Tom Proulx, Co-Founder of Intuit

The power of perseverance

We had a chance to grab dinner with Tom Proulx, Co-Founder of Intuit, a $115bn financial software company. In 1983, Scott Cook came to Stanford hoping to hire a programmer to create software for personal finance management. It was at Stanford where he encountered Tom, a student, and Tom joined the venture we now call Intuit as a Co-founder. 

Here are some takeaways:

• Throughout the development process, Proulx and Cook followed the principles of the Lean Startup methodology, conducting extensive interviews and user testing to ensure that the software was intuitive, user-friendly, and effective. This approach allowed them to create a product that was ahead of its time, with features such as a data entry screen that looked like a paper check and a database of historical transactions that resembled a paper check register.

• In order to bring Quicken to market, Proulx and Cook took a unique approach, bypassing distributors and selling the software directly to consumers through cold calling. This strategy proved successful, as early customers became advocates for the product and helped to drive sales.

• However, the true turning point for Intuit came when the founders realized that their personal finance software was being used by enterprises as accounting software. This insight led the company to pivot and focus on becoming an enterprise financial software provider, a decision that ultimately led to its tremendous success.

• All VCs in the Valley said “No” to them - but the need was there, and the PC adoption enabled their technology. This ended up being one of the smartest decisions that pushed them to build a sustainable revenue model from day one.

Editor: Jacky Lin

Host: Will Agramonte

Organizer: Georgi Koreli