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. 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. 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. Thanks for listening. We're always picking at things that could be better. 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? Theres no surprise here. But they do because the world is changing to digital and this is the essence of digital transformation. Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. It was doubling. I mean, what drove you to move on? 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? And my email just dribbled down to nothing and all this kind of thing." Including his options, Slootman owns about 10% of Snowflake. Perhaps the biggest one is the one that deals with the CEO replacement just months before the public offering happened. Frank Horvat helped elevate fashion photography into high art, and with his thoughtful photographs, changed how we look at fashion altogether. Check out the subtleties of his Wikipedia below. I'm the opposite. And it worked like that for about a hundred years. And we introduced a centrally cleared model with ICE as the central counterparty, because that makes it much easier for new firms to join. I can't do every speaking engagement," et cetera. Welcome, Frank, inside the Ice House. You hit a mark, you have to do two 360s. 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. 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. And that went on literally for years, okay? No, we're talking about stuff that's not working well. Architecturally, just damn near perfect, so. 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). That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. right? Well, that's because historically all we did was we did analytics in silo. When I was considering Snowflake, I told Snowflake, "I will not do this if Mike doesn't come along." And then Snowflake is again, a totally different. In other words, swarm to it instead of distance yourself from it. 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 by the way, for most people, that's a very difficult question. Some portions of the proceeding conversation may have been edited for the purpose of length or clarity. And when you're burned out, you don't regenerate anymore. We played a round of golf. But you dont achieve a $1.8 billion net worth by being a spendthrift. 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's hard to get off of that. Cloud-data warehouse Snowflake has been the talk of the town since it announced its intention of going public. He says, "If I have a problem in a state like Florida, where bodily injury claims are disproportionate to surrounding states, what explains that? Creative Commons Attribution-ShareAlike. The founder brings you in to scale up the company, but finds it difficult to step aside. Some may describe him as direct. 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. So, it just started to happen, but I wanted to desperately be in software at that time. The biggest guess is that Frank Slootman simply had the track record for having previously taken data storage companies successfully out of trouble and into the future. The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. The good thing is you dont have to actually sit in with Slootman to get his lessons. But now, and the influence of data science, we really have to interrogate data regardless of its silo boundaries. I use that expression a lot to say, "Look, data operations is going to become your core." And in other words, what problems can I solve very quickly versus what is going to take longer to solve. 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." It's lights out, light speed and then fully disintermediated and it's fully programmatic. Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening. They've never really been asked that before. Right? 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." [9] In June 2019, the company launched Snowflake Data Exchange. I mean, that's how I felt at that time, like I had no more to give. This article "Frank Slootman" is from Wikipedia. They're kind of like whine and bitch all day. That's the point of it. The dream drivers that have made the NYSE an indispensable institution of global growth for over 225 years. In the book, I go on and on about what some of those issues are. And Brett Favre was that way. Most people just preside over culture. Leone took Luddy on a host of interviews. So after a while, it's like, "Okay, we've done enough of this." 951 Chicago Ave., Oak Park, IL 60302. Snowflake is the third company Frank has taken public, and the lessons that shaped his career are part of his new book Amp It Up: Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity. And like, "How fast does this guy type?" Four banks would travel to a room next to the Bank of England twice a day in order to run an auction verbally. Because now, now you're going to look people in the eye, and say, "Look, this is the way we're going to be. Americans are, it doesn't matter what profession they're in, they always believe they can do better. I can just blow a year on doing some other stuff that's interesting." For example, he made a few changes at Snowflake when he became CEO. Not all people are created equal in terms of their roles and their contributions in companies. And obviously that is not the best way to go about things because that's just one man's opinion against another, right? Let's go." [1] In June 2012, ServiceNow became a publicly-traded company as Frank Slootman led the company through a $210 million IPO. Reflects change since 5 pm ET of prior trading day. Sometimes that is hard for American audiences. Information contained in this podcast was obtained in part from publicly available sources, and not independently verified. And obviously, I got that in spades at UN Royal in Indiana. That's the reason why this country does so well. Read More 10 Things You Didnt Know About Paul StovellContinue. 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. Look, I'm not a certain type of CEO. I'm like, "We're not trying to indict what you've done. 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. Career In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. Two years later, he was back at it again as chairman of enterprise software business ServiceNow, which he guided to a 2012 IPO. It wasn't, and the company wasn't failing financially on its growth objectives. When you get that sensation, you do need to leave because you're no longer the right person for that situation. 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. Okay. 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. 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. When I'm on offense out there, I don't worry about what's going on at home at the farm because that is in a very, very tight control mode. The book accounts his time in Data Domain and so much more. We want to bring about something in the world of computing that has never existed before and we are consumed by our mission. I mean, we were crawling the bottom in the early days, so we had a product that had marginal product market fit. You can't help but run into Dutch people everywhere because they have such a small country. Insurance companies historically have not been because they are data companies by their essence, right? We are people that basically see everything that's wrong all day, and we always see a room up from where things are. The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. 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. One company that embodies this vision is ThoughtSpot, an analytics company. And the reason that I found it so interesting is technology was mesmerizing. So, after six years of success, by any metric, by playing the king on that ServiceNow chess board, why was it time to step down? So, it's the story, what goes around, comes around, as I said at the beginning. Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. Others might say that hes completely brash. 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. But the essence of what I'm getting when I hire you is what you're innately good at. 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 . Tell me about sailing, first of all. Right. And having incredible meaning and potency and yield value for applications you never imagined. 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 like, "Jesus, I spent my whole life trying to get here. Because they can't understand how spending categories can just explode overnight like that. Once you understand relationships, you can now predict them. So, they looked around and they found the guy with a passport to Dutch language proficiency like. Everybody has access to capital. 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. 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. Given his accolades, Slootman gets invited to speak at many events. And you had literally physical media that could logistically manage. Good sales people have a track record. It's not that easy. How does that work at Snowflake? After all, he has experience on his side. I mean, in the book, Frank, you used the analogy of getting in the right elevator. A compensation package he received upon joining Snowflake in April 2019 awards him a. But I was now really primed at that point, in terms of, I knew a lot more, about what it was like to be in the US. 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. This is really think about it as a database in the Cloud. It was great and it lasted the entire duration. 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. This property is owned by Frank & Brenda Slootman. No databases of scale and no file systems with scale. These days, a lot of folks take it for granted, but Wall Street has a fascinating history. Our guest today, Frank Slootman is chairman and CEO of Snowflake. At 61 years old, Slootman has created quite the reputation for himself. The. Yeah. The perception in Holland of United States is very, and I don't want to use the word biased, that might be too strong. You need to be invested in the moment, in the present, rather than I'm thinking about my next move. I don't care for any of that. A term that gets used a little bit too much in too many places. You've said that you were really born in the wrong country. This is a very buoyant country. It pays a lot to be in the business of knowing what you do, and Slootman knows more than the rest of us when it comes to money, the market, and the software industry. You have served, as I intimated in the introduction, as the CEO of companies in Silicon Valley and now, Montana, but your story really begins 5,500 miles away from the West Coast. Our headquarters is in Atlanta, Georgia. What goes around, comes around and the Dutch get around the world. 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Fred Luddy, the founder of ServiceNow, I mean, super talented guy, obviously. And that's a whole different deal. What was that? The post 'Summer House' star Danielle Olivera gets emotional talking about Robert . Now, as the story goes, England followed the Netherlands in control of Manhattan. Early days of ServiceNow was just jungle fighting. 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. Phone: 312.994.4000. And it's just, it's intoxicating that energy. ICE is home to global natural gas markets benchmarks in Henry Hub, MBP, TTF, and JKM. It's a small country, obviously, which is why they sort of veer far and wide. People naturally become very unfocused, very, very easily. Obviously, that industry had moved on to all kinds of different disk space technologies. 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?" In other words, you got to really mean it, okay? It's just our nature to talk about problems." It's a transformation that is still going on. 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. Get the world to sort of move onto a different technology platforms, et cetera. I actually wanted to retire, truth be told. But your culture is the only thing that's really unique to you and everything else is up for grab for anybody else. I always find the problem when I hire people that are already, they have just taken a job and they're already about their next job. You can only sail so much, [crosstalk 00:31:19]. And I say, "Stop putting labels on yourself. And essentially, he defends. This boat actually won Slootman the 2017 Transpac Honolulu Race in 2017. You come with aptitude. Data Domain was really an interesting company. [2], In May 2019, Frank Slootman joined Snowflake Inc. as its CEO. He cuts back where he sees fit. Every week there was a new bid. Whatever he learned from school is probably what we should all learn. If you like what you heard, please rate us on iTunes, so other folks know where to find us. And did you have a sense that the sector was really about to explode? They want to know what good behavior is. 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. 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. The San Francsico 49ers admitted that they might be forced to go quarterback hunting this offseason. Because that's what it is. The scramble isnt over, and many who missed the opening also missed on the double growth just off the gate. New competitors, new partner ecosystems, so it was like, "Wow, this is the future." And by the way, data platforms have been extremely fragmented historically. 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. Spark 30S covers a route between the US Gulf coast and Northwest Europe, while Spark 25S covers a route between Australia and China. And there were many, many players in that segment, by the way. And I talk about that in the book, because again, there's observations, maybe even lessons that can be extracted from what happens when you're in a crowded field and you're trying to separate yourself from the pack. Slootman said diversity comes second when making . If it's not related to our core mission, we don't want to hear about it. In other words, wants to call it out, wants to prosecute it because you can see good behavior, bad behavior around you all day long. I mean, you probably have even a sense of things that you know you're not good at. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. By the close of. 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. 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. Helping women become better in negotiation is an urgent and essential task for organizations and individuals. Slootman applies this philosophy in the workplace as well. But . And people really want to be led in that manner. Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . Those are just markets, but culture is how you get up in the morning and how you prosecute your day, so it is a huge deal. 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.. [1] 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. Right? Now, amid an ongoing legal battle, its got to clean up a very public mess. So, we won a lot of outraces. And that's, I had a question the other day from somebody that hit me on LinkedIn and he was putting all kinds of labels on himself. Slootman has become somewhat of a business hero for many people, myself included. 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. And that's the American flavor and flare that has built up over three, almost four decades. So in other words, I did not accept the Snowflake role until, Mike said, "I'm coming along.". I'm on the phone with customers every day. At 61 years old, Slootman has created quite the reputation for himself. 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. And now, I feel like I'm being haunted, by this Dutch thing, this cloud that's hanging over me." IBA took over the auction in 2015 and we moved it to an electronic auction and on the web ICE platform, so it's fully audited to proper electronic liquidity window of market. One of the worst, worst in the English language for me. It takes nothing. Right? That's when you're at risk. 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. See what you can do with it" to data driving operations directly, right? It was an application development and runtime platform to run on both Unix and OSU and Windows all at the same time. It will be fine. And that is our culture. So, the earlier you show up, the better off you are. But one of those issues was that taken over from a founder CEO was really, really hard. Paul Stovell is an Australian businessman and entrepreneur who serves as the current CEO of Octopus Deploy. And I said, "Why not?" But it's also, you attack and you cross again. Slootman previously served as CEO for Data Domain and for ServiceNow, which he both took public. 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. Why did you give up the helm of the invisible hand for this new role with Snowflake? It still runs as an auction in rounds of 30 seconds and final price were used as the benchmark for the entire gold market. An in-house cafeteria replaced the usual catered lunch offerings, and sales representatives no longer had free reins on unexplained spending. And it was difficult for him to sort of hand over the reins, but the investors in the company convinced him that, "Look, we think that this is needed," because the company was growing well. It's been extremely successful since we took over. They're very safe. Okay? Because, if I can't explain it, then I can't predict it. Engineers should have a very easy time discerning the talent, so. That is how you energize companies. It takes a ton of work to maintain intense focus on the mission, so that's the weaponizing. But this was quickly set aside because Frank appears to walk the walk. But this whole Snowflake exercise could have turned out dramatically different, the CEO says, if the founders had pursued their original premise for what the company should be. That takes very different approaches, orientation, skill sets, and so on what you do. They did not try to carry technology or ways of thinking forward. 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. But let's focus on another dilemma that brought up in the book, Frank. 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 . And then George Washington was sworn in as the first President of the United States, just a few feet from the front door of the NYSE on April 30th 1789. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". This page was last edited on 12 March 2021, at 18:12. 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. Yeah, it was a good problem. And our conversation with Frank Slootman on how he amped up his career scaled three companies and the lessons he wants to now share with the world is coming up right after this. 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. Its none other than CEO Frank Slootman, and here are 10 things about the guy behind the current Snowflake craze. 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 mean, the problem with backup and recovery is, yeah, you can do backups, but the point of backup is recovery because if I can't find or read tapes, I'm still up the creek without a paddle. And Americans always think that there's an easy answer to these questions. I mean, all these greats, right? In other words, they kind of let it happen. And the product was insanely fast, completely automated. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace. And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. But EMC prevailed. Nothing to do with financial targets or growth targets or market capitalization. [23] Better, better all the time. to keep connected with us, please login with your personal info. Much like how he runs his companies, Slootman is always direct in his speeches. He was saying during the pandemic, he's like demand was up 60% over here, down 100% over there. And we feel the consequences of our actions every minute of the day. And you can take it or leave it and try it on for size and see if you like it." SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- Instacart, the leading online grocery platform in North America, today announced that Frank Slootman, Chairman and Chief . He's a pretty good golfer. 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.