Shortly after he took over in 2007, Smith discovered an innovation gap: Only 4 out of 50 products introduced in the past decade had grown to $50 million or more in revenues . That’s changing: In 2012, Intuit got $100 million in revenues from products that didn’t even exist three years ago. The stock has tripled since 2009, and Intuit has made smart acquisitions like Mint, a Web-based personal-finance manager, and PayCycle, an online-payroll service.More importantly, with in-house resources, it’s rolled out enchanting new products like SnapTax, an iPhone and Android app that lets you prepare and file a simple tax return without touching a computer.
Where Bennett was obsessed with “process excellence” and “operational rigor,” Smith is rearchitecting Intuit for innovation—including the campus itself.The company is getting rid of PowerPoint presentations and replacing them with whiteboards filled with customer stories. It’s also adding perks like a full-service gym, sports courts, and cafeterias that make it easier for employees to work long hours.
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