Some portions of the proceeding conversation may have been edited for the purpose of length or clarity. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. That's NYSE ticker symbol S-N-O-W or snow who, like the immigrant inhabitants of New Amsterdam more than two centuries ago, has proven himself a master entrepreneur and visionary leader, able to take a great idea and scale it massively, and then apply the same playbook again and again. I speak with a fat accent and like, "What are we going to do with you, pal?" It was the lowest ranking job in the entire world of IT, if you were involved with tape automation. And if you've got a comment or a question if you'd like one of our experts to tackle on a future show, email us at. And when you're burned out, you don't regenerate anymore. The consequences of your action are like right there. So, Frank, as we wrap up final question, and if it's a spoiler alert for Mike Scarpelli, if he's listening, Mike, you can turn off the podcast now. I always tell my own people, "Look, I'm a piece on the chessboard, okay? This is very much a country that believes things that other countries don't believe. Okay? And companies that have been around a long time, it's near to impossible to undo the culture. Every week there was a new bid. Right? Cloud-data warehouse Snowflake has been the talk of the town since it announced its intention of going public. Given his accolades, Slootman gets invited to speak at many events. They did not try to carry technology or ways of thinking forward. 5. From the library of the New York Stock Exchange, at the corner of Wall and Broad Streets in New York City, you're inside the ICE House, our podcast from Intercontinental Exchange on markets, leadership and vision in global business. Now, it was actually pretty interesting because this was sort of a forerunner of a data analytics, business intelligence type of company. You got to catch people doing things the right way and then amplify that and praise it and reward it and so on because people are like pets and children. What took you back to the Netherlands at one point? This is really think about it as a database in the Cloud. Information contained in this podcast was obtained in part from publicly available sources, and not independently verified. It was great and it lasted the entire duration. And it wasn't until the consent degree with IBM that really unbundled the software from hardware because software industry couldn't even happen because software was bundled. Not all people are created equal in terms of their roles and their contributions in companies. Yacht Racing is incredibly exciting and then it has a lot of corollaries to business because it's this multidimensional game of weather and competition, and what happens on the race course and reacting to it. Our first thought was "not again" - he co-wrote Rise of The Data Cloud last year. And it's very much a talent game just like business is. Well, that's because historically all we did was we did analytics in silo. Buyers and sellers can come together. After all, he has experience on his side. The ecommerce industry is one of the fastest-growing sectors, and at the moment, it features several players. The book accounts his time in Data Domain and so much more. So, we started to wind down a little bit. And like, "How fast does this guy type?" Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. Frank Lloyd Wright Home and Studio. And the EMC came in and within a quarter, it was up to a $100 million because they had channels and customers and everything primed and ready, right? I mean, 16 months after you and Mike came to Snowflake, you raised $3.4 billion as part of its IPO, instantly establishing Snowflake as one of the NYC's marquee companies. Are you just going to look the other way or are you going to call it out? None of that stuff is material to your mission. Because when all the energy and all the quality of resources is fully concentrated on the mission, that's pure magic, okay? So in hindsight, I understood that I was just burned out, classic burned out. He cancelled the luxurious annual employee ski trip to Tahoe. Good sales people have a track record. Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening. Check out the subtleties of his Wikipedia below. But then again, there really is only one Frank Slootman, IPO master in the world. Make it as easy as I could make it. And then, I had another internship after that. When I was considering Snowflake, I told Snowflake, "I will not do this if Mike doesn't come along." You could have a meeting in the hallway with the entire company. ICE is home to global natural gas markets benchmarks in Henry Hub, MBP, TTF, and JKM. And he always talked about Snowflake because it was a very exciting company to him and I didn't know that much about it, but enough to have a conversation. In a few weeks, when the 2022 winter Olympics get underway in Beijing, I'll have my eyes peeled for 22-year-old, Jutta Leerdam, the reigning world speeds skating champion with over 800,000 followers on Instagram, who's proven herself a trend setter on and off the ice. Bachelor of Science, Erasmus University Rotterdam, The Netherlands; Master of Science, Erasmus University Rotterdam, The Netherlands. Over the past 20 years, as CEO of Data Domain and then ServiceNow and now Snowflake, Frank Slootman has generated extraordinary growth and success for each company and established himself as one of the world's top CEOs. Right? I'm curious, how that opportunity at Data Domain came to you? It was originally known in Dutch as de Waalstraat when it was part of new Amsterdam in the 17th Century, an actual wall existed on the street from 1685 to 1699, protecting the early entrepreneurs and fur traders of Fort Amsterdam from encroachment from the north. You need to sort your issues into, "What am I going to focus on?" And I have to, the moment I start sitting in my ivory tower and rely on reporting from people all over the place, we're in a world of hurt. Others might say that hes completely brash. Not all CEOs have this, but a lot of CEOs do. You ever noticed that NFL quarterbacks just can't leave the stage. All of which is presented solely for informational and educational purposes. This is a country that's very aspirational. You're finding the best sailors in the world and all of that. And by the way, the inverse of that is what are you not good at? Now, most organizations are incredibly in up still in terms of their data promise. This site uses Akismet to reduce spam. It's not that easy. I hate to break it to the audience, but that is the way that it is. That was career death for people, so it was just the least flattering place in the entire IT operation was backup and recovery based on tape, very logistically, intense. You have to have data to partial reality, right? Leone took Luddy on a host of interviews. [+] NYSE When Snowflake went public in the largest software IPO of the year on Wednesday,. to keep connected with us, please login with your personal info. Its a positive outlook for Snowflake, and its a bright signal for investors to really pay attention to this company now before its too late. Company still around, by the way. Over his distinguished career, Frank has mastered the process of fundraising scaling and building young companies into unicorns with the run ending eventually way back here at the corner of Wall and Broad Streets with an initial public offering. Technology executive Frank Slootman took software company Snowflake public in one of the biggest tech IPOs of 2020, raising $ 3.4 billion at a $33.3 billion valuation. While most CEOs would be described as the person who would take their company to the moon, Slootman has been referred to as the person who would take his company to Mars. They're kind of like-. By the way, everything he did had to be insanely great because he just couldn't get out of bed if it wasn't insanely great. So, the earlier you show up, the better off you are. That's when you're at risk. Insurance companies historically have not been because they are data companies by their essence, right? Snowflake, a cloud-based data-warehousing company, went public at $120 a share, and has since seen shares trade as high as $328 per share. And for our audience who may not remember the days of tape backups, can you explain the underlying concept that you grew from two men and a dog into a multibillion dollar business? And I look at what the situation requires of me, not what I want to bring to it per se, based on my own background. And having incredible meaning and potency and yield value for applications you never imagined. In other words, they kind of let it happen. They're very far removed from the drive train. At 61 years old, Slootman has created quite the reputation for himself. So, we were just picking over use cases here and there to sort of stay alive in the early days. You relate well to that way of thinking. Frank, how did those early experiences rising through the ranks and being sent from problem to problem help you establish the principles for success that your career would see? I mean, for example, I remember when we first, got involved with Geico and Todd Combs, the CEO, said, "Look, I don't need any more lectures from you guys on architectural prowess and all this sort of thing." Another Dutch trend setter with the Winfrey title is Frank Slootman, the chairman and CEO of Snowflake. And it's just, it's intoxicating that energy. He's a Dutchman Slootman moved to Silicon Valley in 1997. This is a very buoyant country. The Dutch have all always been enterprising. Slootman said he understands people might be eager to more freely leave their homes once long-standing public health restrictions are eased, potentially wanting to return to pre-pandemic routines . So, you need to create a platform that allows data to be enriched and be joined and be blended and be overlaid in ways that data scientist only have insight into. It doesn't matter how big we are, as long as we have a compelling mission that we want to get up for every day and swing for defenses and then, it's not hard. Look, I'm not a certain type of CEO. In short, money talks, and Slootmans got it in his hands and in his mouth. I mean, it gets rid of you. Having run a number of global software companies, I appreciate the scope of resources that Blackstone can bring to high-growth . Now, amid an ongoing legal battle, its got to clean up a very public mess. Closed: Thanksgiving, Christmas Eve, Christmas and New Year's Day. Architecturally, just damn near perfect, so. You cannot sell your way through a crappy product, okay? Investors know this about us. I mean, anecdotal observation has pretty much run its course. Frank & Brenda Slootman - 3001 W Ruby Hill Dr, Pleasanton, Ca 94566 Property data website for assessments, data, and owners. But the essence of what I'm getting when I hire you is what you're innately good at. Our European futures operation is based in London, England, and a big part of that operation is futures trading for Dutch Natural Gas at the Title Transfer Facility or TTF, virtual trading point in Amsterdam. But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. I'm on the phone with customers every day. And I'm like, "You know what? Snowflake CEO Frank Slootman Leading for Hypergrowth 2,637 views Jan 15, 2022 Frank Slootman is an American billionaire businessman, individual investor, technology executive, and the. Data Domain went public in 2007, but two years later acquired by EMC, in my home state of Massachusetts. I mean, people go from spending $50,000 a year to a million dollars a year in one year and they're like, and the CFOs go, "What the hell is this all about?" It's really a company production, by the way. After the break Snowflake's CEO Frank Slootman and I are going to preview and review some of the other lessons in his new book, Amp It Up. It was just a beautiful thing when a company has massive scale and distribution, what a good product that gets entered into that context can do in a short period of time was mesmerizing. I'm in New York. Reflects change since 5 pm ET of prior trading day. Snowflake chairman and CEO Frank Slootman on leadership and the war against mediocrity February 23, 2022 "Leading for unprecedented growth means declaring war on mediocrity, breaking the status quo, and making conflicted choices daily, all with a relentless focus on the mission," says Frank Slootman , chairman and CEO of Snowflake, one of . Snowflake CEO Frank Slootman made headlines with controversial comments about diversity in the workplace. Read More 10 Things You Did Not Know About Thoughtspot CEO Sudheesh NairContinue, If you follow business news, you may have heard that on September 29, 2021, Totango announced it had raised $100 million in Series D funding. The question is though, for investors, for others, for employees, how do you keep momentum going now as a public company and how does the future look for Snowflake? What's the silver bullet? And the other thing I'll say is we maintain a very, what we call a malcontent attitude. Where does a CEO Frank find time to write two books back-to-back and what was the inspiration for Amp It Up? You speak the language, like we do, but there is something different about you." Brady is a great example, but Joe Montana was that way and they all craved that energy, that excitement, that intensity, they can't let it go. At the same time, I ended up in conversations with the lead director and investor at Snowflake. Where I come from, people are quite resigned to their fate. There are many questions left unanswered about the months leading up to Snowflake going public. What goes around, comes around and the Dutch get around the world. Those are the people that are right there, where the people that bring home the bacon, there when the shit hits the fan. These days, a lot of folks take it for granted, but Wall Street has a fascinating history. Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. In other words, you got to really mean it, okay? That is how you energize companies. Data Domain was really an interesting company. And did you have a sense that the sector was really about to explode? Now, as the story goes, England followed the Netherlands in control of Manhattan. It's just that there is a spirit here that always believes that it can do things that other countries don't believe about themselves. Hes quite knowledgeable in the market industry, and he doesnt confuse with unnecessary jargon. The dream drivers that have made the NYSE an indispensable institution of global growth for over 225 years. Can you explain how you overcame both to lead the company through its 2012 IPO? Why did you give up the helm of the invisible hand for this new role with Snowflake? Who can solve what set of issues, right? We're always picking at things that could be better. Snowflake now has Frank Slootman as chairman and CEO. I mean, that's how aligned this is, okay? Because, and this is another important observation, I think. Right? When you get that sensation, you do need to leave because you're no longer the right person for that situation. Everybody has access to talent. What's the playbook?" And he and I were serving on another board together and every time we we'd go to our quarterly board meetings, we'd have lunch and discuss the state of a affairs in the world and blah, blah, blah, sort of thing people do in Silicon Valley. And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. And are there any particular secrets to building a consensus around the idea of change? Yeah. People that the company really, really runs on. Slootman previously served as CEO for Data Domain and for ServiceNow, which he both took public. Learn how your comment data is processed. When I in Ohio, I joined copy ware in Farmington Hills, Michigan, and I had not even been there a few month and they acquired a sizable company in Holland, a company called Uniface. And how that allowed him to grow Snowflake into the biggest software IPO ever, and how. I don't know what, if you go back to those days. There's no doubt, I'm a total hybrid here. And if I can't predict it, I can't change my policy, I can't change my pricing." This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. 10 Things You Didnt Know about Loggi CEO Fabien Mendez, 10 Things You Didnt Know about Mark Nelson, 10 Things You Did Not Know About Thoughtspot CEO Sudheesh Nair, 10 Things You Didnt Know About Guy Nirpaz, 10 Things You Didnt Know About Paul Stovell, How Ali Wong Achieved a Net Worth of $3 Million, Eight Reasons to go to French Polynesias Marquesas Islands, How Lisa Rinna Achieved a Net Worth of $10 Million, 20 Cities with The Worst Weather in Europe. Now, tape technologies go all the way back to the early days of computing, because that was the form of magnetic storage that we had. Quick digression. They sold the living hell out of that product. But then, there's new platforms in terms of the Public Clouds, right? It is data operations from the most transactional to the most analytical and everything in between, so. We actually won everything that we wanted to win. You could eject the tape from a tape drive and you could ship it off site. I mean, it was doing well. JP Morgan paid $175 million for a startup it believes it was conned into buying. The eight blocks of the street run from Broadway in the west to the East River in the east. And people would eyeball those reports in those dashboards, and that was sort of the extent of it. So, a book becomes highly scalable way of really creating some well-curated observations around "Look, here's what we believe to be true about the trajectory that we've been on. So, it just started to happen, but I wanted to desperately be in software at that time. When I was at ServiceNow, Fred Luddy, the founder, he said to me, at one point, "I really don't want to come to the staff meetings anymore." When I was interviewing with ServiceNow, I said to the board, "I want to bring Mike along." Somebody who I had known for many, many years, so at Sutter Hill Mike Speiser. Some of Wikitia's pages are sourced from Wikipedia.org's Mainspace and Draftspace. Creative Commons Attribution-ShareAlike. I mean, it's hard to believe at this day and age that things were that way back then, but they were. It's hard to get off of that. He was saying during the pandemic, he's like demand was up 60% over here, down 100% over there. They were all special purpose for this thing and that thing and that has really created a lot of problems for data center operations, because they just had a Frankenstein architecture out there and people are sick of that. Right? I always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. And it's very rare to create that kind of value. The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. And obviously, I got that in spades at UN Royal in Indiana. It was an application development and runtime platform to run on both Unix and OSU and Windows all at the same time. So, I did. Strong personalities will just dictate culture in certain business units, in certain geographies and so on. In any successful company just ask them, they will attribute success to their culture. You can't help but run into Dutch people everywhere because they have such a small country. Mike is a really good example of that because what he's really good at, I'm not, and I always use the, the analogy of he plays defense, I play offense. At 61 years old, Slootman has created quite the reputation for himself. And there were many, many players in that segment, by the way. Snowflake CEO Frank Slootman is the toast of the big data community, and following the $3.4 billion IPO, a favorite on Wall Street too. Listen to this episode from This Week in Startups on Spotify. And I said, "Why not?" I look at the situation, "What does this require?" [1] Learned an awful lot in that period of time. I'm just, I'm fighting that tide. Engineers should have a very easy time discerning the talent, so. Because, if I can't explain it, then I can't predict it. He cuts back where he sees fit. And, likewise, when I go to Holland and I meet Dutch customers there, they kind of look at me with a smirk, like, "Yeah, I can tell you're Dutch. Early days of ServiceNow was just jungle fighting. Africas largest economy is in the early stages of a monetary experiment that could be coming to the U.S. sooner than you think. And there is a following for this and the reason that we know that is because we wrote a book back in 2009, 2010, that sort of became a combat manual for entrepreneurs over the years where, because this is really for people that have nowhere else to turn. We tried to, we wanted to get into primary storage. Presiding is the worst word. Basically, we had to solve our enormous problems that we have while the company was doubling in size, more than doubling its size every year. But the thing that I like so much about yacht racing that I like better than being in business is when you make a mistake on the race course, it's almost immediately obvious that you did. What kind of people fail here and why?" Today, Slootmans net worth shot up to $1.8 billion because of the Snowflake IPO. Slootman recently spoke at the CNBC. A decade after his death, fantasy artist Frank Frazetta still towers over the pop culture landscape as new fans discover his work. We call it a turn on the crank and we came out with a product that was at least twice as big, twice as fast, so the market kind of opened up gradually for us. If it's not related to our core mission, we don't want to hear about it. And by the way, for most people, that's a very difficult question. And I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. I was just shot. Everyone's watching. As cool as it may sound, Slootman doesnt actually have a literal invisible hand. I mean, truly retire. But yeah, where the inspiration comes from, we've had three very successful companies in a row, so you get barraged by requests for, "Hey, can you explain to us what the secret sauce is? This is kind of the pattern that ICE has seen through how different markets have developed, but normally that takes 10 years, whereas actually, it's taken 10 weeks in the auction. Because that's what it is. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". And after a while it's like, "Look, I can't do one-on-one meetings with a million people. A lot of people think that that's possible, but there's a real limit to what salespeople can and can't do. That's NYSE ticker symbol, S-N-O-W. His book from John Wiley and Sons, Amp It Up: Leading For Hypergrowth By Raising Expectations, Increasing Urgency, and Elevating Intensity is in bookstores and online now. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. Snowflake, the cloud-based data-warehousing company, has been on fire in 2020, with veteran tech CEO Frank Slootman at the center of its success. The company is a fintech firm that helps companies automate their deployments with unique software solutions for business. [9] In June 2019, the company launched Snowflake Data Exchange. So, we came out there and we said, "Look, no, we're not just going to sell a product here. It has certainly worked well for himself, for the companies hes worked under, the many investors that have poured money in his name, and so forth. No, we're talking about stuff that's not working well. We were going to do the world of favor.". I only think about now and what I'm doing today. I'm like, "We're not trying to indict what you've done. Yeah. Then, they discuss Frank's hiring philosophy and how to create a winning relationship between an executive and their direct reports . So, this is not data warehousing, it's just one use case. So like, "Look, I'm not going to be doing the same races over and over again." The information contained in this podcast was obtained in part from publicly available sources and not independently verified, neither ICE nor is affiliates, make any representations or warranties, express or implied as to the accuracy or completeness of the information and do not sponsor, approve or endorse any of the content herein. SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- Instacart, the leading online grocery platform in North America, today announced that Frank Slootman, Chairman and Chief Executive Officer of . You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. And it worked like that for about a hundred years. Obviously, I was a young man and not even in my mid-30s and I'm taking over a whole business, a whole organization, global, all this kind of stuff, so, it was a hell of. Everything in our world starts with technology, starts with architecture, okay? Snowflake is Slootmans third IPO. Paul Stovell is an Australian businessman and entrepreneur who serves as the current CEO of Octopus Deploy. The improvement in technology is one of the main reasons that this commercial scene is flourishing by the, Read More 10 Things You Didnt Know about Loggi CEO Fabien MendezContinue, Tableau Softwares President and CEO Mark Nelson defines Tableaus vision and supervises the companys business operations and procedures. Before that, he spent his life in Netherlands, where he was also born. It's lights out, light speed and then fully disintermediated and it's fully programmatic. It was sort of an adjunct to what they called the computer industry back then. And of course, the appetite is insatiable for both technology and people that know how to make this future happen. By the close of. Please help to demonstrate the notability of the topic by citing, Learn how and when to remove this template message, https://xconomy.com/san-diego/2011/04/26/service-now-names-software-industry-veteran-frank-slootman-as-ceo/, https://www.businessinsider.com/servicenow-frank-slootman-interview-2012-8, https://www.forbes.com/sites/tomtaulli/2019/06/05/snowflake-the-ai-force-multiplier/amp/, https://www.cnbc.com/2020/09/16/snowflake-snow-opening-trading-on-the-nyse.html, article "Frank Slootman" is from Wikipedia, https://wikitia.com/index.php?title=Frank_Slootman&oldid=81954. We left off before the break with your decision to literally set sail after 33 years of a career that took you all over the globe, including bringing two companies public. And when the whole world goes direct to consumer and it becomes disintermediated and goes wholly digital, the role of data obviously becomes insanely important. I mean, we have bumper stickers and people would at trade shows would stick them on tape libraries. That's where we're at right now. Thanks so much for joining us inside the Ice House. In Amp It Up, Frank, you say that a company's mission really has to be weaponized. No, I didn't. Better, better all the time. Did you find it difficult to change Snowflake's established culture? Okay. They also appreciate it. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. And Frank, while you were getting your degree from the Netherland School of Economics, you came to the US for an internship with UN Royal and returned after graduating to get a job at Burroughs, which is now Unysis and ticker symbol, UIS. But 233 years later, American, Dutch and British interests are inexorably intertwined. I mean, if you look historically at what platforms like ours have done, there is no relationship to the past with what Snowflake is doing now. They knew exactly what we meant. But yeah, aptitude is really about, what are you innately good at? It still runs as an auction in rounds of 30 seconds and final price were used as the benchmark for the entire gold market. The scramble isnt over, and many who missed the opening also missed on the double growth just off the gate.
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