And the whole point of the book is I try to contrast these experiences, like look, they're not the same. All of which is presented solely for informational and educational purposes. Windows 3.1 didn't even exist. Here's your host, Josh King of Intercontinental Exchange. 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. He says, "If I have a problem in a state like Florida, where bodily injury claims are disproportionate to surrounding states, what explains that? Our show is produced by Pete Asch, with assistance from Stephan Capriles, Ian Wolf, and Ken Abel. But yeah, aptitude is really about, what are you innately good at? Because he was still smarting from the fact that I left ServiceNow and he felt I left him stranded. And then obviously, a business that was at a sense of itself, of its product lifecycle, which has its own unique set of challenges. We're not trying to find fault with people or who did what to whom. And in other words, I was already negotiating Mike's package before I had joined ServiceNow. Frank Lloyd Wright Home and Studio. That takes very different approaches, orientation, skill sets, and so on what you do. This is really think about it as a database in the Cloud. I really had to change from being an individual contributor or a small team leader to somebody who runs organizations. What you're doing now is doing pretty good, so keep yourself in the game, Frank. So, I just had some peripheral view of the company, as well as its strategic challenges, by the way. Now, amid an ongoing legal battle, its got to clean up a very public mess. 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. But this was quickly set aside because Frank appears to walk the walk. How does having who's worked closely with you for years help you accomplish your goals of hyper growth without losing focus? Get the world to sort of move onto a different technology platforms, et cetera. We'll do something good with it. Slootman has become somewhat of a business hero for many people, myself included. 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. If you like what you heard, please rate us on iTunes, so other folks know where to find us. Whatever he learned from school is probably what we should all learn. Company still around, by the way. But one day, and this was in March of 2019 and he said, "What would it take for you to take the helm?" 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 remember having a conversation with the CEO of a very large healthcare company. So it's a very important question because if I hire you, I can get you experience every day at the week. So now, we're having business conversations about data. Given his accolades, Slootman gets invited to speak at many events. People naturally become very unfocused, very, very easily. Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. In May 2019, Frank Slootman, the retired former CEO of ServiceNow, joined Snowflake as its CEO and Michael Scarpelli, the former CFO of ServiceNow joined the company as CFO. welcome back! But the world of backup and recovery, was dominated, as you said, by tape automation technologies. And rightfully so, by the way, because they have created something, right?. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace. 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. Once you understand relationships, you can now predict them. The book accounts his time in Data Domain and so much more. 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. When a company is buying a million dollars from you in the course of a year, what are they getting? And that is a common thread through all our companies. 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. Look, I'm not a certain type of CEO. That's the point of it. I'm just, I'm fighting that tide. 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. Everybody has ideas. It still runs as an auction in rounds of 30 seconds and final price were used as the benchmark for the entire gold market. CEO Frank Slootman made $287,990 in salary in 2019. 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. What's the silver bullet? 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." to keep connected with us, please login with your personal info. And are there any particular secrets to building a consensus around the idea of change? They've never really been asked that before. I'm Josh King, your host, signing off from the library of the New York Stock Exchange. The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. Not exactly like a year and a half, he'd been there for seven years. CEO Frank Slootman (second row, fourth from left) and the Snowflake team virtually rang the opening . When I was at Data Domain, hell, we were 15 people when I joined there. So, it was an incredible trial by fire. And, how do you design single best data operations platform you possibly can?". This site uses Akismet to reduce spam. That culture really keeps you safe from being indulgent or just, you're sort of presiding. 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. At 61 years old, Slootman has created quite the reputation for himself. And then, I had another internship after that. After all, he has experience on his side. We just never backed off of it. But then, there's new platforms in terms of the Public Clouds, right? In this technological era, the field of analytics is vital as it makes it easy to access needed information without much of a hassle. They knew exactly what we meant. 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. And when you're burned out, you don't regenerate anymore. It wasn't, and the company wasn't failing financially on its growth objectives. All Rights Reserved. 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, they had graphical user interfaces that were completely proprietary to that company. I'm a proud US citizen, but at the same time, there's no negating my Dutch roots. If it's not related to our core mission, we don't want to hear about it. Chiefs defensive lineman Chris Jones recorded his first sacks of his postseason career in a redemptive victory, and his linemate Frank Clark stepped up in the playoffs once again. When I was considering Snowflake, I told Snowflake, "I will not do this if Mike doesn't come along." Right? This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. 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? The name was also fitting because a few years later, Snowflake burst onto the tech scene with a one of a time groundbreaking Cloud data warehouse product that revolutionized how companies could manage their data. This article "Frank Slootman" is from Wikipedia. A lot of people think that that's possible, but there's a real limit to what salespeople can and can't do. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. 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. One of the worst, worst in the English language for me. You just get into this cycle where all you want to do is leave. I mean, I was just in my way of life and I was going to stay there till the end of time. It's like, "That's not exciting." I only think about now and what I'm doing today. If there were one person you could sit and learn from today, who would it be? Software was barely an industry. Not all people are created equal in terms of their roles and their contributions in companies. 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. So, we came up with this war cry that said, "Tape sucks, move on." That's why they're big in banking and insurance and distribution and logistics. Never seen the inside of an office or anything. 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. And that went on literally for years, okay? The nascent liquidity of spot LNG freight markets, and the volatility of time charter rates has boosted demand for risk management tools. You have to have data to partial reality, right? When you get that sensation, you do need to leave because you're no longer the right person for that situation. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. His company's listing here at the NYC in September 2020 was the largest software IPO in the history of the US capital markets. I was a huge fan coming here. Snowflake, a cloud-based data-warehousing company, went public at $120 a share, and has since seen shares trade as high as $328 per share. I mean, we have bumper stickers and people would at trade shows would stick them on tape libraries. He said, "Because you guys are indicting everything I've done." [1] In June 2012, ServiceNow became a publicly-traded company as Frank Slootman led the company through a $210 million IPO. Because the essence of data science is you are trying to discover through historical data what the relationships are in your business. Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. 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. Snowflake is Slootmans third IPO. But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? Now, most organizations are incredibly in up still in terms of their data promise. Slootman knows exactly what hes doing. We wanted to buy technology from, what at that time was Veritas, Convo, companies that are still around, because then we could really address the, the functional scale and scope off our platform. 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. Now, as the story goes, England followed the Netherlands in control of Manhattan. They were all special purpose for this thing and that thing and that has really created a lot of problems for data center operations, because they just had a Frankenstein architecture out there and people are sick of that. I mean, it's a hell of a cash burner as well. Those are really good conversation, good questions to have because each organization is different. You really need to, look at yourself as an asset that can be applied in many, many different ways. The introduction of risk management tools for LNG freight will boost the efficiency of the virtual pipeline of LNG, a new catalyst for the liberalization of LNG and a critical milestone in the globalization of natural gas. Obviously all the financial reporting, all the systems. They all do and for a good reason. And people are, are mesmerized by Snowflake results because they don't quite understand, where is this coming from? Tej, Read More 10 Things You Didnt Know about Tej VirkContinue. 5. They also appreciate it. Insurance companies historically have not been because they are data companies by their essence, right? I use that expression a lot to say, "Look, data operations is going to become your core." [2], In May 2019, Frank Slootman joined Snowflake Inc. as its CEO. Slootman said diversity comes second when making . They only learn from consequences, so you got to create consequences, good and bad when things happen and things happen all day long. We don't preside, okay? And people really want to be led in that manner. Yeah, yeah. Did you find it difficult to change Snowflake's established culture? ICE is the first exchange to list LNG freight futures contracts underpinned by the price assessments of spark commodities. I really had to be shamed into writing this book, considering the amount of work that it is, but got a lot of help from the company. 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. Because they can't understand how spending categories can just explode overnight like that. And over time, we overcame that because we were laser focused on making the product bigger and faster every year. Leone took Luddy on a host of interviews. Frank has been involved in the business programming market for over 25 years as a business visionary and chief. Yeah, that goes back about mission posture. Give me that train wreck. Our first thought was "not again" - he co-wrote Rise of The Data Cloud last year. I speak with a fat accent and like, "What are we going to do with you, pal?" And of course, people chuckled because they recognized it. 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. Cloud-data warehouse Snowflake has been the talk of the town since it announced its intention of going public. 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. Well, that's another thing I don't think about that. I don't have to go work on Monday. I mean, we had like 15X, the X of the next nearest competitor. Photo by Christie Hemm Klok/The Forbes Collection. Obviously, that industry had moved on to all kinds of different disk space technologies. So, we started to wind down a little bit. 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. I was like, "Jesus, I spent my whole life trying to get here. But in the end, it's like we have to get into backup software in which we tried. I always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. He also scaled the workplace back tremendously from stunning spaces in San Francisco to headquarters in San Mateo. 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. Yeah, it was a good problem. What was that? 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. No databases of scale and no file systems with scale. I mean, it was doing well. Make it as easy as I could make it. The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. And that's the American flavor and flare that has built up over three, almost four decades. We're always picking at things that could be better. 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. 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. Better, better all the time. I can just blow a year on doing some other stuff that's interesting." Can you explain how you overcame both to lead the company through its 2012 IPO? And you mentioned several times in the book that you look for aptitude over experience, does that focus help snowflake identify young talent and how do you measure aptitude? The founder brings you in to scale up the company, but finds it difficult to step aside. But the problem with tape was, I mean, tape got lost, tape became unreadable. And that's all coming up right after this. Including his options, Slootman owns about 10% of Snowflake. 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. 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. And I said, "Why not?" After joining almost at the start in 2003, Slootman helped. And we were babes in the wood back then. What goes around, comes around and the Dutch get around the world. Slootman received both his undergraduate and graduate degrees from the Erasmus University Rotterdam School of Economics. They're very far removed from the drive train. And I'm like, "You know what? Perhaps the biggest one is the one that deals with the CEO replacement just months before the public offering happened. Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . So, I finally caved, okay. And we publish the data transparently on our site, so anyone can come and see what actually happened in the auction. But 233 years later, American, Dutch and British interests are inexorably intertwined. They want to know what bad behavior is. 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. Career In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. 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. 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. And we feel the consequences of our actions every minute of the day. So like, "Look, I'm not going to be doing the same races over and over again." And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. They're very safe. 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." 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. The scramble isnt over, and many who missed the opening also missed on the double growth just off the gate. And the other thing I'll say is we maintain a very, what we call a malcontent attitude. You arrived at something like tape sucks. When you run companies, you need to narrow the plane of attack very, very quickly. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." And the product was insanely fast, completely automated. Snowflake now has Frank Slootman as chairman and CEO. It's you're in this job for a reason. It wasn't long before top VCs weighed in. So after a while, it's like, "Okay, we've done enough of this." This is very much a country that believes things that other countries don't believe. 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. We're two sides of a coin, which is a reason why we've shown up in so many companies together. 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?" Back then, there were hardly any software companies around. Because now you're buying somebody else's culture. 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. The question is, what are you going to do? Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. That's the reason why this country does so well. [9] In June 2019, the company launched Snowflake Data Exchange. Before accepting the Snowflake CEO job, Slootman was retired and racing sailboats competitively in the San Francisco Bay Area. He's like, "How do we run a supply chain?" 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." So not only is this CEO a winner on land; he also dominates the sea with his sailboatpretty impressive on any measure. And fortunately, the temperament that is in you, it's going to re-manifest itself sooner or later. Fred Luddy, the founder of ServiceNow, I mean, super talented guy, obviously. 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. Of these, six were built: the Imperial Hotel and Annex, the Jiyu Gakuen School, the Aisaku Hayashi . Once you start doing that, you need to take yourself out of the game. Presiding is the worst word. And now, welcome inside the ICE House. They're high anxiety, they're entrepreneurs, they're CEO, and sort of getting a very unvarnished view, inside view from a fellow traveler. 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. 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. It's been extremely successful since we took over. I'm on the phone with customers every day. In Amp It Up, Frank, you say that a company's mission really has to be weaponized. And that's a whole different deal. And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. You want to be that person, okay? Museum Shop Hours: 9:30 am - 5 pm daily; 9:30 am - 4 pm in January and February. Not much is known about Slootmans personal life, but we do know that hes fairly young for the success hes achieved in his lifetime. They're kind of like whine and bitch all day. Frank Slootman added: " I'm excited to advise Blackstone. In Amp It Up, you're pretty open about the struggles the company faced in its business and leadership. What is the core of your being, right? 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. Read More 10 Things You Didnt Know About Paul StovellContinue. JP Morgan paid $175 million for a startup it believes it was conned into buying. And historically, people have tried to answer these questions anecdotally. It's really a company production, by the way. Snowflake, the cloud-based data-warehousing company, has been on fire in 2020, with veteran tech CEO Frank Slootman at the center of its success. And like, "How fast does this guy type?" 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. Mar 11, 2021, 11:30 ET. But that is what digital transformation is. 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. Before that, he spent his life in Netherlands, where he was also born. I'm buying aptitude and then I'm going to develop that with experience, right? Who can solve what set of issues, right? The list of its authors can be seen in its historical. What kind of people fail here and why?" The post 'Summer House' star Danielle Olivera gets emotional talking about Robert . Slootman moved to Silicon Valley in 1997. Somebody who I had known for many, many years, so at Sutter Hill Mike Speiser. 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? Right? None of that stuff is material to your mission. That is how you energize companies. People that the company really, really runs on. Things will change in ways you cannot even imagine the ideas that happen. That's a running joke that we always have. It takes a ton of work to maintain intense focus on the mission, so that's the weaponizing. How does that work at Snowflake? It was small, it was slow. But EMC prevailed. There's new business models. If you want to know more about this CEO, this might be the book to read. So, I ended up going back to, I really didn't want to. But you mentioned this earlier, it isn't really what happened. 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. I need to know what that is. It's a small country, obviously, which is why they sort of veer far and wide.