And the term BI had not even been invented back then. Okay. Now, what that does the weaponizing, what that does is we block everything else out. Helping women become better in negotiation is an urgent and essential task for organizations and individuals. They're kind of like whine and bitch all day. People that the company really, really runs on. We will talk to you next week. Some of Wikitia's pages are sourced from Wikipedia.org's Mainspace and Draftspace. 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. But that is what digital transformation is. We just never backed off of it. It's up to 79% of the volume has gone cleared. So, they looked around and they found the guy with a passport to Dutch language proficiency like. What's your advice about someone climbing the corporate ladder looking to make that leap? When I was at ServiceNow, Fred Luddy, the founder, he said to me, at one point, "I really don't want to come to the staff meetings anymore." That is the most, that is so unproductive. Yeah. By the way, our two largest competitors were both bidding for the company at the same time. 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. The founder brings you in to scale up the company, but finds it difficult to step aside. We're going to nuke an entire industry out of existence. And it was really my wife who said, "No, no, we'll go. As cool as it may sound, Slootman doesnt actually have a literal invisible hand. I mean, the only thing that energizes people and teams and organizations and companies as a whole is the mission. No databases of scale and no file systems with scale. Data has no opinion. Right, you got a good point. It's a small country, obviously, which is why they sort of veer far and wide. It's just that there is a spirit here that always believes that it can do things that other countries don't believe about themselves. Others might say that hes completely brash. 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. One company that embodies this vision is ThoughtSpot, an analytics company. Well, you think you're just going to turn it off? 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. Whatever he learned from school is probably what we should all learn. You come with aptitude. Because you're like, "Oh, this is great. You guys are a data company, you know as well, right? Everybody has access to talent. 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. How Snowflake CEO Frank Slootman became a billionaire by ripping up the 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. At the same time, I ended up in conversations with the lead director and investor at Snowflake. Once you start doing that, you need to take yourself out of the game. 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. 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. BUILDINGS. Right. People naturally become very unfocused, very, very easily. Are you just going to look the other way or are you going to call it out? Right? 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. Our first thought was "not again" - he co-wrote Rise of The Data Cloud last year. And did you have a sense that the sector was really about to explode? At 61 years old, Slootman has created quite the reputation for himself. They're very safe. It's like it's full of feedback. And opinions, everybody's got one, but data doesn't lie. And when you let it happen, you get feed-ups. Everybody has ideas. Before that, he spent his life in Netherlands, where he was also born. All of us, no exceptions." Information contained in this podcast was obtained in part from publicly available sources, and not independently verified. Frank Lloyd Wright designed some 14 buildings for Japan: an embassy, a school, two hotels and a temporary hotel annex, a commercial-residential complex, a theater, an official residence for the prime minister and six private residences. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". Perhaps the biggest one is the one that deals with the CEO replacement just months before the public offering happened. Because now, now you're going to look people in the eye, and say, "Look, this is the way we're going to be. 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. It's really every leader in the organization needs to internalize and then, want to act on it. This is a country that's very aspirational. 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. So in hindsight, I understood that I was just burned out, classic burned out. And, how do you design single best data operations platform you possibly can?". If you like what you heard, please rate us on iTunes, so other folks know where to find us. You could have a meeting in the hallway with the entire company. Can you explain how you overcame both to lead the company through its 2012 IPO? Property details for 3001 W Ruby Hill Dr, located in Pleasanton, California. I mean, it was just trying to stay alive. And then Snowflake is again, a totally different. Amp It Up, published a scant of 13 months after the Rise of the Data Cloud, which you wrote with Steve Hamm. Including his options, Slootman owns about 10% of Snowflake. 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. They're kind of like-. 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. I'm like, "We're not trying to indict what you've done. [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]. And there were many, many players in that segment, by the way. Somebody who I had known for many, many years, so at Sutter Hill Mike Speiser. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace. Who can solve what set of issues, right? 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. And now, welcome inside the ICE House. Frank Slootman - The Montgomery Summit Well, that's another thing I don't think about that. But then, you go like, "Oh, this is the rest of my life." Much like how he runs his companies, Slootman is always direct in his speeches. I mean, we had like 15X, the X of the next nearest competitor. I mean, I still remember that we were in countries like France, where we had like a $10-million business, which was very small. He said, "Because you guys are indicting everything I've done." Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. Take our own company, Intercontinental Exchange, for example. They want to know what good behavior is. Let's go." But it's also, you attack and you cross again. Snowflake CEO Frank Slootman on moving the needle, win-first - Spotify It was sort of an adjunct to what they called the computer industry back then. While that is probably not, my temperament is not terribly well-suited for those types of jobs. It was great and it lasted the entire duration. Yeah, in some areas it's easier than others, and in sales, we can just look at what people have done the past. That's the point of it. Frank Slootman - Wikitia But he had also been the CEO of ServiceNow for seven years. 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 that is a common thread through all our companies. I mean, we have bumper stickers and people would at trade shows would stick them on tape libraries. Welcome, Frank, inside the Ice House. Because he was still smarting from the fact that I left ServiceNow and he felt I left him stranded. 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 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. 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. the internship sort of came about because I was about a year ahead of schedule at the university. They all do and for a good reason. Every week there was a new bid. Here's your host, Josh King of Intercontinental Exchange. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. I speak with a fat accent and like, "What are we going to do with you, pal?" Back then, there were hardly any software companies around. And it worked like that for about a hundred years. It's very hard. 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." It is data operations from the most transactional to the most analytical and everything in between, so. 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. Presiding is the worst word. I mean, we were crawling the bottom in the early days, so we had a product that had marginal product market fit. We're driving change. 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. And after a while it's like, "Look, I can't do one-on-one meetings with a million people. The perception in Holland of United States is very, and I don't want to use the word biased, that might be too strong. Well, that's because historically all we did was we did analytics in silo. But then again, there really is only one Frank Slootman, IPO master in the world. Correct, correct. Frank Slootman - Chairman and Chief Executive Officer - LinkedIn Frank Slootman Wiki, Biography, Age, Spouse, Net Worth, Fast Facts Theres no surprise here. 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. 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? Yeah, it was a good problem. What you're doing now is doing pretty good, so keep yourself in the game, Frank. 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. [23] I mean, there's many jobs in companies and some of them are quite far removed. On stacking, all of a sudden, your boat left behind and you go like, "Oh, my God," so because it's very hard to get ahead on an upwind leg, right? They're very well dialed into it. Frank Slootman Is No Snowflake | Sequoia Capital US/Europe 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. But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. 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 Slootman Scores IPO Hat Trick With Big Bet on Data All these things eventually came together. So, I just had some peripheral view of the company, as well as its strategic challenges, by the way. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. This is a very buoyant country. And Mike was still the CEO at ServiceNow at that time. 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. It was very formative. 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. Reflects change since 5 pm ET of prior trading day. If you want to know more about this CEO, this might be the book to read. I'm buying aptitude and then I'm going to develop that with experience, right? I mean, we lived in absolute terror. 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. Snowflake CEO on customer spending, weak guidance, A.I. and the company CEO Outlook | Frank Slootman - KPMG Global But the world of backup and recovery, was dominated, as you said, by tape automation technologies. They've never really been asked that before. And you can't play chess pieces in a million different ways, right? And in other words, what problems can I solve very quickly versus what is going to take longer to solve. But . 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. We were entertainment for Wall Street for a six-week period. All Rights Reserved. But the thing that I like so much about yacht racing that I like better than being in business is when you make a mistake on the race course, it's almost immediately obvious that you did. And the product was insanely fast, completely automated. So, it's the story, what goes around, comes around, as I said at the beginning. After all, he has experience on his side. And he and I have very short conversations because by the time we start asking the question, we already know what the answer is type of thing. I just have been in the line of fire too long. I don't know if you've watched any of the first couple seasons of Ted Lasso, but on a team of great characters, the Dutchman is the one guy, straight faced, no bullshit throughout the whole game. And, likewise, when I go to Holland and I meet Dutch customers there, they kind of look at me with a smirk, like, "Yeah, I can tell you're Dutch. Career In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. And having incredible meaning and potency and yield value for applications you never imagined. What's the playbook?" [9] In June 2019, the company launched Snowflake Data Exchange. Frank, how did those early experiences rising through the ranks and being sent from problem to problem help you establish the principles for success that your career would see? Learn how your comment data is processed. Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. Those are just markets, but culture is how you get up in the morning and how you prosecute your day, so it is a huge deal. Well, the number one bit of advice I would have is make sure you're close to the drive train. What's the silver bullet? Right? Now, you can manage LNG freight risk with ICE LNG freight futures contracts, which join our global natural gas complex. And then by the way, I have to have that around me, because I don't like people that want to self-congratulate and do victory laps all day. So I've been very different from early days of Data Domain, later days of Data Domain, early days of ServiceNow. Before becoming President and CEO, Mark served as Tableaus Executive Vice President of Product Development, coordinating the, Read More 10 Things You Didnt Know about Mark NelsonContinue. 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? Snowflake CEO Frank Slootman Profile - Business Insider The list of its authors can be seen in its historical. And I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. 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. I'm in New York. I mean, it's like when people start to roll their eyes. 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. 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. In other words, "How fast does this might work?" Hes quite knowledgeable in the market industry, and he doesnt confuse with unnecessary jargon. Snowflake CEO Frank Slootman Shares Secrets of Unrivaled Success in And for example, when I joined Unysis, I ended up in a corporate planning role. I'm a miserable golfer, but somewhere along, the 18 holes, he's like, "I'll do it, but don't leave me again." The book accounts his time in Data Domain and so much more. Frank Lloyd Wright Home and Studio | Frank Lloyd Wright Trust They always have a twinkle in their eye and they're going to do this, they're going to do that. So in other words, I did not accept the Snowflake role until, Mike said, "I'm coming along.". See what you can do with it" to data driving operations directly, right? I mean, that's how aligned this is, okay? In other words, somebody who has lived their lives over and over. But yeah, then I was off for two years and I did a lot of sailboat racing and I did talk about that in the book as well, because that was a passion and I'd never been able to do that without guilt. 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. A compensation package he received upon joining Snowflake in April 2019 awards him a. I mean, it was a super crowded field, but we just crushed that entire field. I don't have to go work on Monday. 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. That is the X factor in companies, but it starts with weaponizing the mission. The post 'Summer House' star Danielle Olivera gets emotional talking about Robert . So, understanding that is really important because obviously, you can't fight it off unless you understand where it's coming from. 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. The nascent liquidity of spot LNG freight markets, and the volatility of time charter rates has boosted demand for risk management tools. Right? You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. 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. Amping it up with Snowflake CEO Frank Slootman - SiliconANGLE Leaders such as Slootman, Scott McNealy , Jayshree Ullal and my old boss Pat McGovern have inspired me over the. 10 Things You Didn't Know About Frank Slootman - Money Inc And it's very much a talent game just like business is. Frank Slootman added: " I'm excited to advise Blackstone. Because, and this is another important observation, I think. It was an application development and runtime platform to run on both Unix and OSU and Windows all at the same time. 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 we didn't have the market capital resources to do that. The Frank Lloyd Wright Suite at This Tokyo Hotel Is a Midcentury Modern So, we started to wind down a little bit. 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. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. Our headquarters is in Atlanta, Georgia. So, I ended up going back to, I really didn't want to. And in other words, I was already negotiating Mike's package before I had joined ServiceNow. Early days of ServiceNow was just jungle fighting. I mean, the results speak for themselves. I mean, one of my favorite, interview questions has always been, "What kind of people succeed here? Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. And companies that have been around a long time, it's near to impossible to undo the culture. This is really think about it as a database in the Cloud. Photo by Christie Hemm Klok/The Forbes Collection. It wasn't long before top VCs weighed in. It still runs as an auction in rounds of 30 seconds and final price were used as the benchmark for the entire gold market. The liberalization of LNG is creating a global natural gas market, with freight acting as a virtual pipeline between continents. 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.