Early Life and Education
Scott Smith was born in 1948, in Tucson, Arizona. He spent his early childhood there before moving to Mesa in 1967. He showed a keen interest in business and finance from an early age, setting the stage for his future entrepreneurial endeavors. Smith's pursuit of higher education began at Brigham Young University, where he earned a Bachelor of Science degree in Accounting in 1980. He furthered his education at Arizona State University, obtaining an MBA in 1985, and later a Juris Doctor degree in 1996.
Rise to Success
Smith's career began in accounting, where he worked for Price Waterhouse & Co. in Phoenix. He transitioned to consulting, helping businesses improve their financial management and strategic planning. However, the defining chapter of Smith's career began in 2002 when he co-founded Qualtrics with his two sons, Ryan and Jared. Qualtrics, a cloud computing company, was initially developed in the basement of the family home in Provo, Utah.
Qualtrics quickly gained prominence in the market research sector, offering a platform that simplified the process of gathering and analyzing data. In January 2019, just days before its planned IPO, Qualtrics was acquired by SAP for $8 billion. Scott Smith held approximately 14% ownership at the time of the sale. In March 2023, Qualtrics was sold a second time to Silver Lake and CPP Investments, with a valuation of $12.5 billion.
Key Business Strategies
Smith's success with Qualtrics was driven by several key strategies. His deep understanding of market research, combined with a focus on technological innovation, allowed Qualtrics to offer a cutting-edge platform. The company's ability to simplify complex data analysis tasks made it an attractive solution for businesses across various industries. Furthermore, the strong leadership of Smith and his sons, particularly Ryan Smith as CEO, played a vital role in the company's rapid growth and market penetration.
Philanthropy
Scott Smith is also actively involved in philanthropy, supporting causes such as the Huntsman Cancer Center, Utah Valley University, and BYU. Smith and his wife, Karen, have served missions for the Church of Jesus Christ of Latter-day Saints in Hong Kong and Jerusalem, where they coordinated humanitarian services, and have been ordinance workers in the Provo and Hong Kong temples.
