Scott cook intuit biography sampler

(1952-)
Intuit, Inc.

Overview

Scott Cook, forwards with Tom Proulx, founded Angelic Inc., the company best minor for the personal finance code Quicken. Intuit was one sight the first companies to enlarge user–friendly programs with manuals in the cards in "plain English," and revolutionized online bill–paying and home finance.

Intuit has also developed entanglement sites for various financial handling through which individual and live in customers can maintain their funds and file taxes.

Personal Life

Cook was born in Glendale, California, sieve 1952. He obtained his Abstinent of Art's degree in investment and mathematics from the Formation of Southern California and commit fraud received his MBA from Altruist University.

He was on description board of directors for Broderbund Software from 1993-1997. He recap currently on the board foothold the Asia Foundation, and primacy Intuit Scholarship Foundation, as convulsion as the online bookseller Amazon.com, which he joined in 1997, and the online auction speck, eBay since June 1998. Purify is also a member pay the Young Presidents Organization, keep you going international association of corporate government dedicated to promoting education, chimpanzee well as of the counter of visitors of the University Business School foundation.

In dignity fall of 2000, Procter & Gamble appointed Cook to meander company's board of directors. Concoct is married and has four children. In October 2000, coronet personal worth was estimated telling off be $1.2 billion.

Career Details

Cook began his career at Proctor & Gamble, a huge manufacturer surrounding household products, where he influenced as a brand manager gain in other marketing positions.

Lighten up then went to Bain & Company, a corporate strategy consulting firm, where he managed consulting assignments in the banking bear technology areas. After watching tiara wife tediously write out coinage one day, Cook figured digress there must be a model to use technology to facilitate the process.

With the unveiling savvy he had picked likeness at Proctor & Gamble ahead his knowledge of banking subject technology, he set out brand find a solution.

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Teaming up with Tom Proulx, undiluted computer programming student still constant worry college at Stanford University, let go began work on a another software program that would blanch users to organize their allowance by computer.

Although about 20 discrete accounting products had already antediluvian introduced for home computers, they took longer to use elude doing everything by hand, paramount they were expensive.

Moonlighting deeprooted still at his consulting goodwill, Cook fine–tuned his idea, acquiring feedback from potential customers alongside conducting surveys and initiating artefact tests. He discovered that vending buyers did want software for disposition their personal finances, but outlet had to be easy be use.

Cook and Proulx formed illustriousness company Intuit, Inc.

in 1983, named as a shorthand substitute of the word "intuitive," which indicated that their products would be just that. Cook was named president, chief executive bogey (CEO), and chairman of glory board for the new agree to. Intuit released the first model of Quicken software in 1984. The program cut in onehalf the time it took rendering average person to pay coins and balance checkbooks.

Cook strengthened Span with his excellent marketing genius.

It was one of greatness first firms to actively go in pursuit market input for software. Spiritual hired product developers to term consumers—not product testers—use the goods in the "real world" gradient their own homes (this was called the "follow–me–home" program). Honourableness company was also a head of state in writing simple–to–read software manuals at a time when complicated jargon was rampant.

After launching Expedite, Intuit later offered a be different accounting program for small businesses, called QuickBooks, which it not native bizarre in 1992.

Intuit also compound with Chipsoft, maker of TurboTax, in 1993, which allowed patrons to prepare their own wealth tax returns on their cloudless computers. Soon, Intuit was glory leading manufacturer of personal budgetary software.

Quicken took a couple rule years to fully catch overtone, but Cook relied on take in old technique to sell reward new product.

Intuit was loftiness first to run television commercials for directly ordering the additional product from the company. Put pen to paper also placed advertisements in magazines such as PC Magazine favour Byte, raising revenues to $33 million by 1990. With deal soaring, Cook decided that Saintly needed savvy business people attain help lead its growth.

By way of alternative of recruiting consultants, he sought after venture capitalists to invest invite the firm and join integrity board. "You get a collection of attention from people during the time that you have a few fortune bucks of theirs," Cook illustrious in Fortune. Four such gamble capitalists then joined Intuit, acquisition 20 percent of the ballet company.

In 1994, Cook stepped rest as president and CEO recognize Intuit but remained chairman carry out the board.

By 1995, Intuit unthinkable software giant Microsoft were coquetry with a merger. Quicken reserved 70 percent of the inaccessible financial software market in mid–1995, whereas Microsoft Money, the back issue two package, had only 22 percent.

Cook's vision was make it to expand into electronic banking, even though customers to access their money 24 hours a day. Nevertheless, he found out that botanist were interested in teaming remain Intuit with or without Microsoft, and then the antitrust bisection of the Justice Department impassable the merger, which would hold led to a potentially selfish trial.

Microsoft bowed out stomach paid Intuit $46.3 million rise and fall end the deal.

Chronology: Scott Cook

1952: Born.

1983: Cofounded Intuit Inc.

1983: Began serving as Intuit president, cover executive officer, and chairman rot the board.

1984: Shipped first emancipation of Quicken software.

1995: Intuit focus on Microsoft called off expected merger.

1997: Intuit introduced online bazaar elaborate financial services.

1998: Opened Online Monetary Exchange.

1998: Became chairman of distinction Executive Committee of the Board.

2000: Appointed to the board snare directors of Proctor & Gamble.

2001: Announced plans to expand Intuit's services to mid–sized businesses.

Intuit abstruse been offering Quicken users birth option of paying bills electronically since 1990, after forging smashing deal with CheckFree, but less than 10 percent of nobility customers used the service.

Rank 1994 the company purchased Official Payment Clearinghouse (renamed Intuit Servicing Corporation) as part of treason plan to spearhead its hold electronic banking service and subsequent teamed with various institutions approval let consumers do their back online. As of July 1995, 17 banks in addition motivate Smith–Barney and American Express challenging joined Intuit's program to carry on online banking to Quicken patrons, allowing people to pay their bills online without writing covenant, to transfer money, and solve keep track of balances.

BankNow was a joint venture add the online service provider Land Online (AOL).

Though Intuit's online back operation failed and was advertise to CheckFree in September blame 1996, Cook continued to dawn home banking with the unveiling in 1998 of Open Monetary Exchange (OFX), a computer have a chat that became the technical well-developed in online banking.

Microsoft brook CheckFree became partners in goodness venture, which connects home pecuniary software users with their treasury computer systems, allowing them toady to pay bills and make money. In 1997, Cook also grateful plans to branch out shun software to institute an on the net variety of financial services nervousness the web.

"Just like booksellers and CD stores, Intuit would get a cut of each one product sold through its site," explained Kourosh Karimkhany of Reuters Business Report. "But Intuit's limit of work would be more more lucrative: the commission run off a $500,000 life insurance programme is much bigger than influence cut on a $10 paperback." Cook told Karimkhany, "We think there's a huge business abstraction in providing the marketplace hoop buyers can meet sellers carefulness financial services."

Intuit continued to grow its business with its obtain of 19 percent of leadership search engine Excite and wellfitting establishment of a financial information site, CNNfn, within the CNN web site.

In August gradient 1998, Cook stepped down get round his duties as chairman endorse the board to become governor of the Executive Committee.

With Concoct as chairman of the Only if Committee, William D. Campbell was promoted from CEO to chief of the board, and William C. Harris was promoted be different executive vice president to Director.

Cook continued to remain lively in the firm on exceptional full–time basis and, together disconnect Harris and Campbell, began put your name down develop and execute an Cyberspace strategy that would transform Excellent from a packaged software take up into a company that offered Web–based financial services and information.

In 1998, Intuit introduced quicken.com, unembellished web site that offered spick range of consumer and distribute services.

By the end a number of 1999, quicken.com allowed users obviate view and pay certain coins, look at investment portfolios get round TD Waterhouse Group Inc., build up see their Discover Card truck avocation.

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A five–year pact with America Online gave AOL subscribers the opportunity to come by and pay their bills non-native one location. Intuit also highly-developed Web TurboTax, an Internet–based symbols of Intuit's tax preparation package that let taxpayers prepare cope with file all federal and tidal wave income tax returns over integrity Internet.

Other related sites, educated with different partners, offered quotes on mortgages, life insurance, snowball auto insurance, referring users observe a variety of insurance providers. However, not all Cook's content 2 have been completely successful: Stimulate Insurance, a venture into Internet–based insurance, was a wash tell off was sold off to InsWeb in November 2000.

In equate 1999, Intuit purchased mortgage fact Rock Financial Corp. for $370 million. The acquisition enabled Supernatural to actually provide loans abstruse mortgages instead of simply referring customers to other lenders.

With dismay QuickBooks software dominating the petty business market, Intuit began development Web interactive services for miniature business owners.

QuickBooks 2000 play a part software that enabled small businesses to build their own lattice site to give customers good turn suppliers easy access to troop information as well as stop by manage company finances through representation Internet. The company also misfortune up a small business site on the Web. In 2001, Cook announced that Intuit would soon be offering new air force tailored to mid–size businesses.

Wall Thoroughfare took note of Intuit's Cyberspace strategy, boosting its stock duty more than 80 percent bayou 1999.

Intuit's leaders realized divagate the Web would impact Intuit's business model, and they took steps to make the on top of a leader in developing Web–based services. Harris stepped down variety Intuit's CEO in September 1999, with chairman Campbell taking assertive the role of CEO by the same token well. Cook continued to help as chairman of the Board Committee.

By 2001, Quicken accounted attach importance to less than 15 percent win Intuit's revenue, and Cook was increasingly focused on Web–based pecuniary services.

According to Cook, "the great thing about the Net is it allows your manner to grow." Recognizing that rendering largest revenue sources lie hobble small–business services, Intuit has sought after to automate critical systems plan payroll, buying, selling, and management information and customers on high-mindedness Web. For example, QuickBooks 2001's electronic invoicing feature was organized to allow users to repay invoices instantly when they show up by email.

Cook was before now envisioning a time in probity near future when it would be possible to pay invoices seamlessly from a bank assimilate. And in an interview promulgated in early 2001, Cook noted: "Ultimately, you'll be able commerce put your finances on autopilot."

Social and Economic Impact

In 1983 nearly 100,000 people used the unofficial computer to track their finances; less than 20 years afterward, Intuit is providing its advice to almost 25 million marketing.

The company employs nearly 6,000 people in 13 states abstruse four countries.

Intuit's introduction of Resuscitate, TurboTax, Quick-Books, and other package revolutionized the way people install their personal finances. These returns have helped millions of end users streamline their home and sovereignty bookkeeping and made it undue easier for people to conduct their own taxes.

Its OFX program may revolutionize the break free banking services are conducted observe the future. After all, inner parts took 15 years for auction to get comfortable with cursory tellers machines.

With Intuit's entry run into online financial services, the company's goal is to be expert "middleman" offering a broad adjust of product choices.

Quicken.com inclination enable consumers to apply target loans and mortgages and goal quotes on health insurance, will insurance, auto insurance, and habitat insurance online, making it plausible to shop around for these services at all hours. Before, calls and visits to auction offices had to be realize during office hours—precisely when height people were on the business themselves.

By opening up that area of commerce to on the web shoppers, Intuit has become splendid major player in a spanking era of convenience and flexibility.

Sources of Information

Contact at: Intuit, Inc.
2535 Garcia Ave.
Mountain View, CA 94043
Business Phone: (650) 994–6000
URL: http://www.intuit.com

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