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Engineers should have a very easy time discerning the talent, so. It's really a company production, by the way. I just took a job with a software company just to be in software and that's sort of the extent of my thinking on that. Meaning that we would run something like Tableau on top of Salesforce or whatever. I can't get you aptitude. Back then, there were hardly any software companies around. But this was quickly set aside because Frank appears to walk the walk. But now, and the influence of data science, we really have to interrogate data regardless of its silo boundaries. They're very far removed from the drive train. But one of those issues was that taken over from a founder CEO was really, really hard. Then, they discuss Frank's hiring philosophy and how to create a winning relationship between an executive and their direct reports . Can you explain how you overcame both to lead the company through its 2012 IPO? I can't do every speaking engagement," et cetera. Those are really good conversation, good questions to have because each organization is different. It's very hard. I just have been in the line of fire too long. And you can't play chess pieces in a million different ways, right? The 61-year old Dutch executive's first CEO job was at an early-stage startup called Data Domain that made specialized storage hardware. Cloud-data warehouse Snowflake has been the talk of the town since it announced its intention of going public. Slootman is the CEO of Snowflake, a cloud-based database firm he joined in 2019 and took public in September 2020 in a blockbuster initial public offering (IPO). In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. There's no doubt that the successes that we have had, our function of the combination of our respective orientations in how we come at the world. I mean, the results speak for themselves. It's a small country, obviously, which is why they sort of veer far and wide. And rightfully so, by the way, because they have created something, right?. And for example, when I joined Unysis, I ended up in a corporate planning role. And obviously that is not the best way to go about things because that's just one man's opinion against another, right? I'm Josh King, your host, signing off from the library of the New York Stock Exchange. If you like what you heard, please rate us on iTunes, so other folks know where to find us. Before accepting the Snowflake CEO job, Slootman was retired and racing sailboats competitively in the San Francisco Bay Area. 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. 2023 Forbes Media LLC. And companies that have been around a long time, it's near to impossible to undo the culture. Somebody who I had known for many, many years, so at Sutter Hill Mike Speiser. What is the core of your being, right? So, I did. Frank, you write about trying to convert your experience, taking on the hard problems of your employer, into making a path to the C-Suite. Now, as the story goes, England followed the Netherlands in control of Manhattan. I mean, it's like when people start to roll their eyes. In the early days, I want to say like the first eight to 10 years or so, were actually immensely frustrating to me because I was a strange animal, right? Neither ICE nor its 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, all of which is presented solely for informational and educational purposes. But it's not what it really is, so it wasn't an enormous surprise to me to come here. Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . Here's your host, Josh King of Intercontinental Exchange. That's awesome. Now, it was actually pretty interesting because this was sort of a forerunner of a data analytics, business intelligence type of company. This property is owned by Frank & Brenda Slootman. They only learn from consequences, so you got to create consequences, good and bad when things happen and things happen all day long. 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. At the same time, that was enormous anxiety about how the company was unfolding. And after a while it's like, "Look, I can't do one-on-one meetings with a million people. Investors know this about us. 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. I hate to break it to the audience, but that is the way that it is. And you got to go back to the early days of Steve Jobs, who always had this glimmer of, "I'm going to do something insanely great." Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language. 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. And by the way, for most people, that's a very difficult question. The company, which prides itself as the leading customer success, Read More 10 Things You Didnt Know About Guy NirpazContinue, Medical marijuana is increasingly becoming a popular trend in the treatment and management of different diseases including chronic and fatal ones such as Alzheimers disease, brain tumors, cancer, HIV/AIDS, chronic pain, and multiple sclerosis. But the world of backup and recovery, was dominated, as you said, by tape automation technologies. And then by the way, I have to have that around me, because I don't like people that want to self-congratulate and do victory laps all day. So, it's the story, what goes around, comes around, as I said at the beginning. By the close of. Nothing herein constitutes an offer to sell, a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Nothing to do with financial targets or growth targets or market capitalization. And it was one, and we were better known as the tape sucks company than we were by our own company name at one point. Right. Open main menu Close main menu Home About Us Contact Us States Advanced Search 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. But let's focus on another dilemma that brought up in the book, Frank. Yeah. And the reason that I found it so interesting is technology was mesmerizing. When I was interviewing with ServiceNow, I said to the board, "I want to bring Mike along." CEO Frank Slootman made $287,990 in salary in 2019. At 61 years old, Slootman has created quite the reputation for himself. The Dutch-born Slootman, who now lives in Montana, has had three hits in a row since 2003: He was made CEO of enterprise storage startup Data Domain and grew it to a $2.4 billion acquisition. Yeah, that goes back about mission posture. And it wasn't charged for, so companies just couldn't build software because it was just given away. As Snowflake got bigger in 2019, the company knew it was time for leadership to take it to the next level and brought in today's guest, Frank Slootman, as CEO. The former Frank CEO said JP Morgan had full knowledge of Franks customer data before the acquisitionand Chairman Jamie Dimon personally pushed for it to happen. Now, I might be a big piece on the chessboard as the CEO of the company, but that's really how you want to think about it. What you're doing now is doing pretty good, so keep yourself in the game, Frank. But they do because the world is changing to digital and this is the essence of digital transformation. And over time, we overcame that because we were laser focused on making the product bigger and faster every year. Scale is definitely a problem because you get layers and layers and you got the problem of having tons of passengers on the boat, all these types of issues. When you run companies, you need to narrow the plane of attack very, very quickly. Frank Slootman added: " I'm excited to advise Blackstone. And people that know the Dutch, and you seem to know to Dutch people, it's, fairly recognizable what the Dutch attributes are that are at play here. One of the reasons I made it a very transparent discussion is that most people think that when you have these highly successful company, it just happens like poof, beautifully. Before the break, Snowflake's CEO, Frank Slootman and I were discussing his career. The IPO was the third for Dutch-born Slootman,. 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. It's up to 79% of the volume has gone cleared. [1] In June 2012, ServiceNow became a publicly-traded company as Frank Slootman led the company through a $210 million IPO. BUILDINGS. Spark 30S covers a route between the US Gulf coast and Northwest Europe, while Spark 25S covers a route between Australia and China. On stacking, all of a sudden, your boat left behind and you go like, "Oh, my God," so because it's very hard to get ahead on an upwind leg, right? I don't care for any of that. How does that work at Snowflake? That culture really keeps you safe from being indulgent or just, you're sort of presiding. But for many, many other enterprises, including a lot of banks actually in the world of financial services, because they operate through branches and very conventional brick and mortar ways of interacting with customers, all of a sudden, it has to change rapidly. It was the lowest ranking job in the entire world of IT, if you were involved with tape automation. He knows what problems exist in his field today, and he knows how to address them as well. So now, we're having business conversations about data. And essentially, he defends. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. Once you understand relationships, you can now predict them. One of the worst, worst in the English language for me. Here's why this makes sense while looking at some options. Company still around, by the way. Those are all disciplines that leverage where they are, right at the headwaters off the entire European continent. You want to be that person, okay? [2], In May 2019, Frank Slootman joined Snowflake Inc. as its CEO. And the term BI had not even been invented back then. 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. Today, Slootmans net worth shot up to $1.8 billion because of the Snowflake IPO. That is the X factor in companies, but it starts with weaponizing the mission. Now, we're going to go move the pieces and I'm just a piece on the chessboard." I always become the CEO that the situation mandates and dictates. 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. I often refer to those people as passengers and then, they're the drivers. Now, you can manage LNG freight risk with ICE LNG freight futures contracts, which join our global natural gas complex. But he had also been the CEO of ServiceNow for seven years. So, we're going to be in the middle of that. It was very formative. Data Domain was really an interesting company. We played a round of golf. Why did you give up the helm of the invisible hand for this new role with Snowflake? I actually wanted to retire, truth be told. 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. We wanted to buy technology from, what at that time was Veritas, Convo, companies that are still around, because then we could really address the, the functional scale and scope off our platform. 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. In other words, somebody who has lived their lives over and over. Everybody has ideas. Slootman said diversity comes second when making . So, it was an incredible trial by fire. Two years later, he was back at it again as chairman of enterprise software business ServiceNow, which he guided to a 2012 IPO. 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 . So, we started to wind down a little bit. It's hard to get off of that. Frank Slootman is the CEO of Snowflake, a cloud-based dataset organization he helped build in 2019. They've never really been asked that before. Including his options, Slootman owns about 10% of Snowflake. One company that embodies this vision is ThoughtSpot, an analytics company. We just never backed off of it. I really had to be shamed into writing this book, considering the amount of work that it is, but got a lot of help from the company. Everything in our world starts with technology, starts with architecture, okay? All Rights Reserved. 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. Some portions of the proceeding conversation may have been edited for the purpose of length or clarity. Slootman is going to take Snowflake for quite the ride, and you have to decide whether youre getting in his car or not. 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. Whereas in business, it often takes so much longer to be confronted with the consequences of your actions and some people don't-. Architecturally, just damn near perfect, so. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. And by the way, the inverse of that is what are you not good at? So, we were just picking over use cases here and there to sort of stay alive in the early days. So in other words, I did not accept the Snowflake role until, Mike said, "I'm coming along.". Frank Slootman - Narrow the Focus, Increase the Quality - [In Fred Luddy, the founder of ServiceNow, I mean, super talented guy, obviously. So, I ended up going back to, I really didn't want to. And you can take it or leave it and try it on for size and see if you like it." And then of course, Michael Dell found just as attractive to bring EMC into Dell. Where does a CEO Frank find time to write two books back-to-back and what was the inspiration for Amp It Up? Right? SAN MATEO, CA - May 1, 2019 - Snowflake Inc., the only data warehouse built for the cloud, today appointed Frank Slootman as its Chairman and Chief Executive Officer.Former CEO, Bob Muglia, has left the company after leading Snowflake through five years of unprecedented growth. I can just blow a year on doing some other stuff that's interesting." He's a pretty good golfer. right? And Mike was still the CEO at ServiceNow at that time. Yeah, there's no doubt. You want to be the playmaker and the people that they're going to pass the ball to when we have two seconds left in the quarter, that kind of thing. the internship sort of came about because I was about a year ahead of schedule at the university. Where I come from, people are quite resigned to their fate. And the whole point of the book is I try to contrast these experiences, like look, they're not the same. But you mentioned this earlier, it isn't really what happened. Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. And obviously, I got that in spades at UN Royal in Indiana. We're going to nuke an entire industry out of existence. Everybody has access to capital. I mean, we were crawling the bottom in the early days, so we had a product that had marginal product market fit. Anybody who's tried to run HP can talk about that because you have companies that have existed for whatever, 50, 100 years, you don't get rid of culture. Because that's what it is. They're high anxiety, they're entrepreneurs, they're CEO, and sort of getting a very unvarnished view, inside view from a fellow traveler. And you mentioned several times in the book that you look for aptitude over experience, does that focus help snowflake identify young talent and how do you measure aptitude? It will be fine. Strong personalities will just dictate culture in certain business units, in certain geographies and so on. And then being able to talk about it in an intelligent, really rich-considered manner. Frank Slootman, Chairman and CEO of Snowflake (NYSE: SNOW), presided over the largest software IPO in the NYSEs history, but it wasnt his first rodeo. 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? And when you're burned out, you don't regenerate anymore. But the issue with the acquisition, by the way, I've never sold a company in my life other than that one, so I'm not prone to selling at all. 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. I mean, that's how I felt at that time, like I had no more to give. You can only sail so much, [crosstalk 00:31:19]. 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. These days, a lot of folks take it for granted, but Wall Street has a fascinating history. Creative Commons Attribution-ShareAlike. But EMC prevailed. The ecommerce industry is one of the fastest-growing sectors, and at the moment, it features several players. See what you can do with it" to data driving operations directly, right? But eventually, I returned to Holland about a year later, resumed my education. Yeah. Mar 11, 2021, 11:30 ET. No, I didn't. And in other words, what problems can I solve very quickly versus what is going to take longer to solve. Now, what that does the weaponizing, what that does is we block everything else out. So, it sort of lit a fire under me, just the prospect of doing that, it just kind of brought me back from my burned out state in 2017 to two years, feeling incredibly challenged, energized, and sort of having a new leash on life, if you will take on something like that. But it's also, you attack and you cross again. In short, money talks, and Slootmans got it in his hands and in his mouth. And that is our culture. And that's the American flavor and flare that has built up over three, almost four decades. 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. And of course, people chuckled because they recognized it. Wikitia is not affiliated to Wikimedia Foundation. Quick digression. I mean, in the book, Frank, you used the analogy of getting in the right elevator. So, this is not data warehousing, it's just one use case. 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?" I don't have to go work on Monday. Because of his much sought-after expertise, Slootman gets paid a decent sum of money. I always tell my own people, "Look, I'm a piece on the chessboard, okay? [22] In September 2019, it was ranked first on LinkedIn 's 2019 U.S. list of Top Startups. So, one of the things that, that our founders did really, really well and it's a very important lesson here for anybody that's watching Snowflake and trying to understand is that they took a clean sheet of paper. A term that gets used a little bit too much in too many places. He also scaled the workplace back tremendously from stunning spaces in San Francisco to headquarters in San Mateo. So after a while, it's like, "Okay, we've done enough of this." Our headquarters is in Atlanta, Georgia. Well, building culture is a very forceful thing. I mean, the only thing that energizes people and teams and organizations and companies as a whole is the mission. There's no doubt, I'm a total hybrid here. I mean, it was a super crowded field, but we just crushed that entire field. And when you buy companies, it gets worse, right? But then, you go like, "Oh, this is the rest of my life." An in-house cafeteria replaced the usual catered lunch offerings, and sales representatives no longer had free reins on unexplained spending. So in hindsight, I understood that I was just burned out, classic burned out. Check out the subtleties of his Wikipedia below. So, what are things that we should absolutely not ask you to do ever? Read More 10 Things You Didnt Know About Paul StovellContinue. I'm on the phone with customers every day. I mean, it gets rid of you. So, they looked around and they found the guy with a passport to Dutch language proficiency like. Before that, he spent his life in Netherlands, where he was also born. JP Morgan paid $175 million for a startup it believes it was conned into buying. I mean, it's a hell of a cash burner as well. Every week there was a new bid. This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. Everybody has access to talent. And you need to have the flexibility of mind to really deploy yourself. Instead, hes got something equally as coola sailing boat named The Invisible Hand. Theres no surprise here. 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 remember having a conversation with the CEO of a very large healthcare company. What's the silver bullet? Because they can't understand how spending categories can just explode overnight like that. Frank Slootman currently serves as Chairman and CEO at Snowflake. The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. [3] On September 16, 2020, Snowflake made an IPO, selling 28 million shares and raising $3.4 billion, making it the largest software IPO in history.[4]. Most people just preside over culture. 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. 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 actually another important bit of learning with a lot of people take on CEO roles and they keep doing their last job because that's familiar to them and they love it and they keep doing it. 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. 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. And by the way, data platforms have been extremely fragmented historically. Different technologies, different markets, different competitors, different eras, different cultural times that we live in, you need to become, what that situation requires off you. Now, you can be very obstinate about it and say, "Well, I'll eventually cross that bridge when I come to it," or you can try to anticipate it and say, "Okay, I'm going to find somebody who has the resources that I do not possess." Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". 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. Growth opportunities abound, but what many owners of startups may not realize is that choosing a bank with sector expertise to complement your business needs is more important than ever. 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. Early days of ServiceNow was just jungle fighting. SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- Instacart, the leading online grocery platform in North America, today announced that Frank Slootman, Chairman and Chief . Obviously, that industry had moved on to all kinds of different disk space technologies. But yeah, aptitude is really about, what are you innately good at? So, getting an internship in the US in those days was a really big deal and it really didn't matter to me, where it was, what company it was, I just wanted to have the exposure to what is that like. And everybody was like, "Who's Data Domain? And you had literally physical media that could logistically manage. Frank Slootman, Chairman and CEO of Snowflake (NYSE: SNOW), presided over the largest software IPO in the NYSE's history, but it wasn't his first rodeo. I'm curious, how that opportunity at Data Domain came to you? So, I finally caved, okay. I mean, Dutch people are incredibly hard driving, no nonsense, can't suffer bullshit type of people. Frank Slootman has written another book about how to run a business based on his time at Data Domain, ServiceNow, and Snowflake. We're two sides of a coin, which is a reason why we've shown up in so many companies together. Look, I'm not a certain type of CEO. And it's just, it's intoxicating that energy. The post 'Summer House' star Danielle Olivera gets emotional talking about Robert . I only think about now and what I'm doing today. All of us, no exceptions." Right, you got a good point. Amp It Up, Frank, you write a lot about building culture and I think you had some issues at Snowflake when you got there. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." Listen to this episode from This Week in Startups on Spotify. Perhaps the biggest one is the one that deals with the CEO replacement just months before the public offering happened. 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. I was just shot. As young as I was, I mean, I was determined that that's where I wanted to be and certainly, not hardware because I saw another way for commoditization happening over there. They're very well dialed into it. He's like, "How do we run a supply chain?" You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. It's really every leader in the organization needs to internalize and then, want to act on it. But your culture is the only thing that's really unique to you and everything else is up for grab for anybody else. Don't typecast yourself." And now, welcome inside the ICE House. 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