The 30-year-old Startup: How Intuit's Innovation Engine Thrives

  The 30-year-old Startup: How Intuit's Innovation Engine Thrives

 New Products Reflect Momentum, Mark Next Chapter of Company’s Transformation

Business Wire

MOUNTAIN VIEW, Calif. -- January 30, 2013

Quicken, the legendary software that revolutionized personal finance
management, was invented at a kitchen table. Today, that same kitchen table
sits amid nearly two dozen of Intuit Inc.’s newest products and experiments
unveiled at the company’s latest Innovation Gallery Walk. The display reflects
Intuit’s ongoing commitment to innovation and its unparalleled success in
moving from a tabletop to the cloud.

While Intuit (Nasdaq: INTU) is no longer a startup, it retains that startup
mindset. And that mindset, combined with the ability to reinvent and transform
itself along the way, makes this innovative company with more than $4 billion
in annual revenue and 8,500 employees around the world stand out in the
technology industry.

Intuit spotlighted more than 20 of its latest innovations at its Mountain View
campus on Jan. 29, unveiling a glimpse into the future of tax preparation,
payments and healthcare. These products are the outcome of purposeful
innovation. They are the tangible outcome of the company’s strategy that has
fueled Intuit’s continued growth through dramatic economic and technological
changes.

That strategy has already paid off. As a result, Intuit has:

  *Doubled its customer base over the past five years, to 60 million.
  *Transformed its portfolio, with more than 45 million customers in the
    cloud.
  *Generated more than $100 million in fiscal 2012 revenue from products that
    didn’t exist three years ago.
  *Increased its number of patents by 10-fold over just five years ago.

Intuit’s approach to innovation has two core competencies that differentiate
the company and allow it to deliver solutions that truly change people’s
lives.

  *Customer-driven innovation, which is a mindset and methodology to uncover
    important, unsolved problems.
  *Design for Delight, a process that helps create better ways to deliver
    what’s most important to customers. This approach to innovation creates an
    entrepreneurial environment where small teams collaborate to delight
    customers and deliver awesome product experiences.

“By giving our employees the freedom to experiment, we are able to bring
groundbreaking innovations that solve important customer problems to market
faster than ever,” said Brad Smith, Intuit president and chief executive
officer. “Our strong performance is boosted by the secular tailwind that we're
riding toward a connected services economy, backed by continuous innovation
and strong execution.”

What’s New at the Gallery Walk

An array of new products, others with expanded capabilities, and experiments
were announced at the Gallery Walk. These new offerings illustrate the success
of Intuit’s connected services strategy, which is based on delivering awesome
product experiences, enabling the contributions of others, and harnessing the
power of data to create delight. These included:

New Products

  *TurboTax CPA Select – Gives taxpayers a secure and convenient online tool
    to help them review and select a qualified Certified Public Accountant
    from the convenience of their home computer, tablet or smartphone.
    Consumers and small businesses frustrated with the tax store experience of
    long lines and uncertainty about the preparer’s qualifications, can select
    a CPA to do their taxes based on qualifications, customer reviews and
    practice areas, and know the final price they will pay for the service
    before work begins.
  *Mint Home and Business – Simplifies financial management for personal
    business owners who comingle personal and professional spending and
    income. Expected to be available later this year, Mint Home and Business
    makes it simple to manage finances and track expenses in one place.
  *GoPatient  – Provides a secure and easy way for patients to make
    appointments, refill prescriptions, view lab results, access health
    information, contact their doctor and pay their bill. Showcased by Intuit
    Health, GoPatient is a mobile companion app for participating doctors’
    patient portals.

Products with Expanded Capabilities

  *GoPayment  – Adds a new optical character recognition scanning capability,
    letting small businesses accept credit and debit card payments on a
    smartphone – without swiping the plastic. Enables hassle-free, safe and
    secure payments. The new system is available for download on iOS devices.
  *Generation Demandforce – Provides customers of Intuit's Demandforce
    automated marketing and communications tools with an online community that
    they can access anytime, anywhere. This lets them connect and share unique
    insights with thousands of other small business marketers.
  *QuickBooks Online  – Gives small businesses from Australia to Zimbabwe an
    easy way to create localized invoices, pay bills and track expenses in
    their own language. A just-released beta feature adds more than 40
    languages to the product, enabling more customers to use it in their home
    language.

Experiments

  *Mobile Money – Lets people pay for purchases by simply tapping their phone
    against a merchant’s terminal. Using near-field communications and the
    user’s mobile banking app, Mobile Money automatically withdraws the
    purchase amount from the customer’s account. Mobile Money is being tested
    by Intuit’s financial services division that serves banks.
  *Data Connections – Looking ahead, Intuit is exploring new and meaningful
    ways to create connections between its 60 million customers and help them
    thrive. In the past year, more than 1.2 million Mint users did business
    with nearly 70,000 QuickBooks Online customers, resulting in 3.3 million
    transactions.

Additional Resources

Gallery Walk recap, featuring video interviews with Intuit CEO Brad Smith,
Intuit Co-founder Scott Cook and Gallery Walk attendees.

About Intuit Inc.

Intuit Inc.is a leading provider of business and financial management
solutions for small and mid-sized businesses; financial institutions,
including banks and credit unions; consumers and accounting professionals. Its
flagship products and services, includingQuickBooks®,Quicken® andTurboTax®,
simplifysmall business managementandpayroll processing,personal finance,
andtax preparation and filing.ProSeries® andLacerte® are Intuit's leading
tax preparation offerings for professional accountants.Intuit Financial
Serviceshelps banks and credit unions grow by providing on-demand solutions
and services that make it easier for consumers and businesses tomanage their
money.

Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year
2012. The company has approximately 8,500 employees with major offices in
theUnited States, Canada, theUnited Kingdom,Indiaand other locations. More
information can be found atwww.intuit.com.

Contact:

Intuit Inc.
Allison Green, 650-944-2512
allison_green@intuit.com
or
Access Communications for Intuit
Jen Garcia, 415-844-6244
jgarcia@accesspr.com
 
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