Thanks so much for joining us inside the Ice House. I mean, you can take somebody out of their country, but you can't take the country out of the person, as the old saying goes. 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. Photo by Christie Hemm Klok/The Forbes Collection. Museum Shop Hours: 9:30 am - 5 pm daily; 9:30 am - 4 pm in January and February. You speak the language, like we do, but there is something different about you." The founder brings you in to scale up the company, but finds it difficult to step aside. This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. But in the end, it's like we have to get into backup software in which we tried. 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 mean, anecdotal observation has pretty much run its course. And the whole point of the book is I try to contrast these experiences, like look, they're not the same. I'm a proud US citizen, but at the same time, there's no negating my Dutch roots. Frank Lloyd Wright Home and Studio. 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. In the early days, I want to say like the first eight to 10 years or so, were actually immensely frustrating to me because I was a strange animal, right? So, I really lift that cross and the chasm dynamic. But it's not what it really is, so it wasn't an enormous surprise to me to come here. See what you can do with it" to data driving operations directly, right? Meaning that we would run something like Tableau on top of Salesforce or whatever. 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? Yeah, yeah. Now, we're going to go move the pieces and I'm just a piece on the chessboard." This property is owned by Frank & Brenda Slootman. But one of those issues was that taken over from a founder CEO was really, really hard. Four banks would travel to a room next to the Bank of England twice a day in order to run an auction verbally. And my email just dribbled down to nothing and all this kind of thing." 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? One of the worst, worst in the English language for me. I can't get you aptitude. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. 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. 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). While most CEOs 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. But the problem with tape was, I mean, tape got lost, tape became unreadable. Never seen the inside of an office or anything. We want to bring about something in the world of computing that has never existed before and we are consumed by our mission. 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. None of that stuff is material to your mission. 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. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. So, we came out there and we said, "Look, no, we're not just going to sell a product here. Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. It's just our nature to talk about problems." Because that's what it is. The interesting thing about data domain was it was very, very slow going. We were going to do the world of favor.". I can't do every speaking engagement," et cetera. So I've been very different from early days of Data Domain, later days of Data Domain, early days of ServiceNow. 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. Here's why this makes sense while looking at some options. [23] It has certainly worked well for himself, for the companies hes worked under, the many investors that have poured money in his name, and so forth. 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. And you need to have the flexibility of mind to really deploy yourself. Well, they knew now. 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 that really allowed me to do this at 6:00 AM on weekdays and weekends and the holidays. I mean, 16 months after you and Mike came to Snowflake, you raised $3.4 billion as part of its IPO, instantly establishing Snowflake as one of the NYC's marquee companies. He published a book in 2011 called Tape Sucks. Things will change in ways you cannot even imagine the ideas that happen. Every week there was a new bid. Today, Slootmans net worth shot up to $1.8 billion because of the Snowflake IPO. I was a huge fan coming here. I'm just, I'm fighting that tide. 951 Chicago Ave., Oak Park, IL 60302. 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. Everybody has access to talent. But yeah, where the inspiration comes from, we've had three very successful companies in a row, so you get barraged by requests for, "Hey, can you explain to us what the secret sauce is? 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. It wasn't long before top VCs weighed in. Frank & Brenda Slootman - 3001 W Ruby Hill Dr, Pleasanton, Ca 94566 Property data website for assessments, data, and owners. And like, "How fast does this guy type?" But . No databases of scale and no file systems with scale. You can only sail so much, [crosstalk 00:31:19]. 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. Quick digression. That's where we're at right now. I mean, it gets rid of you. 2023 Forbes Media LLC. And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. right? Those are the people that are right there, where the people that bring home the bacon, there when the shit hits the fan. When I was considering Snowflake, I told Snowflake, "I will not do this if Mike doesn't come along." 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. And you can take it or leave it and try it on for size and see if you like it." Now, most organizations are incredibly in up still in terms of their data promise. A lot of people think that that's possible, but there's a real limit to what salespeople can and can't do. 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. Right? 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. Well, the number one bit of advice I would have is make sure you're close to the drive train. I speak with a fat accent and like, "What are we going to do with you, pal?" The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. You want to be that person, okay? And that's all coming up right after this. We actually won everything that we wanted to win. 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. And you can't play chess pieces in a million different ways, right? Frank Slootman is the CEO of Snowflake, a cloud-based dataset organization he helped build in 2019. We will talk to you next week. 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. But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? Right? 5. 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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. It's really a company production, by the way. It's like, "That's not exciting." Did you always have your eyes set on a career in the US? And in other words, what problems can I solve very quickly versus what is going to take longer to solve. And obviously that is not the best way to go about things because that's just one man's opinion against another, right? It takes nothing. That's the point of it. New competitors, new partner ecosystems, so it was like, "Wow, this is the future." It's a small country, obviously, which is why they sort of veer far and wide. There's new business models. 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. Now, it was actually pretty interesting because this was sort of a forerunner of a data analytics, business intelligence type of company. We had no experience. Most people just preside over culture. And Brett Favre was that way. How does having who's worked closely with you for years help you accomplish your goals of hyper growth without losing focus? Never heard of that company." The liberalization of LNG is creating a global natural gas market, with freight acting as a virtual pipeline between continents. And Mike was still the CEO at ServiceNow at that time. 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 we introduced a centrally cleared model with ICE as the central counterparty, because that makes it much easier for new firms to join. Hes quite knowledgeable in the market industry, and he doesnt confuse with unnecessary jargon. What you're doing now is doing pretty good, so keep yourself in the game, Frank. So, this is not data warehousing, it's just one use case. They all do and for a good reason. I'm Josh King, your host, signing off from the library of the New York Stock Exchange. They knew exactly what we meant. I mean, that's how aligned this is, okay? They're very well dialed into it. Snowflake CEO Slootman Scores IPO Hat Trick With Big Bet on Data Software company aims to benefit from companies increasingly storing information in multiple clouds Big tech firms are investing. I can just blow a year on doing some other stuff that's interesting." I'm the opposite. to keep connected with us, please login with your personal info. And the term BI had not even been invented back then. I mean, one of my favorite, interview questions has always been, "What kind of people succeed here? Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening. This is a very buoyant country. The book accounts his time in Data Domain and so much more. They want to know what good behavior is. This is really think about it as a database in the Cloud. Career In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. All of which is presented solely for informational and educational purposes. Obviously, I was a young man and not even in my mid-30s and I'm taking over a whole business, a whole organization, global, all this kind of stuff, so, it was a hell of. 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. I always become the CEO that the situation mandates and dictates. The IPO was the third for Dutch-born Slootman,. So, it's the story, what goes around, comes around, as I said at the beginning. In 2003, he became CEO of storage startup Data Domain, taking it public in 2007 and selling it to EMC in 2009 for $1.8 billion. Okay. That takes very different approaches, orientation, skill sets, and so on what you do. You just get into this cycle where all you want to do is leave. Because now, now you're going to look people in the eye, and say, "Look, this is the way we're going to be. He also scaled the workplace back tremendously from stunning spaces in San Francisco to headquarters in San Mateo. 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. Because, if I can't explain it, then I can't predict it. You could have a meeting in the hallway with the entire company. In other words, they kind of let it happen. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. [9] In June 2019, the company launched Snowflake Data Exchange. 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. But EMC prevailed. 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. 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. Some may describe him as direct. 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. So, we won a lot of outraces. That's really what you want to preserve rather than layers and layers and layers and channels of communication. Learned an awful lot in that period of time. And Americans always think that there's an easy answer to these questions. No, I didn't. Insurance companies historically have not been because they are data companies by their essence, right? So, I ended up going back to, I really didn't want to. And we publish the data transparently on our site, so anyone can come and see what actually happened in the auction. And, how do you design single best data operations platform you possibly can?". I think EMC was exactly the right acquirer because they just sort of had the orientation and the scale and the intensity culturally. Then, they discuss Frank's hiring philosophy and how to create a winning relationship between an executive and their direct reports . 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. And I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. 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. The. If it's not related to our core mission, we don't want to hear about it. Presiding is the worst word. Somebody who I had known for many, many years, so at Sutter Hill Mike Speiser. So, what are things that we should absolutely not ask you to do ever? And are there any particular secrets to building a consensus around the idea of change? Everybody has ideas. [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]. People were looking at my credentials. Its none other than CEO Frank Slootman, and here are 10 things about the guy behind the current Snowflake craze. By the close of. In Amp It Up, you're pretty open about the struggles the company faced in its business and leadership. I mean, you brought in some reinforcements when you started at Snowflake, including Michael Scarpelli, who was your CFO at Data Domain and ServiceNow. In other words, somebody who has lived their lives over and over. Engineers should have a very easy time discerning the talent, so. 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. SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- Instacart, the leading online grocery platform in North America, today announced that Frank Slootman, Chairman and Chief . It is a future state that we're all working on right now. Architecturally, just damn near perfect, so. You need to be invested in the moment, in the present, rather than I'm thinking about my next move. Another Dutch trend setter with the Winfrey title is Frank Slootman, the chairman and CEO of Snowflake.
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