It becomes the beating heart of a modern enterprise. I can just blow a year on doing some other stuff that's interesting." And did you have a sense that the sector was really about to explode? And by the way, data platforms have been extremely fragmented historically. And by the way, data is going to, some people have referred to it as a new currency to new oil, whatever you want to call it, but. In other words, as a leadership team, it's not just the CEO. I mean, that's how aligned this is, okay? Slootman received both his undergraduate and graduate degrees from the Erasmus University Rotterdam School of Economics. the internship sort of came about because I was about a year ahead of schedule at the university. In other words, "How fast does this might work?" And then, I had another internship after that. Mar 11, 2021, 11:30 ET. Well, that's another thing I don't think about that. 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. Slootman recently spoke at the CNBC. 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. So, this is not data warehousing, it's just one use case. 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. But the world of backup and recovery, was dominated, as you said, by tape automation technologies. Frank Slootman - Narrow the Focus, Increase the Quality - [In Frank Slootman, Snowflake CEO, joins 'Closing Bell: Overtime' to discuss the company as shares slump on weak guidance following Wednesday's earnings report. At 61 years old, Slootman has created quite the reputation for himself. Company still around, by the way. They want to know what bad behavior is. 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. 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. And it's just, it's intoxicating that energy. And the other thing I'll say is we maintain a very, what we call a malcontent attitude. So it's a very important question because if I hire you, I can get you experience every day at the week. Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. We were entertainment for Wall Street for a six-week period. He's a Dutchman Slootman moved to Silicon Valley in 1997. Right? I can't get you aptitude. And then being able to talk about it in an intelligent, really rich-considered manner. 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. All Rights Reserved. Four banks would travel to a room next to the Bank of England twice a day in order to run an auction verbally. In other words, somebody who has lived their lives over and over. If you like what you heard, please rate us on iTunes, so other folks know where to find us. I mean, in the book, Frank, you used the analogy of getting in the right elevator. We had this very high profile bidding war between the EMC and NetApp at that time. The pandemic has. 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. 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? 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? Yeah. [2], In May 2019, Frank Slootman joined Snowflake Inc. as its CEO. 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. I mean, they had graphical user interfaces that were completely proprietary to that company. That is by then, we often refer to this as data enrichment because you can take incredibly mundane data and when you enrich it with data attributes from other sources, like for example, you guys did with ADP, all of a sudden data goes from mundane to high octane. Then, they discuss Frank's hiring philosophy and how to create a winning relationship between an executive and their direct reports . Snowflake is Slootmans third IPO. Don't typecast yourself." Can you explain how you overcame both to lead the company through its 2012 IPO? I mean, you're not going to get excited, "Well, we want to grow 100% this year." That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. Things will change in ways you cannot even imagine the ideas that happen. So, it just started to happen, but I wanted to desperately be in software at that time. And how that allowed him to grow Snowflake into the biggest software IPO ever, and how. And that is a common thread through all our companies. Not exactly like a year and a half, he'd been there for seven years. Yeah, that goes back about mission posture. 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. 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. And a lot of people shy away from that because it's incredibly high anxiety to live in that world, but you want to suppress that reflex. 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. 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. In other words, they kind of let it happen. It's you're in this job for a reason. Frank Slootman, Chairman and CEO of Snowflake, recently launched a new book called Amp it Up: Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity. This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. Once you start doing that, you need to take yourself out of the game. Hes quite knowledgeable in the market industry, and he doesnt confuse with unnecessary jargon. Our guest was Frank Slootman, the Chairman and CEO of Snowflake. Take our own company, Intercontinental Exchange, for example. I'm a miserable golfer, but somewhere along, the 18 holes, he's like, "I'll do it, but don't leave me again." 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. And you need to have the flexibility of mind to really deploy yourself. 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. 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. And we feel the consequences of our actions every minute of the day. Software was barely an industry. Tell me about sailing, first of all. And the whole point of the book is I try to contrast these experiences, like look, they're not the same. So as leaders, you very much, I try, no matter how big this company gets, I try to run it like a popsicle stand where we're driving a race boat around the race course, okay. And you had literally physical media that could logistically manage. 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. This is a country that's very aspirational. Because of his much sought-after expertise, Slootman gets paid a decent sum of money. Wikitia is not affiliated to Wikimedia Foundation. They're very far removed from the drive train. So, they looked around and they found the guy with a passport to Dutch language proficiency like. Here's your host, Josh King of Intercontinental Exchange. And the product was insanely fast, completely automated. [1] He knows what problems exist in his field today, and he knows how to address them as well. By the close of. You guys are a data company, you know as well, right? 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, Dutch people are incredibly hard driving, no nonsense, can't suffer bullshit type of people. So, we won a lot of outraces. Thanks so much for joining us inside the Ice House. Our headquarters is in Atlanta, Georgia. I mean, it's like when people start to roll their eyes. In any successful company just ask them, they will attribute success to their culture. 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. Because you're like, "Oh, this is great. We will talk to you next week. Yeah, it was a good problem. When I was at Data Domain, hell, we were 15 people when I joined there. If there were one person you could sit and learn from today, who would it be? I mean, I still remember that we were in countries like France, where we had like a $10-million business, which was very small. 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. Investors know this about us. [+] NYSE When Snowflake went public in the largest software IPO of the year on Wednesday,. 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. While that is probably not, my temperament is not terribly well-suited for those types of jobs. I don't know if you've watched any of the first couple seasons of Ted Lasso, but on a team of great characters, the Dutchman is the one guy, straight faced, no bullshit throughout the whole game. I'm the opposite. So, it's the story, what goes around, comes around, as I said at the beginning. We are people that basically see everything that's wrong all day, and we always see a room up from where things are. 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. 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 by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. I speak with a fat accent and like, "What are we going to do with you, pal?" welcome back! 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 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. Obviously, that industry had moved on to all kinds of different disk space technologies. I always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. Engineers should have a very easy time discerning the talent, so. This is very much a country that believes things that other countries don't believe. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". And are there any particular secrets to building a consensus around the idea of change? What's your advice about someone climbing the corporate ladder looking to make that leap? I mean, it gets rid of you. CEO Frank Slootman (second row, fourth from left) and the Snowflake team virtually rang the opening . Now, you can manage LNG freight risk with ICE LNG freight futures contracts, which join our global natural gas complex. All of which is presented solely for informational and educational purposes. Every week there was a new bid. Everybody has access to talent. At the same time, we've never had a data Cloud in the history of computing because data was just fragmented and proliferated into silos and what we call bunkers. 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. Welcome back. Creative Commons Attribution-ShareAlike. Phone: 312.994.4000. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. 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. 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. And fortunately, the temperament that is in you, it's going to re-manifest itself sooner or later. But he had also been the CEO of ServiceNow for seven years. So in other words, I did not accept the Snowflake role until, Mike said, "I'm coming along.". Others might say that hes completely brash. That's when you're at risk. The eight blocks of the street run from Broadway in the west to the East River in the east. In the Dutchman Frank Slootman, a non-coddling, no-nonsense executive who had taken Data Domain public before selling it to EMC, Leone saw "a match made . This property is owned by Frank & Brenda Slootman. In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." Frank Slootman joins Jason for another incredible conversation that ranges from the management shift in Silicon Valley (1:08) to how to know if you're moving the dial in your organization (9:59). Right? Now, for us, it's a data Cloud. All of us, no exceptions." I mean, we lived in absolute terror. You just get into this cycle where all you want to do is leave. His company's listing here at the NYC in September 2020 was the largest software IPO in the history of the US capital markets. So, the earlier you show up, the better off you are. Frank Slootman added: " I'm excited to advise Blackstone. But 233 years later, American, Dutch and British interests are inexorably intertwined. Including his options, Slootman owns about 10% of Snowflake. If you like what you heard, please rate us on iTunes, so other folks know where to find us. Because that's what it is. So, I finally caved, okay. Perhaps thats exactly the kind of leadership that gets a million-dollar business into the realm of billions. The liberalization of LNG is creating a global natural gas market, with freight acting as a virtual pipeline between continents. When we first came in there, it was a very, very anxiety-ridden ride in the early days. 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." [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]. 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 . They knew exactly what we meant. They all do and for a good reason. I don't think about what's next. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. And rightfully so, by the way, because they have created something, right?. It still runs as an auction in rounds of 30 seconds and final price were used as the benchmark for the entire gold market. ICE is home to global natural gas markets benchmarks in Henry Hub, MBP, TTF, and JKM. I'm just, I'm fighting that tide. 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. 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. Obviously, that required even more resources, so we really had the strategic dilemma that we couldn't grow beyond our core market. Helping women become better in negotiation is an urgent and essential task for organizations and individuals. Because now, now you're going to look people in the eye, and say, "Look, this is the way we're going to be. And Americans always think that there's an easy answer to these questions. You're finding the best sailors in the world and all of that. When I was considering Snowflake, I told Snowflake, "I will not do this if Mike doesn't come along." 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. That takes very different approaches, orientation, skill sets, and so on what you do. Some of Wikitia's pages are sourced from Wikipedia.org's Mainspace and Draftspace. And I say, "Stop putting labels on yourself. I'm a proud US citizen, but at the same time, there's no negating my Dutch roots. 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.