Scott Cook - Founder and Chairman of the Executive Committee, Intuit발음듣기
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Scott Cook - Founder and Chairman of the Executive Committee, Intuit
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For everyone here at Khan Academy who doesn't know, both Scott and Signe Cook were some of the earliest believers in Khan Academy and supporters, and to a large degree, Khan Academy wouldn't be where it is right now without a lot of their help, and so I just feel like I owe you guys.발음듣기
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But the point of having you here, and whenever we have people of your stature come to the office, we think it's just a valuable learning experience to have a conversation with you and then to see what's going on in your mind.발음듣기
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The place I like to start, before we open it up to the rest of the team, is you see a lot of folks who've done big things, like start Intuit.발음듣기
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How do you go from being, having a normal job and one day you start a company and that company becomes a really big company?발음듣기
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But it was a hassle because she had to pay the bills and had to rewrite in the check register, reconcile, and she complained, and I thought, "Hah."발음듣기
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This sounds like the kind of problem everybody might have because everyone's got to have a checkbook.발음듣기
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But I hadn't programmed in a decade, so I figured maybe I should get somebody who actually knew what they were doing, and so I found a student at Stanford, Tom Proulx, and he and I co-founded the company with the goal of building a simple piece of software that will allow people to eliminate the hassles of managing their daily, monthly finances.발음듣기
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Because what you see a lot of in Silicon Valley and other places is you saw a need, you were able to build a prototype to do it, but then there is a big jump between that and actually getting traction, actually people using it.발음듣기
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[Scott] For us, that leap between launching it and actually getting a lot of users was not a leap.발음듣기
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Software that time was sold in stores in boxes, and you took money, and we tried to get VCs to invest $2 million to give us the marketing money to convince stores to carry it and then convince people to buy it, and no VC said yes.발음듣기
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They all said no, including VC firms run by classmates, which shows you how unpopular this ideas was.발음듣기
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And you looked at the amount of money I'd had to pay back through honest work if I had quit the business, so I felt trapped that I can't give up because then I got to pay all this stuff back, so we just kept working.발음듣기
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[Scott] Yeah. She worked in a software company, Software Publishing Corp., that had a bunch of these buildings.발음듣기
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She in VP Marketing, so she had a very good job, and so it was her income that paid the bills.발음듣기
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[Sal] How long did this, I guess, this crevasse, how long was this period, and then what was the moment where actually, all of a sudden, you saw the light at the end of the tunnel?발음듣기
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Something we tried started to work, and then it crapped out, so that's even worse when you get let down.발음듣기
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And it was the time when I finally felt the thing was doing well enough that I could buy something that wasn't a necessity, something optional that I could splurge on, which turned out to be a CD player.발음듣기
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[Sal] Wow. This was a story, but still, it wasn't like a hockey stick at this point. It was still a-발음듣기
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We brought housewives in from the Junior League because at the time, there were all these women who didn't work during the day, and they didn't use computers.발음듣기
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We go back and redesign it, and we tried again and refined it and have people who didn't know the product, no manual, try it by hand.발음듣기
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And so people started using it from earlier and feeble marketing, and then they'd start telling their friends, and they'd start telling their friends, and there started to be demand, pull, and it was the word of mouth that ultimately took off.발음듣기
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We launched Quicken, and even before it took off, it was just failing and bumbling along, we did a little survey of the few users we had, and we asked all these questions.발음듣기
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At the end of the questions where we're asking about how do they use it, what did they like, not like, et cetera, at the end, it was a demographic set, so you asked age, location, income, and we asked that question, "Where are you using the product, home, office, or both?"발음듣기
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So we went and actually called someone up and asked them to interview them, went to visit them, see what they were doing, and by God, a lot of them weren't doing their home stuff.발음듣기
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We built this as a checkbook manager, not business accounting, and the mindset everyone had is that business accounting ...발음듣기
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So here we found these businesses using a tool that had none of that, no debits, no credits, no double entry of anything. What?발음듣기
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Now it's obvious in hindsight, but of those of you who took accounting in school, raise your hand if you took accounting in school. OK.발음듣기
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Most people hate accounting, and the people who keep the books in a small business tend to be the owner, the owner's spouse, an unlucky clerk or assistant, office manager.발음듣기
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To them, general ledger, which is a feature of all accounting systems, is a World War II hero. (laughter)발음듣기
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That's why they're using our product because we were in English and they didn't have to learn anything, where all the others, it was a massive learning curve.발음듣기
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So we finally said, oh, what would happen if we actually built a product for businesses but made it on the same promise, no debits, no credits, no journals, no ledgers, put it in plain English, you see an invoice, you fill it in, you see a check, you fill it in?발음듣기
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Today, that business, which is QuickBooks, is in total about 10 times larger than the Quicken business.발음듣기
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So that surprise, which we ignored for years, has created a business, and if you add all of our small business stuff, we've added payroll and payments and all that, it's about 15 times the size of the Quicken business.발음듣기
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I didn't recognize it at the time, but there is a pattern about when there are surprises, big upside or downside, savor the surprise.발음듣기
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[Sal] So now I know, when you ask me questions, that there is an underpinning philosophy [unintelligible]발음듣기
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How do you, as the leader or the manager, how do you try to navigate that, and where do you see is the big opportunities and the pitfalls?발음듣기
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It is just stunning the degree to which the creative inspiring innovation, invention suddenly starts disappearing as you grow, you add layers, decision-makers, managers, try to get rigorous, and do all the stuff that you have to do to be both efficient and to be reliable.발음듣기
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I mean we did launch a version of QuickBooks where your data disappeared (Sal laughs) randomly after.발음듣기
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Without continued innovation, without continued ... how do we make the current thing better?발음듣기
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And most importantly, how do you free your most inventive people who are often quite new to the company, could be quite young, likely are renegades, how do you free them to invent without the borg, the organization borging them?발음듣기
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The thing I've learned is if you allow normal hierarchical decisions, all the problems happen.발음듣기
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Your goal is to put in systems and allow your teams and your brand new employees to be able to take their best idea, to solve your mission, and run it as an experiment, fast and cheap.발음듣기
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The Internet now allows us to run these fast, cheap experiments, so there's this whole wave of change called the Lean Startup that Eric Ries has founded.발음듣기
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I believe there's two groups who need the Lean Startup even more than startups, this concept of lean experimentation, and those are large companies and nonprofits, will benefit even more than startups.발음듣기
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We are trying to operate as a network of startups inside where people can try their ideas, and we've got coaches, teams, systems.발음듣기
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We put people through a two-day experience where people just sign up, and by the end of the first day, they have their idea up and running in some sort of test to test their leap of faith assumption, all to uncork that inventive power that is what has created all great enterprises in Silicon Valley.발음듣기
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We found there is not a high correlation, particularly if you're looking at inventing new ideas and new businesses, new products, there is not much of a correlation between what people say they will do and what they actually do.발음듣기
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We did a product in India which we have which we surveyed users and we're trying to figure out how to monetize it, so we surveyed.발음듣기
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And then we actually did the test and took existing users and added a charge, and two percent paid.발음듣기
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We actually got Eric Ries in coaching to say, and he figured out a way where you could run an experiment in 24 hours to actually see what people would do, not what they say they would do.발음듣기
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Because they could take it to a test, a test of just a slice of it, they then learned that customers would.발음듣기
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We fleshed out and built the rest of it, and we got the fastest customer growth in 10 years in that business.발음듣기
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Measure and monitor their behaviors, and then right after behavior, you can ask somebody, "Why did you do that?" or "Why not?" and then you might get something close to truth and do it more as an in-depth interview of the people who just did something or in a test just didn't do something, and then you might learn something useful from the interview.발음듣기
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When we go out and talk to customers and interview and observe, one thing we'll do is go and watch customers because I find it's much more reliable to watch people in what they do.발음듣기
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You've got people at home studying or whatever, where you go watch and see actual behaviors.발음듣기
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Other than anything else, you got many things you ask about, one of which was the box, the packaging, and they ask, "Is it easy?" and the answers in survey were, Yeah, it's easy to open."발음듣기
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Years later, they did some in-home observation, and they followed some homemakers around, watching what they did, and they then did observe a few people opening a brand new box of Tide, and they found it was easy if you kept a knife or a screwdriver next to your ... (laughter) and because women have nails, and they couldn't open those things, so they were hacking at it.발음듣기
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The one, the most, the thing I'd recommend is to understand customers deeply, go out and watch them.발음듣기
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We call it "follow me home testing" because we used to follow customers home from the store. Not exactly.발음듣기
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Let me answer that in two parts, one, the story of how we got into payments, and then the crystal ball-gazing.발음듣기
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There was actually one guy, an engineer, African immigrant, who, looking at our QuickBooks users, said, "Hah, they really could use payments.발음듣기
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So he got our product manager, worked with him, and the two of them cooked up this scheme and inserted it into the product, and by God, it took off because they'd found a problem for businesses who accept payments when there's no card present.발음듣기
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Because QuickBooks is typically used in the back office, around invoices, and some customers wanted to pay with a credit card like over the phone, but there was no card present.발음듣기
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The whole payments industry had been rooted around that card being the key, so they invented different economics and different approach and embedded it in QuickBooks.발음듣기
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So now we have a payments business that's $400 million in revenue sizable, all because they found a problem nobody else had solved and figured out how we could solve it.발음듣기
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Now, on gazing about the future, right now, you're seeing a hotbed of innovation around payments, and things are becoming dramatically easier, to send money person to person, to send money for businesses, for business to set up and accept payments.발음듣기
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It's long been, payment's a kind of monopolized or cartelized business with a few major payment utilities, such as Visa and MasterCard, or one central bank-run system called the Automated Clearing House.발음듣기
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In most of it, I can't tell you how it's going to turn out, but it's going to get a lot easier and cheaper for everyone.발음듣기
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The place we're focused on is still in the back office because everyone else tends to be focused heavily on the point of sale, but the place that's still being ignored is that business that sends bills or invoices out.발음듣기
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Especially small landlords are not set up to accept electronic payments, and it's a royal pain for you and for them.발음듣기
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They got to hang around the mailbox waiting for the money to come in because if it doesn't, they got to bug you.발음듣기
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And so they invented a system called SparkRent, which allows the merchant to ... not the merchant, the landlord to sign up, and then the tenants, they can pay electronically really quickly.발음듣기
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It's had some hiccups, but it's now the most popular way that small landlords can get paid electronically and tenants can pay electronically.발음듣기
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From that, what we want to do is develop a way so that our system will know that you pay your rent on time, so when you try to get that next apartment in San Francisco and there's five people trying to get that apartment, you've got a track record that you can say that, "You can trust me.발음듣기
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When we're at our best, yes, we can pull that off, but I'll admit, we're far from perfect on that.발음듣기
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Right now, you go to TurboTax and you got to pay your taxes on a computer, but this group said, "Why don't we use the phone, and why don't we use the phone to snap pictures of those tax documents so you don't have to type it in?"발음듣기
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But they kept at it, and they built something called SnapTax that works as an app on your phone, and you snap pictures of your W-2s, and it asks if your taxes are simple, and a lot of you guys are.발음듣기
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One person wrote in that she was in the recovery room after surgery doing her taxes and so happy about it. (laughter)발음듣기
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He just finished his taxes in bed with his girlfriend, and she's so stoked she might even wear the gift he just gave her. (laughter)발음듣기
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But again, it was a small team who had the freedom to experiment and invent something which is just, that the mother ship wasn't working on.발음듣기
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After we launched and now, as a $4.5 billion company, there's much more stuff we want to get to and that people want to get to than we can.발음듣기
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If you can make it fast and cheap to test the leap of faith assumption on which a decision depends, then you can try a lot more things.발음듣기
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Eric Ries' Lean Startup, we were already running experimentation, and then I discovered Eric Ries on an online video and said, "My God, that's our idea, but he explains it a lot better, and he took it a lot farther!"발음듣기
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The other, the principle is that the actual important things is a small subset of all the things you're working on, what's truly important.발음듣기
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We'll get a group of important customers together, let's say accountants because we saw a lot of things through accountants, and we'll get a group of 12 of them together in a room.발음듣기
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'"And each person, write down, private, silent work, write down a list about what you love about working with Intuit."발음듣기
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OK, then once they have those lists, I stand up in front and say "OK, let's read off list number one."발음듣기
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And everyone read their list one, and I'm up at the white board and I fill out the white board with all the great stuff.발음듣기
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And I say, "Thank you. That's great. That's awesome. Now let's go to question two. Everyone tell me the lousy stuff," and I write all those ideas down.발음듣기
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And people will have real passion about the stuff that's wrong, that needs to be fixed, that needs to be changed.발음듣기
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'"Go up to this white board and put those colored stickers by the things that you find most important."발음듣기
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What amazingly happens, out of the 30 or 35 items that will be on the board, most get no votes at all, not even from the person who was advocating it.발음듣기
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The votes, there's one always, every time I've done this, one big one, and then there will be a second that gets half as many votes, and then maybe a third that gets half as many, and then it's noise.발음듣기
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Then what we do in the meeting is say "OK, let's dive into number one. OK, what's the problem?"발음듣기
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Basically, you should work with most of your effort on number one, small effort on number two, and forget the rest.발음듣기
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So you'll get 12, and you'll underwhelm the important ones, and you'll spend much time on the stuff that just isn't.발음듣기
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This is the best example I've ever seen how customers actually are much more focused on what's important than companies are.발음듣기
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I tell folks, "What's the 1-1/2 things you should be working on?" (laughter) and then run cheap experiments.발음듣기
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If they occasionally want to learn more, we've got a lot of what we call point of need help, where you can just click, there's a little blue underline thing saying, "What is this?" or "Tell me more," and people can click and learn more.발음듣기
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What you're doing is noble and really important and crucial to the world, but it's not why people tend to buy or use our stuff.발음듣기
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We want innovation and innovative teams from both sources, so we both acquire and we teach and coach our internal and enable our internal entrepreneurs, so we do both.발음듣기
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I think it was Bill Joy of Sun who once said, "Almost all the smart people in the world don't work for your company." (laughter)발음듣기
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In this case with Mint, we had an internal effort to do Quicken Online, and Mint and some other competitors were pursuing similar things, and Mint just outrun the whole field.발음듣기
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They produced a better solution that had a different business model and was just better than what we were doing, so we said, "Why fight a losing battle?발음듣기
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We've had them run the Quicken business so we could take their learning, and we gave them the Quicken business to run.발음듣기
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Now we're building a Mint product for small businesses, figuring they have such a good thing for consumers, plus we're adding much more to the Mint data and what Mint can do for you.발음듣기
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But we're also saying can we take that same magic and solve problems for small businesses as well?발음듣기
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When you do your finances with any system, it accumulates the data, so we got a very large repository of data on people's taxes, investments, spending, business at a transactional level.발음듣기
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The next thing is Mint, another piece of the Mint DNA we wanted was they were making better use of the data than anything we've done.발음듣기
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We've used the data to solve your immediate problem, but we have not then, the way Mint has said, "Oh, based on your data, we can see that you'd be much better off if you did X or Y."발음듣기
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So that was another piece that we wanted to do to cross-pollinate from the Mint acquisition.발음듣기
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The data team was focused on how they could help Intuit with data, and we said, "That's nice, but what we really want to do is how do we help the customers with data?발음듣기
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So we've re-oriented the data team on the mission that you described so that hopefully, in a year or two, we'll have more ways that we can help people.발음듣기
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Seventy percent of our QuickBooks customers have applied for a business loan, and most small businesses get turned down, in a rather slow, long, ugly process, where they wind up giving a lot of data information in paper to some bank that ultimately turns them down.발음듣기
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Because of the rich data in QuickBooks, we can help figure out who is a good lender for you and then make it easy for you to apply with a push button instead of showing all this paper and then have a lender be able to rapidly approve and get higher confidence that they're lending to good people because we got deeper data on your business than anybody.발음듣기
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We can only use it with your permission, but this is an area where businesses really want someone to take advantage of their data to give them a better loan at a better rate.발음듣기
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We work with lenders, and we're trying to pioneer this lending marketplace using QuickBooks data as the unique asset to make it happen.발음듣기
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Our ultimate goal is to build a better credit score based on richer data so that more deserving businesses can get better loans.발음듣기
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Obviously, you are known as one of the top managers in not only your industry but in Silicon Valley or more generally.발음듣기
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But I think one thing that would, that I can't say is an issue here but has been an issue in other fast growth operations.발음듣기
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You grew from about five to six million monthly actives to about 10 million over the last year, and you're doubling, and you're expecting a future like that.발음듣기
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There is the curse of success, where things unroll, where everyone wants to talk to you, which somehow is a drug that causes people in other organizations to take their eye off the ball, to stop focusing on two things, one, what really solves the customer problem.발음듣기
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We don't have to worry about that, but companies can persist in doing things that ultimately are second rate just because the second rate stuff was better than what was before, and they don't find out ...발음듣기
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I mean think of Overstock.com, who then just got surpassed and crushed by Google, or by eBay.발음듣기
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Or think of Yahoo!, which, gosh, they were the darling, huge, the Internet company, and then Google just went "Schwoom!" by them because they stopped focusing, OK, what's the major problem to solve, and how can we innovate and solve it much, hugely better?"발음듣기
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And Yahoo! always was a place people came to to go somewhere else, and their search was not good.발음듣기
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Friendster was the social network before Facebook, and even before, what's the music one out of L.A.?발음듣기
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They talked about, at the end, talked about some technical problems, and I dove in to learn more.발음듣기
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He wasn't getting along with his technical founder or technical guy at all, and the system's crashing.발음듣기
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One of the things that Mark will say about why Facebook succeeded is he had seen the collapse of Friendster because of technical [bump].발음듣기
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So they limited growth early on, and then they just piled the resources to make sure they were up and reliable.발음듣기
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I don't know, don't suspect that's happening here, but those will be some watch-outs from the history of some companies, who, like you, have been shooting upward.발음듣기
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There's an article that was in Harvard Magazine about a physics teacher there, a guy named Eric Mazur.발음듣기
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Then he heard about the University of Arizona that had invented kind of a Capstone test that tested kind of like the Common Core, did people really get this stuff?발음듣기
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And the results out of University of Arizona was, after taking the semester of physics, that the physics students there just failed.발음듣기
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Almost all of his students, virtually all got a score of one or two in their AP Physics, so he, just as a lark, took the test and gave it to his Harvard students after they had finished his semester of physics.발음듣기
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One of my guys passed me the article, and then we reached out to him, and we actually spent some time with him learning.발음듣기
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Even from highly rated professors, they just don't seem to learn from lectures, and these are Harvard students.발음듣기
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He's basically flipped the classroom, and the students worked on problems, and then he can figure out through a system which students got it and which didn't, and then he had the students who got that section explain it to the students who didn't.발음듣기
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And he said they are much better at it because the student has just tried it, didn't do it, and now they're hearing from someone who just learned it, who just is walking in their shoes.발음듣기
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I think there is a revolution in learning from something that was done to you, education was done to people, lectures are done to people, to turning education on its head, learning on its head, so people, now it's up to me.발음듣기
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It now becomes something you do, and you learn at your speed, and you learn by doing yourself, not by being reliant on someone else to pour learning into your head.발음듣기
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You guys are the vanguard of leading that globally, with the Internet, with the raw inventiveness of the Dashboard, the on-demand, the lectures, the understand how the students progress, creating a platform so that math and then physics and other subjects can be taught by learning and by doing.발음듣기
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This is the invention of printing by Gutenberg applied to a field that desperately needs it.발음듣기
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But how you turn those IQ points into productive human potential and to skills to be able to solve problems, to be able to see problems, that is entirely a function of people's learning and can be dialed up or down dramatically by the learning method.발음듣기
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Compare when you've been in some class which was boring and badly taught, or the great research professor didn't really know English, and just your learning rate is so slow.발음듣기
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And then compare that to a class where the teacher was fascinating, where you could move and learn and try things and they worked and you got this feeling of accomplishment.발음듣기
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Igniting the fire of learning in billions of people is a force of power far greater than the printing press, and I believe you guys are the world leader in doing that.발음듣기
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[Sal] Well, that gives us a little bit of pressure, (laughter) but it's exciting at the same time, and so I'll just, on behalf of the whole team, I just really thank you.발음듣기
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