New competitors, new partner ecosystems, so it was like, "Wow, this is the future." You really need to, look at yourself as an asset that can be applied in many, many different ways. 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. Including his options, Slootman owns about 10% of Snowflake. You've said that you were really born in the wrong country. Mar 11, 2021, 11:30 ET. It's you're in this job for a reason. It's not just a scale. But the problem with tape was, I mean, tape got lost, tape became unreadable. 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. When a company is buying a million dollars from you in the course of a year, what are they getting? Right? 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. Everybody has access to capital. There's no doubt, I'm a total hybrid here. 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? I mean, they had graphical user interfaces that were completely proprietary to that company. Before that, he spent his life in Netherlands, where he was also born. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. Reflects change since 5 pm ET of prior trading day. And of course, people chuckled because they recognized it. An in-house cafeteria replaced the usual catered lunch offerings, and sales representatives no longer had free reins on unexplained spending. And obviously that is not the best way to go about things because that's just one man's opinion against another, right? I mean, all these greats, right? We're always picking at things that could be better. 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. But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. Did you find it difficult to change Snowflake's established culture? Now, it was actually pretty interesting because this was sort of a forerunner of a data analytics, business intelligence type of company. Architecturally, just damn near perfect, so. I mean, we lived in absolute terror. 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. That's a running joke that we always have. While that is probably not, my temperament is not terribly well-suited for those types of jobs. It's just, it's hard not to be acquainted at some level with that culture. Buyers and sellers can come together. 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. Are you just going to look the other way or are you going to call it out? And when you let it happen, you get feed-ups. 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. 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. In other words, you got to really mean it, okay? But it's a very, it's a country that has really no natural resources other than the natural gas that you mentioned, which they're pretty much run out of by now, so they've really leveraged their geographic location over the years. We just never backed off of it. You want to be that person, okay? The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. Now, as the story goes, England followed the Netherlands in control of Manhattan. I was a huge fan coming here. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language. So, I did. 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. So, we were just picking over use cases here and there to sort of stay alive in the early days. The book accounts his time in Data Domain and so much more. We will talk to you next week. I don't think about what's next. Not exactly like a year and a half, he'd been there for seven years. Because, and this is another important observation, I think. When you get that sensation, you do need to leave because you're no longer the right person for that situation. Over his distinguished career, Frank has mastered the process of fundraising scaling and building young companies into unicorns with the run ending eventually way back here at the corner of Wall and Broad Streets with an initial public offering. So, it just started to happen, but I wanted to desperately be in software at that time. At the same time, I ended up in conversations with the lead director and investor at Snowflake. But this whole Snowflake exercise could have turned out dramatically different, the CEO says, if the founders had pursued their original premise for what the company should be. Give me that train wreck. 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. Somebody who I had known for many, many years, so at Sutter Hill Mike Speiser. Did you always have your eyes set on a career in the US? Welcome back. We were entertainment for Wall Street for a six-week period. 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. No, we're talking about stuff that's not working well. So like, "Look, I'm not going to be doing the same races over and over again." But you mentioned this earlier, it isn't really what happened. 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. And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. But eventually, I returned to Holland about a year later, resumed my education. Right? 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. Snowflake now has Frank Slootman as chairman and CEO. Career In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. And that's our conversation for this week. 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. All these things eventually came together. So, I really lift that cross and the chasm dynamic. 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. What you're doing now is doing pretty good, so keep yourself in the game, Frank. But this was quickly set aside because Frank appears to walk the walk. I mean, it's a hell of a cash burner as well. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. And by the way, data platforms have been extremely fragmented historically. Look, I'm not a certain type of CEO. Because they can't understand how spending categories can just explode overnight like that. So, we started to wind down a little bit. Most people just preside over culture. He's like, "How do we run a supply chain?" It's like, "That's not exciting." Snowflake is the third company Frank has taken public, and the lessons that shaped his career are part of his new book Amp It Up: Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity. And I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. Another Dutch trend setter with the Winfrey title is Frank Slootman, the chairman and CEO of Snowflake. And the reason that I found it so interesting is technology was mesmerizing. And then obviously, a business that was at a sense of itself, of its product lifecycle, which has its own unique set of challenges. 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. So, it was an incredible trial by fire. 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. I'm buying aptitude and then I'm going to develop that with experience, right? 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. It's a transformation that is still going on. [2], In May 2019, Frank Slootman joined Snowflake Inc. as its CEO. While everything about Snowflake is hot in the market, were left asking who is at the helm of it all. Never heard of that company." Right, you got a good point. But let's focus on another dilemma that brought up in the book, Frank. The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. He knows what problems exist in his field today, and he knows how to address them as well. That's when you're at risk. And the term BI had not even been invented back then. Right? In Amp It Up, you're pretty open about the struggles the company faced in its business and leadership. But now, and the influence of data science, we really have to interrogate data regardless of its silo boundaries. I don't have to go work on Monday. 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. 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. And in other words, I was already negotiating Mike's package before I had joined ServiceNow. But then, you go like, "Oh, this is the rest of my life." We want to bring about something in the world of computing that has never existed before and we are consumed by our mission. I mean, one of my favorite, interview questions has always been, "What kind of people succeed here? Not all CEOs have this, but a lot of CEOs do. [1] In June 2012, ServiceNow became a publicly-traded company as Frank Slootman led the company through a $210 million IPO. Read More 10 Things You Didnt Know About Paul StovellContinue. 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. What's your advice about someone climbing the corporate ladder looking to make that leap? When you run companies, you need to narrow the plane of attack very, very quickly. And that's the American flavor and flare that has built up over three, almost four decades. And I'm like, "You know what? It still runs as an auction in rounds of 30 seconds and final price were used as the benchmark for the entire gold market. Those are really good conversation, good questions to have because each organization is different. This is a very buoyant country. The company is a fintech firm that helps companies automate their deployments with unique software solutions for business. They only learn from consequences, so you got to create consequences, good and bad when things happen and things happen all day long. I'm a proud US citizen, but at the same time, there's no negating my Dutch roots. 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. Because that's what it is. It's really a company production, by the way. 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. It wasn't long before top VCs weighed in. When we first came in there, it was a very, very anxiety-ridden ride in the early days. 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. I mean, you probably have even a sense of things that you know you're not good at. And obviously, I got that in spades at UN Royal in Indiana. Amp It Up, Frank, you write a lot about building culture and I think you had some issues at Snowflake when you got there. I mean, it's hard to believe at this day and age that things were that way back then, but they were. And are there any particular secrets to building a consensus around the idea of change? Better, better all the time. Wikitia is not affiliated to Wikimedia Foundation. ICE is the first exchange to list LNG freight futures contracts underpinned by the price assessments of spark commodities. And it's very much a talent game just like business is. I mean, that's how aligned this is, okay? And there were many, many players in that segment, by the way. Perhaps the biggest one is the one that deals with the CEO replacement just months before the public offering happened. At some point, we were going to get stunted in our growth. That's really what you want to preserve rather than layers and layers and layers and channels of communication. So, we came up with this war cry that said, "Tape sucks, move on." Listen to this episode from This Week in Startups on Spotify. And then, I had another internship after that. Slootman is the CEO of Snowflake, a cloud-based database firm he joined in 2019 and took public in September 2020 in a blockbuster initial public offering (IPO). 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. The nascent liquidity of spot LNG freight markets, and the volatility of time charter rates has boosted demand for risk management tools. It's just our nature to talk about problems." Take our own company, Intercontinental Exchange, for example. Early days of ServiceNow was just jungle fighting. Quick digression. Anybody who's tried to run HP can talk about that because you have companies that have existed for whatever, 50, 100 years, you don't get rid of culture. They did not try to carry technology or ways of thinking forward. Those are all disciplines that leverage where they are, right at the headwaters off the entire European continent. And you had literally physical media that could logistically manage. But then, there's new platforms in terms of the Public Clouds, right? The 61-year old Dutch executive's first CEO job was at an early-stage startup called Data Domain that made specialized storage hardware. 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. Of these, six were built: the Imperial Hotel and Annex, the Jiyu Gakuen School, the Aisaku Hayashi . And people would eyeball those reports in those dashboards, and that was sort of the extent of it. Thanks so much for joining us inside the Ice House. And we feel the consequences of our actions every minute of the day. But we didn't have the market capital resources to do that. Africas largest economy is in the early stages of a monetary experiment that could be coming to the U.S. sooner than you think. People were looking at my credentials. He published a book in 2011 called Tape Sucks. In short, money talks, and Slootmans got it in his hands and in his mouth. I mean, we had like 15X, the X of the next nearest competitor. We now use consumption models instead of subscription models. Don't typecast yourself." Tour Hours: 10 am - 4 pm daily; 10 am - 3 pm in January and February. And Americans always think that there's an easy answer to these questions. The list of its authors can be seen in its historical. The ecommerce industry is one of the fastest-growing sectors, and at the moment, it features several players. I need to know what that is. And that's, I had a question the other day from somebody that hit me on LinkedIn and he was putting all kinds of labels on himself. This site uses Akismet to reduce spam. But in the end, it's like we have to get into backup software in which we tried. 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. Now, what that does the weaponizing, what that does is we block everything else out. 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. In this technological era, the field of analytics is vital as it makes it easy to access needed information without much of a hassle. Slootman recently spoke at the CNBC. 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. And that's exactly what we did. ICE is home to global natural gas markets benchmarks in Henry Hub, MBP, TTF, and JKM. And my email just dribbled down to nothing and all this kind of thing." 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. Amp It Up, published a scant of 13 months after the Rise of the Data Cloud, which you wrote with Steve Hamm. They always have a twinkle in their eye and they're going to do this, they're going to do that. Helping women become better in negotiation is an urgent and essential task for organizations and individuals. I mean, we have bumper stickers and people would at trade shows would stick them on tape libraries. Now, you can manage LNG freight risk with ICE LNG freight futures contracts, which join our global natural gas complex. 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. At 61 years old, Slootman has created quite the reputation for himself. So, one of the things that, that our founders did really, really well and it's a very important lesson here for anybody that's watching Snowflake and trying to understand is that they took a clean sheet of paper. And it was really my wife who said, "No, no, we'll go. At 61 years old, Slootman has created quite the reputation for himself. 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. Yeah. As Snowflake got bigger in 2019, the company knew it was time for leadership to take it to the next level and brought in today's guest, Frank Slootman, as CEO. 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. I remember having a conversation with the CEO of a very large healthcare company. [22] In September 2019, it was ranked first on LinkedIn 's 2019 U.S. list of Top Startups. So, it's the story, what goes around, comes around, as I said at the beginning. 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. And eventually, we totally crushed that market because we could address any and all use cases that were out there. I'm like, "We're not trying to indict what you've done. So, this is not data warehousing, it's just one use case. And by the way, for most people, that's a very difficult question. What is the core of your being, right? It was the lowest ranking job in the entire world of IT, if you were involved with tape automation. They're very safe. Engineers should have a very easy time discerning the talent, so. Windows 3.1 didn't even exist. 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. You could eject the tape from a tape drive and you could ship it off site. 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. Bachelor of Science, Erasmus University Rotterdam, The Netherlands; Master of Science, Erasmus University Rotterdam, The Netherlands. Snowflake is Slootmans third IPO. If it's not related to our core mission, we don't want to hear about it. Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. And we publish the data transparently on our site, so anyone can come and see what actually happened in the auction. He was saying during the pandemic, he's like demand was up 60% over here, down 100% over there. the internship sort of came about because I was about a year ahead of schedule at the university. He was pretty smart to use nautical expressions in that conversation, take the helm at Snowflake. Nothing to do with financial targets or growth targets or market capitalization. Never seen the inside of an office or anything. If there were one person you could sit and learn from today, who would it be? You can't help but run into Dutch people everywhere because they have such a small country. And we were babes in the wood back then. A lot of people think that that's possible, but there's a real limit to what salespeople can and can't do. Because when all the energy and all the quality of resources is fully concentrated on the mission, that's pure magic, okay? And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace. The IPO was the third for Dutch-born Slootman,. It became very meaningful to them. 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? 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? That's why they're big in banking and insurance and distribution and logistics. Where I come from, people are quite resigned to their fate. You can only sail so much, [crosstalk 00:31:19]. 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. For example, he made a few changes at Snowflake when he became CEO. I mean, you brought in some reinforcements when you started at Snowflake, including Michael Scarpelli, who was your CFO at Data Domain and ServiceNow. I only think about now and what I'm doing today. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. And, how do you design single best data operations platform you possibly can?". Whereas in business, it often takes so much longer to be confronted with the consequences of your actions and some people don't-. 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. I'm Josh King, your host, signing off from the library of the New York Stock Exchange. Our guest today, Frank Slootman is chairman and CEO of Snowflake. The Frank Lloyd Wright (R) Suite will be accepting bookings from January 24, 2023, through March 31, 2024. . How does that work at Snowflake? None of that stuff is material to your mission. Learn how your comment data is processed. And a lot of people shy away from that because it's incredibly high anxiety to live in that world, but you want to suppress that reflex. But it's not what it really is, so it wasn't an enormous surprise to me to come here. 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? What was that? 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. No, I didn't. What are your God-given talents? The question is, what are you going to do? 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. People that the company really, really runs on. And Mike, he takes on the end entire spectrum of controls and administration. Phone: 312.994.4000. BUILDINGS. And it worked like that for about a hundred years. 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. The dream drivers that have made the NYSE an indispensable institution of global growth for over 225 years. I think EMC was exactly the right acquirer because they just sort of had the orientation and the scale and the intensity culturally. And like, "How fast does this guy type?" But you think that your upbringing in the Netherlands gave you a unique perspective on business and success, that's helped you throughout your career? 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. You arrived at something like tape sucks. And I say, "Stop putting labels on yourself. We were going to do the world of favor.". I mean, it was a super crowded field, but we just crushed that entire field. What attracted you to the space? It is hard when you lose your sense of mission, when you lose your desire and your boldness and your aggression in the marketplace and want to go after competition. And if I can't predict it, I can't change my policy, I can't change my pricing." It's not that easy. That is the X factor in companies, but it starts with weaponizing the mission. And it's very rare to create that kind of value. But the world of backup and recovery, was dominated, as you said, by tape automation technologies. 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. 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. So I've been very different from early days of Data Domain, later days of Data Domain, early days of ServiceNow. And I said, "Why not?" 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. Frank Slootman, Snowflake CEO, joins 'Closing Bell: Overtime' to discuss the company as shares slump on weak guidance following Wednesday's earnings report. 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." I actually wanted to retire, truth be told. In other words, swarm to it instead of distance yourself from it. 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? And then being able to talk about it in an intelligent, really rich-considered manner. But one day, and this was in March of 2019 and he said, "What would it take for you to take the helm?" 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. So, I ended up going back to, I really didn't want to. What goes around, comes around and the Dutch get around the world. Whatever he learned from school is probably what we should all learn. If you want to know more about this CEO, this might be the book to read. This boat actually won Slootman the 2017 Transpac Honolulu Race in 2017.
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