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What did Scott Cook do before co-founding Intuit?
He spent four years as a brand manager at Procter & Gamble, then two years as a consultant at Bain & Company
According to one of the founders, what was Intuit’s fundamental advantage in the early years?
superior products, based on a superior understanding of customers
What was Intuits all time high market capitalization?
$19.4B
What is the quote said by Mr. Gordon?
You’re a platform when customers think you are. - Big Gordon (former Chief Creative Officer at Electronic Arts)
When was Intuit founded and by whom?
1984 by Scott Cook and Tom Proulx
Where did Cook and Proulx first meet? (Exact place please)
Cook stopped Proulx outside the Stanford campus library to inquire about the best place to post recruiting notices
What were the original, critical tasks for QuickBooks’ SMB product?
payroll, invoicing, and paying bills
What was the loan amount needed by an average QuickBooks customer?
$30,000
Name 3 of Intuit’s Acquisitions so far.
1. in 1993, San Diego based Chipsoft- Developer of Turbotax
2. In 1994, tax prep software division of Best Programs INC
3. In 1998, Intuit acquired Lacerte Software
When did Intuit enter the tax category market and how?
1993, by acquiring ChipSoft, developer of TurboTax
For the fulfillment of orders for financial products to be supplied to consumers and SMBs, on whom did Intuit rely upon?
Inuit relied on a single supplier (Harland Clarke) to fulfill orders of financial supplies that it sold to consumers, especially SMBs
What were the two reasons to turn QuickBooks into a platform?
First, it was increasingly clear that Intuit could not satisfy its SMB customers’ demand for customized products. Second, Cook and Smith believed that platforms with network effects had better changes to build durable competitive advantage than pure products
Which category contributed maximum to Intuit’s revenue?
The tax category
Who were the first investors in Intuit?
Angel investors, Wells Fargo and Bank of Hawaii
QuickBooks development started in 1990. When was it launched and under what name?
1992 as QuickBooks Desktop (QBD)
Who is focused on long-lasting competitive advantage that wants to be "THE" IPP for SMBs?
Alex Chriss, Director for the Intuit Partner Platform.
Name just two reasons it was difficult for QuickBooks to transform from a product to platform.
1. to fund the development of platform initiatives for QuickBooks, Intuit had to divert valuable resources from core QuickBooks product improvement
2. Had to decide how to allocate resources across various QuickBooks product offerings and platform initiatives
- Double-down on initiatives that aimed to enable more peer-to-peer transactions
- Should it prioritize initiatives that brought new constituents on-board the QuickBooks platform(s)
3. What should the business model be for initiatives involving third parties?
What was the exact percentage of revenue that was represented by the small bossiness group?
39%
In 2013, Intuit was market leader in three segments, what were those and name a product in each segment.
Small and medium businesses (QuickBooks, Payroll Services, Merchant Services, Checks and Supplies), consumers (Mint, Quicken, TurboTax), and accounting professionals (Lacerte, ProSeries, Intuit Tax Online, QuickBooks Accountant, ProAdvisor program, Payroll and Payments).
When did Intuit start to offer online solutions for SMBs?
When did Intuit start to offer online solutions for SMBs?
Who came up with the concept of connecting QuickBooks users with external lenders?
Rich Preece, Director for the Partner Solutions Group.
What were the three possible models for QuickBooks Financing?
1. Similar to Google’s AdWords – could create an open marketplace, in which third-party providers would bid for the right to present advertisements to QuickBooks’ customers.
2. Intuit would use QuickBooks data to determine SMB spending patterns that might interest third-party providers.
3. Intuit would use QuickBooks data to select several product or service categories to sell directly to QuickBooks customers, while potentially outsourcing production and fulfillment.
What was Intuit’s Net Income Margin in percentage in July 2012?
20.8%
In the analysis time frame of the case (1993 to 2012), in which year was the biggest percentage drop in Inuit’s stock price?
2000
When and where did Intuit go public and was the IPO successful?
March-12-1993 at NASDAQ, Yes based on the Exhibit 2.