struggled to find distribution for their product, but eventually found success through word-of-mouth advertising and addressing the biggest problem customers had.