Thursday, October 24, 2013 02:45 PM IST (09:15 AM GMT)
Editors: General: People; Business: Accounting & management consultancy services, Banking & financial services, Business services, Electronic appliances & components, Financial Analyst, Information technology, Major diversified industrial groups; Technology
The Power of Product Experiments – Lessons from a Celebrated Entrepreneur
Intuit Inc.’s Scott Cook Tells Entrepreneurs Failure can Lead to Innovative Success
Bangalore, Karnataka, India, Thursday, October 24, 2013 — (Business Wire India) — Scott Cook, founder and chairman, Intuit Inc. (Nasdaq: INTU), said the power of product experiments drives the development of innovative products and game-changing innovation and helps instil a start-up mindset at his 30-year-old company.
During an experiential learning session held at Intuit’s India Development Center in Bangalore, Scott shared insights gleaned from his years of experience building Intuit from humble beginnings into a multibillion-dollar global enterprise. His audience included over 100 entrepreneurs from across the region.
Scott highlighted several examples of failed experiments, explaining that the knowledge gained from these efforts eventually helped develop a range of highly successful products that have significantly improved people’s lives. He urged attendees to view failures as steps to building what could result in revolutionary products.
Noting that experimentation was the single biggest factor that can contribute to innovation across the board, Scott said: “More experiments lead to a better chance to learn through multiple trials and upgrades. Intuit believes in the Lean Startup model that teaches you to gauge the feasibility of your product in the initial stages of development through feedback sessions with customers. It is all about going to the market with a minimum viable product and making improvements based on feedback.”
The audience included product teams and entrepreneurial thinkers from several organizations including Harman International, Babajob.com, Zinnov, CopperSpiral and Greenact Innovations.
Vijay Anand, Vice President of the Intuit India Development Center, said: “For years now, Intuit in India has displayed a firm commitment to nurturing the start-up ecosystem locally. We are keen that entrepreneurs gain from our knowledge and experience and are willing to partner with them to bring innovation into every product idea they may have. ”
The interactive session provided an opportunity for attendees to connect with like-minded peers and share learnings from their experiments.
About Intuit India
Intuit is a leading provider of business and financial management solutions for small and mid-sized businesses in the country. Intuit India, the company’s first venture in Asia Pacific, commenced operations in 2005 and currently has more than 700 employees across offices in Bangalore, Mumbai and New Delhi. Intuit stands on the core principles of customer-driven innovation and improving the financial lives of its customers profoundly with product offerings such as QuickBooks Online in India. Intuit has been recognized as the 9th best company for Rewards and Recognition, 6th Best Employer in India, Top 10 Best Places to Work for in India by Great Places to Work Institute. For more information, please visit www.intuit.in.
About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals. Its flagship products and services include QuickBooks®, Quicken® and TurboTax®, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce® offers marketing and communication tools for small businesses. ProSeries® and Lacerte® are Intuit’s leading tax preparation offerings for professional accountants. Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year 2013. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.