In a world where technology and sports are increasingly intertwined, two visionaries stand at the forefront of this convergence: Ryan Smith and Ryan Sweeney.
Known for their deep roots in tech and sports, Smith, the owner of the Utah Jazz, and Sweeney, a general partner at Accel, have embarked on a bold new venture, the Halo Experience Co (HXCO).
This ambitious $1 billion investment fund is not just about capitalizing on innovations but also about redefining how technology can enhance the sports experience.
The duo’s partnership traces back nearly 15 years to the corridors of Qualtrics, a customer experience software company co-founded by Smith.
In a remarkable story of persistence and mutual respect, Sweeney spent a year chasing a meeting with Smith, whose company had become a topic of interest among Accel’s portfolio companies.
The eventual collaboration led to significant funding rounds for Qualtrics, spotlighting Utah as a burgeoning tech hub previously overlooked by Silicon Valley investors.
Their partnership solidified with a series of high-profile transactions.
Smith’s Qualtrics was acquired by SAP in 2018 for a staggering $8 billion, a deal that was quickly followed by a successful IPO.
Simultaneously, Smith and his wife Ashley purchased the Utah Jazz, marking a significant milestone for their Smith Entertainment Group (SEG), with Sweeney as a personal investor.
The Smith-Sweeney alliance expanded to include stakes in Major League Soccer’s Real Salt Lake and plans to bring NHL hockey to Utah.
The launch of HXCO is a testament to their vision of a future where technology and sports are seamlessly integrated.
Smith and Sweeney are clear that while their new fund leverages sports, it is fundamentally a tech-driven initiative.
“This isn’t a sports fund,” Sweeney emphasizes.
“It’s a tech fund aiming to leverage the power of sports.”
Their goal is to utilize the emotional and communal power of live sports to test and scale next-generation technologies, from AI-powered fan engagement to digital ticketing and event security.
HXCO is designed as a standalone entity, drawing infrastructural support from Accel but operating independently of any existing ventures, including SEG and Qualtrics.
The fund’s mission extends beyond financial returns; it aims to help founders scale businesses by accessing the dynamic, high-impact world of sports.
“Any great tech business should want to access that market,” Sweeney asserts.
The fund is about more than trend-chasing; it’s about transforming how companies engage with consumers through live experiences.
This venture is not just another chapter in Smith and Sweeney’s business saga; it’s a broader narrative about Utah’s burgeoning influence in the tech and sports arenas.
Both men are deeply committed to the state.
Smith, a native, and Sweeney, a self-proclaimed “de facto Utahn,” are ardent advocates for Utah’s potential.
“I’m more bullish on Utah now than I was 15 years ago,” Sweeney notes, highlighting the state’s promising future in nurturing the next generation of tech innovators.
Their commitment is evident in HXCO’s plans to establish its headquarters in Utah, specifically at The Shops at South Town.
This move is part of a broader strategy to embed the fund within the local community and foster a new wave of tech entrepreneurship.
“There’s no reason the next great investing franchise can’t be out of Utah,” Sweeney states, envisioning a future where Utah breeds multiple tech giants akin to Qualtrics.
Smith and Sweeney’s venture is not just about business; it’s about legacy, community, and the transformative power of sports.
As they prepare to launch HXCO, they are driven by a shared vision and a relentless pursuit of innovation.
“We’ve been through epic rounds together, through everything — this is just the next one,” Smith reflects.
Their unique background positions them to lead at the intersection of technology, pop culture, and live events, promising a future where sports and tech not only coexist but thrive together.
As HXCO takes shape, it marks a new era for both Smith and Sweeney, one characterized by an unwavering commitment to innovation and a deep-rooted belief in the potential of sports to transform technology.
“We’ll work till we’re 85 or 90,” Sweeney concludes.
“We enjoy this. We’re good at it. This is what we do.”
In a world where the lines between tech and sports continue to blur, Smith and Sweeney are not just observers of this trend; they are its architects.
