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. 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. You guys are a data company, you know as well, right? You need to sort your issues into, "What am I going to focus on?" JP Morgan paid $175 million for a startup it believes it was conned into buying. And we publish the data transparently on our site, so anyone can come and see what actually happened in the auction. Each week, we feature stories of those who hatch plans, create jobs and harness the engine of capitalism, right here, right now at the NYSE and at ICE's exchanges and clearing houses around the world. Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening. And I've never been able to equal that level of success with a marketing slogan. Everyone's watching. And it's very much a talent game just like business is. What attracted you to the space? The company is a fintech firm that helps companies automate their deployments with unique software solutions for business. And of course, people chuckled because they recognized it. Right? It was an application development and runtime platform to run on both Unix and OSU and Windows all at the same time. Yeah. 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. [9] In June 2019, the company launched Snowflake Data Exchange. Frank Slootman Is No Snowflake | Sequoia Capital US/Europe And everybody was like, "Who's Data Domain? The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. Did you find it difficult to change Snowflake's established culture? I mean, it was a super crowded field, but we just crushed that entire field. Welcome back. Somebody who I had known for many, many years, so at Sutter Hill Mike Speiser. Look, I'm not a certain type of CEO. Blackstone Announces Appointment of Frank Slootman, Chairman and CEO of So, we were just picking over use cases here and there to sort of stay alive in the early days. And by the way, the inverse of that is what are you not good at? But you think that your upbringing in the Netherlands gave you a unique perspective on business and success, that's helped you throughout your career? People who have seen sort of the ticker symbol of Snowflake pass their eyes on CNBC and see how its companies perform and say like, "What is that company with the name after falling snow from the sky?" But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. I need to know what that is. 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 opinions, everybody's got one, but data doesn't lie. The Frank Lloyd Wright Suite at This Tokyo Hotel Is a Midcentury Modern Welcome, Frank, inside the Ice House. Frank Slootman - The Montgomery Summit At 61 years old, Slootman has created quite the reputation for himself. It's really a company production, by the way. Slootman may be someone you wouldnt be comfortable sitting face-to-face with, but hes definitely someone you can listen to in a room full of people. He also scaled the workplace back tremendously from stunning spaces in San Francisco to headquarters in San Mateo. There's new business models. So, I got pestered by VCs over the years, like "When are you going to do an update to your book because you now have two more companies to talk about." You speak the language, like we do, but there is something different about you." It was originally known in Dutch as de Waalstraat when it was part of new Amsterdam in the 17th Century, an actual wall existed on the street from 1685 to 1699, protecting the early entrepreneurs and fur traders of Fort Amsterdam from encroachment from the north. Because that's what it is. Closed: Thanksgiving, Christmas Eve, Christmas and New Year's Day. 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. Investors know this about us. And when you let it happen, you get feed-ups. And now, welcome inside the ICE House. By the close of. And it was really my wife who said, "No, no, we'll go. Mar 11, 2021, 11:30 ET. Frank Slootman is the CEO of Snowflake, a cloud-based dataset organization he helped build in 2019. Slootman recently spoke at the CNBC. I always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. And that's the American flavor and flare that has built up over three, almost four decades. 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. Obviously, that required even more resources, so we really had the strategic dilemma that we couldn't grow beyond our core market. Okay. to keep connected with us, please login with your personal info. Including his options, Slootman owns about 10% of Snowflake. You hit a mark, you have to do two 360s. Login - Ashima So, I ended up going back to, I really didn't want to. I mean, it was just trying to stay alive. Take our own company, Intercontinental Exchange, for example. And how that allowed him to grow Snowflake into the biggest software IPO ever, and how. Africas largest economy is in the early stages of a monetary experiment that could be coming to the U.S. sooner than you think. And Mike, he takes on the end entire spectrum of controls and administration. We call it a turn on the crank and we came out with a product that was at least twice as big, twice as fast, so the market kind of opened up gradually for us. As cool as it may sound, Slootman doesnt actually have a literal invisible hand. 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. ICE is the first exchange to list LNG freight futures contracts underpinned by the price assessments of spark commodities. 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 the essence of what I'm getting when I hire you is what you're innately good at. He cuts back where he sees fit. Now, tape technologies go all the way back to the early days of computing, because that was the form of magnetic storage that we had. It's just our nature to talk about problems." You want to be that person, okay? No, I didn't. You could eject the tape from a tape drive and you could ship it off site. 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. We had no experience. Tell me about sailing, first of all. A lot of people think that that's possible, but there's a real limit to what salespeople can and can't do. This is a country that's very aspirational. We were entertainment for Wall Street for a six-week period. And I said, "Why not?" 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. I mean, we have bumper stickers and people would at trade shows would stick them on tape libraries. What kind of people fail here and why?" So it's a very important question because if I hire you, I can get you experience every day at the week. I just have been in the line of fire too long. 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." He says, "If I have a problem in a state like Florida, where bodily injury claims are disproportionate to surrounding states, what explains that? Episode 280: Snowflake CEO Frank Slootman Wrote the Playbook - the ICE 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. And that's all coming up right after this. They're kind of like whine and bitch all day. 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. 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. right? Frank Slootman - Wikitia You cannot sell your way through a crappy product, okay? We don't preside, okay? 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. Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. Yeah, in some areas it's easier than others, and in sales, we can just look at what people have done the past. Frank Slootman - Narrow the Focus, Increase the Quality - [In Bachelor of Science, Erasmus University Rotterdam, The Netherlands; Master of Science, Erasmus University Rotterdam, The Netherlands. And you can take it or leave it and try it on for size and see if you like it." So I've been very different from early days of Data Domain, later days of Data Domain, early days of ServiceNow. Some may describe him as direct. You can only sail so much, [crosstalk 00:31:19]. And you need to have the flexibility of mind to really deploy yourself. Once you start doing that, you need to take yourself out of the game. CEO Outlook | Frank Slootman - KPMG Global Well, that's another thing I don't think about that. I mean, I was just in my way of life and I was going to stay there till the end of time. And essentially, he defends. He said, "Because you guys are indicting everything I've done." In Amp It Up, Frank, you say that a company's mission really has to be weaponized. Wikitia is not affiliated to Wikimedia Foundation. Frank Horvat helped elevate fashion photography into high art, and with his thoughtful photographs, changed how we look at fashion altogether. 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. The question is, what are you going to do? It's like it's full of feedback. But your culture is the only thing that's really unique to you and everything else is up for grab for anybody else. But let's focus on another dilemma that brought up in the book, Frank. 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. And we were babes in the wood back then. 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. I mean, to this day, with all the other things that we've done, I still treasured that experience greatly and it's still a very large business to this day. 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. Frank Lloyd Wright Home and Studio. I mean, it's a hell of a cash burner as well. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. A compensation package he received upon joining Snowflake in April 2019 awards him a. In other words, they kind of let it happen. In other words, you got to really mean it, okay? But it's a very, it's a country that has really no natural resources other than the natural gas that you mentioned, which they're pretty much run out of by now, so they've really leveraged their geographic location over the years. They always have a twinkle in their eye and they're going to do this, they're going to do that. Fred Luddy, the founder of ServiceNow, I mean, super talented guy, obviously. And I had already made a little bit of a name for myself in the company. All of which is presented solely for informational and educational purposes. He published a book in 2011 called Tape Sucks. Slootman is going to take Snowflake for quite the ride, and you have to decide whether youre getting in his car or not. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." It wasn't long before top VCs weighed in. He knows what problems exist in his field today, and he knows how to address them as well. 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. Now, amid an ongoing legal battle, its got to clean up a very public mess. Frank Slootman currently serves as Chairman and CEO at Snowflake. And it wasn't until the consent degree with IBM that really unbundled the software from hardware because software industry couldn't even happen because software was bundled. And in other words, I was already negotiating Mike's package before I had joined ServiceNow. 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. Don't typecast yourself." I'm a proud US citizen, but at the same time, there's no negating my Dutch roots. 5. CEO Frank Slootman told CNBC in January that after the Covid-19 outbreak forced people to work from home, it became clear that the old way of working wasn't going to return. So, a book becomes highly scalable way of really creating some well-curated observations around "Look, here's what we believe to be true about the trajectory that we've been on. Right? Basically, we had to solve our enormous problems that we have while the company was doubling in size, more than doubling its size every year. And I say, "Stop putting labels on yourself. Snowflake IPO: Everything you need to know | Fortune And I'm like, "You know what? Because now you're buying somebody else's culture. The good thing is you dont have to actually sit in with Slootman to get his lessons. While that is probably not, my temperament is not terribly well-suited for those types of jobs. And that is our culture. We just never backed off of it. None of that stuff is material to your mission. 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. Americans are, it doesn't matter what profession they're in, they always believe they can do better. 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. And when you're burned out, you don't regenerate anymore. If there were one person you could sit and learn from today, who would it be? I mean, it's like when people start to roll their eyes. That culture really keeps you safe from being indulgent or just, you're sort of presiding. Never heard of that company." See what you can do with it" to data driving operations directly, right? So, I ended up in odd places because they didn't know what to do with me. [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]. So, we started to wind down a little bit. I'm curious, how that opportunity at Data Domain came to you? And then Snowflake is again, a totally different. And by the way, when you see the decline of very, very storage enterprises, you can pick MG and HP and and Intel and so on, what happened to these people along the way? Right? And I have to, the moment I start sitting in my ivory tower and rely on reporting from people all over the place, we're in a world of hurt. 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. So, I really lift that cross and the chasm dynamic. Right? You really need to, look at yourself as an asset that can be applied in many, many different ways. 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. CEO of year's hottest IPO focuses on one 'incredibly hard' question - CNBC But the problem with tape was, I mean, tape got lost, tape became unreadable. This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. I mean, they had graphical user interfaces that were completely proprietary to that company. I mean, we had like 15X, the X of the next nearest competitor. People that the company really, really runs on. Presiding is the worst word. In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. 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. And if I can't predict it, I can't change my policy, I can't change my pricing." In other words, swarm to it instead of distance yourself from it. ICE is home to global natural gas markets benchmarks in Henry Hub, MBP, TTF, and JKM. Slootmans style of leadership is not gentle at all. Our headquarters is in Atlanta, Georgia. It's always hard when you come in as a CEO and you have to follow a founder because the founder almost has mythical status in the organization. And, how do you design single best data operations platform you possibly can?". Volumes have increased and they've pretty much more than doubled, and we've actually nearly tripled the number of participants that we have as well. And then, I had another internship after that. 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. I mean, that's how I felt at that time, like I had no more to give. Software was barely an industry. I mean, anecdotal observation has pretty much run its course. Frank Lloyd Wright's Buildings in Japan 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. Not all CEOs have this, but a lot of CEOs do. BUILDINGS. Snowflake chairman and CEO Frank Slootman on leadership and the war against mediocrity February 23, 2022 "Leading for unprecedented growth means declaring war on mediocrity, breaking the status quo, and making conflicted choices daily, all with a relentless focus on the mission," says Frank Slootman , chairman and CEO of Snowflake, one of . Snowflake CEO Slootman Scores IPO Hat Trick With Big Bet on Data The list of its authors can be seen in its historical. Leone took Luddy on a host of interviews. 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. But it's also, you attack and you cross again. 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. 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. Snowflake moves executive office from California to Bozeman, Montana - CNBC Because if I sailed before, I always felt guilty because I was doing something that wasn't the company and now, I was completely free of guilt because it was my own time, my own money, et cetera and it was great. And that really allowed me to do this at 6:00 AM on weekdays and weekends and the holidays. 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." This boat actually won Slootman the 2017 Transpac Honolulu Race in 2017. 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. So, we came out there and we said, "Look, no, we're not just going to sell a product here. Having run a number of global software companies, I appreciate the scope of resources that Blackstone can bring to high-growth . Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. 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? I mean, the only thing that energizes people and teams and organizations and companies as a whole is the mission. So now, we're having business conversations about data. 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, all these greats, right? You're finding the best sailors in the world and all of that. It takes a ton of work to maintain intense focus on the mission, so that's the weaponizing. 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. So, the earlier you show up, the better off you are. Snowflake Appoints Frank Slootman as Chairman and CEO