More recently, from the outside looking in, you’d think they missed CreditKarma Tax by acquiring Credit Karma and selling the tax business to Cash App. Intuit acquired them before demo day, pre-empting their Series A. GoodApril is an example the company went through TechStars in 2013 and was focused on tax planning, initially for gig economy workers. They’re also strong at sniping competition early, before it becomes a serious threat. Even the Justice Department recognizes TurboTax as a functional monopoly, and forced Intuit to sell CreditKarma Tax in order to complete the acquisition. ![]() They’re incredible at playing regulatory defense by constantly and subtly opposing any government efforts to simplify taxes, which simultaneously makes their product more valuable and raises the bar for new entrants. In taxes, there’s no clear second player with near the level of distribution, automation, community, trustworthiness, brand recognition and regulatory capture that they have. Tackling TurboTax asymmetrically has a real shot.įrom the outside looking in, TurboTax has a near impregnable moat. Tackling TurboTax head on is probably a waste of money. It’s taking consumer finance companies with massive distribution, combining them with a tax preparation API and real-time visibility into users tax position. ![]() Today, I think this is the way TurboTax gets dismantled. They’d press it at the end of the year and it would automagically file their taxes for them.”Īt the time I thought the idea was appealing, but didn’t think much more about it. ![]() “What if we could give customers a button.
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