Where does a CEO Frank find time to write two books back-to-back and what was the inspiration for Amp It Up? And companies that have been around a long time, it's near to impossible to undo the culture. After joining almost at the start in 2003, Slootman helped. And Americans always think that there's an easy answer to these questions. BUILDINGS. I'm buying aptitude and then I'm going to develop that with experience, right? Correct, correct. And obviously that is not the best way to go about things because that's just one man's opinion against another, right? The. The scramble isnt over, and many who missed the opening also missed on the double growth just off the gate. Americans are, it doesn't matter what profession they're in, they always believe they can do better. I mean, that's how aligned this is, okay? When some of these firms moved out to Canary Wharf, they decided that actually, it was too much to be sending people to the room, so they moved it to a phone call to buy and sell and establishing a price. In Amp It Up, you're pretty open about the struggles the company faced in its business and leadership. 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. So, it was an incredible trial by fire. And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. 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. 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. SAN MATEO, CA - May 1, 2019 - Snowflake Inc., the only data warehouse built for the cloud, today appointed Frank Slootman as its Chairman and Chief Executive Officer.Former CEO, Bob Muglia, has left the company after leading Snowflake through five years of unprecedented growth. And having incredible meaning and potency and yield value for applications you never imagined. Perhaps the biggest one is the one that deals with the CEO replacement just months before the public offering happened. Not much is known about Slootmans personal life, but we do know that hes fairly young for the success hes achieved in his lifetime. 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. Here's why this makes sense while looking at some options. Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. And now, I feel like I'm being haunted, by this Dutch thing, this cloud that's hanging over me." We don't preside, okay? Four banks would travel to a room next to the Bank of England twice a day in order to run an auction verbally. No, I didn't. No, we're talking about stuff that's not working well. 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 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? Today, Slootmans net worth shot up to $1.8 billion because of the Snowflake IPO. I mean, what drove you to move on? 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." So, they looked around and they found the guy with a passport to Dutch language proficiency like. Windows 3.1 didn't even exist. Not all people are created equal in terms of their roles and their contributions in companies. Right? When I was at Data Domain, hell, we were 15 people when I joined there. That's why they're big in banking and insurance and distribution and logistics. But now, and the influence of data science, we really have to interrogate data regardless of its silo boundaries. Obviously, that industry had moved on to all kinds of different disk space technologies. Well, they knew now. Back then, there were hardly any software companies around. 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.. Theres no surprise here. And we were babes in the wood back then. But then, there's new platforms in terms of the Public Clouds, right? Who can solve what set of issues, right? Engineers should have a very easy time discerning the talent, so. 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. Frank Slootman - Narrow the Focus, Increase the Quality - [In He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. But eventually, I returned to Holland about a year later, resumed my education. But this was quickly set aside because Frank appears to walk the walk. 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 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. The company, which prides itself as the leading customer success, Read More 10 Things You Didnt Know About Guy NirpazContinue, Medical marijuana is increasingly becoming a popular trend in the treatment and management of different diseases including chronic and fatal ones such as Alzheimers disease, brain tumors, cancer, HIV/AIDS, chronic pain, and multiple sclerosis. 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. Your mission is you're pursuing an end state or at least the closest thing to what you can envision, to what you want to realize as a couple. And then, I had another internship after that. 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. And that really allowed me to do this at 6:00 AM on weekdays and weekends and the holidays. Every week there was a new bid. I mean, it's like when people start to roll their eyes. The company is a fintech firm that helps companies automate their deployments with unique software solutions for business. But then, you go like, "Oh, this is the rest of my life." 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. 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. And you can take it or leave it and try it on for size and see if you like it." [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]. You ever noticed that NFL quarterbacks just can't leave the stage. [1] In June 2012, ServiceNow became a publicly-traded company as Frank Slootman led the company through a $210 million IPO. Frank, you write about trying to convert your experience, taking on the hard problems of your employer, into making a path to the C-Suite. And it's very much a talent game just like business is. 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. I really had to change from being an individual contributor or a small team leader to somebody who runs organizations. When you get that sensation, you do need to leave because you're no longer the right person for that situation. Because he was still smarting from the fact that I left ServiceNow and he felt I left him stranded. They're high anxiety, they're entrepreneurs, they're CEO, and sort of getting a very unvarnished view, inside view from a fellow traveler. But you dont achieve a $1.8 billion net worth by being a spendthrift. Nothing to do with financial targets or growth targets or market capitalization. Get the world to sort of move onto a different technology platforms, et cetera. Some may describe him as direct. 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. Most people just preside over culture. Here's your host, Josh King of Intercontinental Exchange. All these things eventually came together. And people are, are mesmerized by Snowflake results because they don't quite understand, where is this coming from? Because of his much sought-after expertise, Slootman gets paid a decent sum of money. So, I finally caved, okay. This site uses Akismet to reduce spam. That is the most, that is so unproductive. In short, money talks, and Slootmans got it in his hands and in his mouth. But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. You just get into this cycle where all you want to do is leave. 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. No databases of scale and no file systems with scale. Please help to demonstrate the notability of the topic by citing, Learn how and when to remove this template message, https://xconomy.com/san-diego/2011/04/26/service-now-names-software-industry-veteran-frank-slootman-as-ceo/, https://www.businessinsider.com/servicenow-frank-slootman-interview-2012-8, https://www.forbes.com/sites/tomtaulli/2019/06/05/snowflake-the-ai-force-multiplier/amp/, https://www.cnbc.com/2020/09/16/snowflake-snow-opening-trading-on-the-nyse.html, article "Frank Slootman" is from Wikipedia, https://wikitia.com/index.php?title=Frank_Slootman&oldid=81954. Sometimes that is hard for American audiences. 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. ICE is home to global natural gas markets benchmarks in Henry Hub, MBP, TTF, and JKM. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." 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. 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. Everybody has access to capital. And you need to have the flexibility of mind to really deploy yourself. Frank Slootman, Chairman and CEO of Snowflake (NYSE: SNOW), presided over the largest software IPO in the NYSEs history, but it wasnt his first rodeo. Early days of ServiceNow was just jungle fighting. There's no doubt, I'm a total hybrid here. Don't typecast yourself." We want to bring about something in the world of computing that has never existed before and we are consumed by our mission. Our headquarters is in Atlanta, Georgia. 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. By the close of. Amp It Up, published a scant of 13 months after the Rise of the Data Cloud, which you wrote with Steve Hamm. 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. You can't help but run into Dutch people everywhere because they have such a small country. 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. Software was barely an industry. I'm a miserable golfer, but somewhere along, the 18 holes, he's like, "I'll do it, but don't leave me again." Well, you think you're just going to turn it off? 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. What kind of people fail here and why?" Quick digression. So, I just had some peripheral view of the company, as well as its strategic challenges, by the way. And the reason that I found it so interesting is technology was mesmerizing. Welcome, Frank, inside the Ice House. We were going to do the world of favor.". And obviously, I got that in spades at UN Royal in Indiana. I mean, without the foresight of having read Amp It Up, our listeners might assume that a jump from into software would take you really the rest of the way in your career from your start in Europe, to Indiana, the Midwest, all the way to California. Perhaps thats exactly the kind of leadership that gets a million-dollar business into the realm of billions. I hate that. But with three IPOs in your rear view mirror and one attempt at retirement already failing to stick, what do you see as the next chapter in Frank Slootman's journey? Why did you give up the helm of the invisible hand for this new role with Snowflake? And rightfully so, by the way, because they have created something, right?. 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. And eventually, we totally crushed that market because we could address any and all use cases that were out there. The Dutch have all always been enterprising. 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. The liberalization of LNG is creating a global natural gas market, with freight acting as a virtual pipeline between continents. I always tell my own people, "Look, I'm a piece on the chessboard, okay? 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. 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. And like, "How fast does this guy type?" But we didn't have the market capital resources to do that. They're kind of like-. Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . Welcome back. 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. It's really a company production, by the way. 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. Read More 10 Things You Didnt Know About Paul StovellContinue. 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. These days, a lot of folks take it for granted, but Wall Street has a fascinating history. 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. If you like what you heard, please rate us on iTunes, so other folks know where to find us. I need to know what that is. Wikitia is not affiliated to Wikimedia Foundation. 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. 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. 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. But the essence of what I'm getting when I hire you is what you're innately good at. Everybody has ideas. And it's not just bad behavior, it's also good behavior. So, I ended up in odd places because they didn't know what to do with me. 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. We'll do something good with it. And over time, we overcame that because we were laser focused on making the product bigger and faster every year. Because you're like, "Oh, this is great. And the other thing I'll say is we maintain a very, what we call a malcontent attitude. Reflects change since 5 pm ET of prior trading day. But one of those issues was that taken over from a founder CEO was really, really hard. the internship sort of came about because I was about a year ahead of schedule at the university. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. 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. That culture really keeps you safe from being indulgent or just, you're sort of presiding. I always become the CEO that the situation mandates and dictates. And I've never been able to equal that level of success with a marketing slogan. Once you start doing that, you need to take yourself out of the game. A lot of people think that that's possible, but there's a real limit to what salespeople can and can't do. 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. In any successful company just ask them, they will attribute success to their culture. Where I come from, people are quite resigned to their fate. Data has no opinion. In the book, I go on and on about what some of those issues are. 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. 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. All Rights Reserved. Our guest today, Frank Slootman is chairman and CEO of Snowflake. So, it just started to happen, but I wanted to desperately be in software at that time. 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. 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? By the close of. They also appreciate it. That is how you energize companies. That is the X factor in companies, but it starts with weaponizing the mission. He's a Dutchman Slootman moved to Silicon Valley in 1997. He cancelled the luxurious annual employee ski trip to Tahoe. We now use consumption models instead of subscription models. I mean, they had graphical user interfaces that were completely proprietary to that company. Better, better all the time. 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. Snowflake now has Frank Slootman as chairman and CEO. As young as I was, I mean, I was determined that that's where I wanted to be and certainly, not hardware because I saw another way for commoditization happening over there. New competitors, new partner ecosystems, so it was like, "Wow, this is the future." And how that allowed him to grow Snowflake into the biggest software IPO ever, and how. Look, I'm not a certain type of CEO. The post 'Summer House' star Danielle Olivera gets emotional talking about Robert . You come with aptitude. You hit a mark, you have to do two 360s. The nascent liquidity of spot LNG freight markets, and the volatility of time charter rates has boosted demand for risk management tools. And I say, "Stop putting labels on yourself. At 61 years old, Slootman has created quite the reputation for himself. I don't know what, if you go back to those days. So, it's the story, what goes around, comes around, as I said at the beginning. 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. And the product was insanely fast, completely automated. But it's not what it really is, so it wasn't an enormous surprise to me to come here. It was small, it was slow. And we introduced a centrally cleared model with ICE as the central counterparty, because that makes it much easier for new firms to join. And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. 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. I mean, you're not going to get excited, "Well, we want to grow 100% this year." We had no experience. Well, building culture is a very forceful thing. And it's very rare to create that kind of value. So in hindsight, I understood that I was just burned out, classic burned out. 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 [emailprotected] or tweet at us @icehousepodcast. He's like, "How do we run a supply chain?" You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. 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? Those are really good conversation, good questions to have because each organization is different. And it was really my wife who said, "No, no, we'll go. Frank has been involved in the business programming market for over 25 years as a business visionary and chief. I'm in New York. The interesting thing about data domain was it was very, very slow going. Let me bring you back 10 years to 2012, Benoit Dageville, Thierry Cruanes, and Marcin ukowski started Snowflake as the secret name of the startup they were working on during that particularly hot summer. 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 . I was a huge fan coming here. Because that's what it is. We played a round of golf. So, we won a lot of outraces. I mean, the results speak for themselves. 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. You have to have data to partial reality, right? Never seen the inside of an office or anything. When I was considering Snowflake, I told Snowflake, "I will not do this if Mike doesn't come along." Because now, now you're going to look people in the eye, and say, "Look, this is the way we're going to be. So, we came out there and we said, "Look, no, we're not just going to sell a product here. 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. And people would eyeball those reports in those dashboards, and that was sort of the extent of it. They want to know what good behavior is. 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 . But then again, there really is only one Frank Slootman, IPO master in the world. I mean, all these greats, 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. I can just blow a year on doing some other stuff that's interesting." Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. Now, amid an ongoing legal battle, its got to clean up a very public mess. The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. 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. 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. It was an application development and runtime platform to run on both Unix and OSU and Windows all at the same time. I talk to more people than most people in the company do, and that makes me dangerous because I hear directly what is going on - good, bad, and somewhere in between.