Prior to joining Snowflake, Frank served as the CEO of ServiceNow and that's NYSE ticker symbol, NOW and Data Domain, leading both of those firms successfully through their IPOs. They're very lonely in their jobs. Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. It was small, it was slow. Today, Slootmans net worth shot up to $1.8 billion because of the Snowflake IPO. Yeah, that goes back about mission posture. You have to have data to partial reality, right? Yeah, in some areas it's easier than others, and in sales, we can just look at what people have done the past. 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. Creative Commons Attribution-ShareAlike. I'm just, I'm fighting that tide. The post 'Summer House' star Danielle Olivera gets emotional talking about Robert . And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. Because, and this is another important observation, I think. Presiding is the worst word. 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? But this was quickly set aside because Frank appears to walk the walk. 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 [emailprotected] or tweet at us @icehousepodcast. So, this is not data warehousing, it's just one use case. You arrived at something like tape sucks. Obviously, that required even more resources, so we really had the strategic dilemma that we couldn't grow beyond our core market. It's just, it's hard not to be acquainted at some level with that culture. Not much is known about Slootmans personal life, but we do know that hes fairly young for the success hes achieved in his lifetime. It's like, "That's not exciting." San Francisco 49ers Admit Quarterback Help Might Be Needed This Offseason, Frank Founder Charlie Javice Denies JP Morgan Allegations That She Duped Bank Into Buying Her Startup For $175M, Central Bank Digital Currencies Are Off To A Rough Start, JP Morgan Is Still Cleaning Up Its Disastrous $175M Frank Acquisition, How To Choose The Right Bank For Your Business And Sector, Chris Jones And Frank Clark Lead Kansas City Chiefs To AFC Championship Win, The Last Of Us Season 1, Episode 3 Recap And Review: Bill And Frank, Art Titan Frank Frazettas Legacy Keeps Growing With New Projects And A Massive Retrospective, Inside Frank Horvats Fashion Photography Exhibition In Germany, Frank Talk About Women, Money, And Promotion, European School of Management and Technology - Berlin, Snowflake CEO Frank Slootman: How To Boost Growth And Drive Meaningful Change, 2022 Billionaires: Cities With The Most Billionaires, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. 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. 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. And that's all coming up right after this. We played a round of golf. welcome back! I actually wanted to retire, truth be told. Somebody who I had known for many, many years, so at Sutter Hill Mike Speiser. Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening. One company that embodies this vision is ThoughtSpot, an analytics company. It was just like Formula 1 of sailboat racing. Because now, now you're going to look people in the eye, and say, "Look, this is the way we're going to be. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. Every week there was a new bid. 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? Never seen the inside of an office or anything. And I said, "Why not?" You want to be that person, okay? They're kind of like whine and bitch all day. The IPO was the third for Slootman, who moved to California for a job at Compuware in the dot-com boom, then worked at Borland Software. We're driving change. Our show is produced by Pete Asch, with assistance from Stephan Capriles, Ian Wolf, and Ken Abel. And that is our culture. But what is so great about it is, I mean, the starts are incredibly exciting and that takes enormous amount of drilling to become really good at starts because it's a tightly, tightly coordinated process and you have to become good at it. You speak the language, like we do, but there is something different about you." Did you find it difficult to change Snowflake's established culture? People that the company really, really runs on. All Rights Reserved. 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. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. By the way, our two largest competitors were both bidding for the company at the same time. 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. Much like how he runs his companies, Slootman is always direct in his speeches. Having run a number of global software companies, I appreciate the scope of resources that Blackstone can bring to high-growth . Instead, hes got something equally as coola sailing boat named The Invisible Hand. All of us, no exceptions." 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. But if you're performing at Tom Brady's level, you have no reason to step aside. I mean, all these greats, right? When you run companies, you need to narrow the plane of attack very, very quickly. I often refer to those people as passengers and then, they're the drivers. Yeah, it was a good problem. Leaders such as Slootman, Scott McNealy , Jayshree Ullal and my old boss Pat McGovern have inspired me over the. And also in sailing, you're always looking for new adventures, different platforms and things of that sort to sort of keep it interesting, continual learning experience and so on, rather than rinse and repeat. 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. Slootman moved to Silicon Valley in 1997. And then obviously, a business that was at a sense of itself, of its product lifecycle, which has its own unique set of challenges. That culture really keeps you safe from being indulgent or just, you're sort of presiding. The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. I mean, without the foresight of having read Amp It Up, our listeners might assume that a jump from into software would take you really the rest of the way in your career from your start in Europe, to Indiana, the Midwest, all the way to California. CEO Frank Slootman (second row, fourth from left) and the Snowflake team virtually rang the opening . These days, a lot of folks take it for granted, but Wall Street has a fascinating history. But it's also, you attack and you cross again. Spark 30S covers a route between the US Gulf coast and Northwest Europe, while Spark 25S covers a route between Australia and China. Phone: 312.994.4000. When you get that sensation, you do need to leave because you're no longer the right person for that situation. This site uses Akismet to reduce spam. Well, that's because historically all we did was we did analytics in silo. They sold the living hell out of that product. He's a Dutchman Slootman moved to Silicon Valley in 1997. By the close of. Tell me about sailing, first of all. And, how do you design single best data operations platform you possibly can?". Data has no opinion. But your culture is the only thing that's really unique to you and everything else is up for grab for anybody else. You're finding the best sailors in the world and all of that. 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. 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. Frank Slootman is the CEO of Snowflake, a cloud-based database firm he joined in 2019 and took public in September 2020 in a blockbuster IPO. Before the break, Snowflake's CEO, Frank Slootman and I were discussing his career. I mean, it's a hell of a cash burner as well. In other words, swarm to it instead of distance yourself from it. 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." Cloud-data warehouse Snowflake has been the talk of the town since it announced its intention of going public. I'm trying to get into markets, not get out of them, but strategically we had a dilemma and others that we were, what I would call landlocked, maybe another nautical Dutch type of term, because we couldn't get beyond our core business of backup and recovery. I mean, that's how aligned this is, okay? Give me that train wreck. Things will change in ways you cannot even imagine the ideas that happen. Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. Before becoming President and CEO, Mark served as Tableaus Executive Vice President of Product Development, coordinating the, Read More 10 Things You Didnt Know about Mark NelsonContinue. 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. And that really allowed me to do this at 6:00 AM on weekdays and weekends and the holidays. Software was barely an industry. I mean, the only thing that energizes people and teams and organizations and companies as a whole is the mission. None of that stuff is material to your mission. 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. It's like it's full of feedback. So, they looked around and they found the guy with a passport to Dutch language proficiency like. And the term BI had not even been invented back then. Now, what that does the weaponizing, what that does is we block everything else out. And that's the American flavor and flare that has built up over three, almost four decades. 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. 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. You could eject the tape from a tape drive and you could ship it off site. This boat actually won Slootman the 2017 Transpac Honolulu Race in 2017. Frank Lloyd Wright Home and Studio. It's a transformation that is still going on. That's awesome. 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. They're high anxiety, they're entrepreneurs, they're CEO, and sort of getting a very unvarnished view, inside view from a fellow traveler. 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. In other words, they kind of let it happen. [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]. 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." Can you explain how you overcame both to lead the company through its 2012 IPO? And when you're burned out, you don't regenerate anymore. 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? At 61 years old, Slootman has created quite the reputation for himself. 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. And obviously, I got that in spades at UN Royal in Indiana. They're very safe. But then, you go like, "Oh, this is the rest of my life." to keep connected with us, please login with your personal info. So, the earlier you show up, the better off you are. I was a huge fan coming here. 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 I've never been able to equal that level of success with a marketing slogan. In 2003, he became CEO of storage startup Data Domain, taking it public in 2007 and selling it to EMC in 2009 for $1.8 billion. The IPO was the third for Dutch-born Slootman, who moved to California for a job at Compuware in the dotcom boom, then worked at Borland Software. Investors know this about us. And historically, people have tried to answer these questions anecdotally. He's a pretty good golfer. 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. Architecturally, just damn near perfect, so. Now, you can manage LNG freight risk with ICE LNG freight futures contracts, which join our global natural gas complex. It's really a company production, by the way. And that is a common thread through all our companies. Todays companies all want to achieve exponential growth and according to Frank Slootman, author of a new book for business leaders, every organization has the potential to scale to massive heights. Back then, there were hardly any software companies around. It takes a ton of work to maintain intense focus on the mission, so that's the weaponizing. [9] In June 2019, the company launched Snowflake Data Exchange. Frank's new book, Amp It Up: Leading For Hyper Growth By Raising Expectations, Increasing Urgency and Elevating Intensity, still is the leadership principles he's developed over his long career. Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. 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. And today, there's an endless bank of software company elevators, but when you joined Comshare, it was in the nascent days of the tech world. Four banks would travel to a room next to the Bank of England twice a day in order to run an auction verbally. They want to know what bad behavior is. Tour Hours: 10 am - 4 pm daily; 10 am - 3 pm in January and February. It takes nothing. If you want to know more about this CEO, this might be the book to read. I remember having a conversation with the CEO of a very large healthcare company. And in other words, I was already negotiating Mike's package before I had joined ServiceNow. And I had already made a little bit of a name for myself in the company. Bachelor of Science, Erasmus University Rotterdam, The Netherlands; Master of Science, Erasmus University Rotterdam, The Netherlands. Read More 10 Things You Didnt Know About Paul StovellContinue. It's just our nature to talk about problems." For example, he made a few changes at Snowflake when he became CEO. It still runs as an auction in rounds of 30 seconds and final price were used as the benchmark for the entire gold market. 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. 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. Perhaps thats exactly the kind of leadership that gets a million-dollar business into the realm of billions. We had no experience. They want to know what good behavior is. And then I change myself to become that flavor of CEO. I mean, anecdotal observation has pretty much run its course. BUILDINGS. This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. It's you're in this job for a reason. Where I come from, people are quite resigned to their fate. At 61 years old, Slootman has created quite the reputation for himself. We will talk to you next week. Slootman said diversity comes second when making . Good sales people have a track record. Make it as easy as I could make it. Frank Slootman Chairman and CEO at Snowflake Bozeman, Montana, United States 32K followers 500+ connections Join to follow Snowflake Erasmus University Rotterdam Articles by Frank Drivers vs.. They knew exactly what we meant. They're very well dialed into it. But you dont achieve a $1.8 billion net worth by being a spendthrift. Well, that's another thing I don't think about that. If there were one person you could sit and learn from today, who would it be? That's why they're big in banking and insurance and distribution and logistics. 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. I hate to break it to the audience, but that is the way that it is. This is really think about it as a database in the Cloud. Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. I'm the opposite. What's your advice about someone climbing the corporate ladder looking to make that leap? 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. You've said that you were really born in the wrong country. Whereas in business, it often takes so much longer to be confronted with the consequences of your actions and some people don't-. I mean, it was doing well. While most CEO's 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. And then being able to talk about it in an intelligent, really rich-considered manner. What are your God-given talents? Right? It's really every leader in the organization needs to internalize and then, want to act on it. The interesting thing about data domain was it was very, very slow going. And then Snowflake is again, a totally different. I mean, it was just trying to stay alive. And if I can't predict it, I can't change my policy, I can't change my pricing." And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. Mr. Slootman served as CEO and President of ServiceNow from 2011 to 2017, taking the organization from around $100M in revenue, through an IPO, to $1.4B. I need to know what that is. While everything about Snowflake is hot in the market, were left asking who is at the helm of it all. 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. Slootman previously served as CEO for Data Domain and for ServiceNow, which he both took public. We had this very high profile bidding war between the EMC and NetApp at that time. So not only is this CEO a winner on land; he also dominates the sea with his sailboatpretty impressive on any measure. 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. 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 now, I feel like I'm being haunted, by this Dutch thing, this cloud that's hanging over me." But that is what digital transformation is. How does that work at Snowflake? And for example, when I joined Unysis, I ended up in a corporate planning role. So in other words, I did not accept the Snowflake role until, Mike said, "I'm coming along.". Now, for us, it's a data Cloud. Snowflake now has Frank Slootman as chairman and CEO. SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- Instacart, the leading online grocery platform in North America, today announced that Frank Slootman, Chairman and Chief . As we're recording this in early 2022, the competition for talent has reached a boiling point. It is hard when you lose your sense of mission, when you lose your desire and your boldness and your aggression in the marketplace and want to go after competition. The 61-year old Dutch executive's first CEO job was at an early-stage startup called Data Domain that made specialized storage hardware. But then, there's new platforms in terms of the Public Clouds, right? It is a future state that we're all working on right now. Whatever he learned from school is probably what we should all learn. And I say, "Stop putting labels on yourself. What's the playbook?" 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? I mean, you're not going to get excited, "Well, we want to grow 100% this year." And essentially, he defends. Given his accolades, Slootman gets invited to speak at many events. 951 Chicago Ave., Oak Park, IL 60302. Because when all the energy and all the quality of resources is fully concentrated on the mission, that's pure magic, okay? In 2011, you joined ServiceNow, a name that's really quite familiar to our listeners where you were confronted by that old conundrum of the CEO founder that we've discussed on this podcast before. That's where we're at right now. So now, we're having business conversations about data. I'm like, "We're not trying to indict what you've done. So I've been very different from early days of Data Domain, later days of Data Domain, early days of ServiceNow. 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. They always have a twinkle in their eye and they're going to do this, they're going to do that. 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. Now, we're going to go move the pieces and I'm just a piece on the chessboard." Frank Lloyd Wright designed some 14 buildings for Japan: an embassy, a school, two hotels and a temporary hotel annex, a commercial-residential complex, a theater, an official residence for the prime minister and six private residences. Let me bring you back 10 years to 2012, Benoit Dageville, Thierry Cruanes, and Marcin ukowski started Snowflake as the secret name of the startup they were working on during that particularly hot summer. JP Morgan paid $175 million for a startup it believes it was conned into buying. And we feel the consequences of our actions every minute of the day. Americans are, it doesn't matter what profession they're in, they always believe they can do better. 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 . We're going to nuke an entire industry out of existence. We added sort of network replication disaster recovery, a whole bunch of adjacencies to it. But eventually, I returned to Holland about a year later, resumed my education. But then again, there really is only one Frank Slootman, IPO master in the world.