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Snowflake CEO Frank Slootman Leading for Hypergrowth 2,637 views Jan 15, 2022 Frank Slootman is an American billionaire businessman, individual investor, technology executive, and the. [2], In May 2019, Frank Slootman joined Snowflake Inc. as its CEO. The question is, what are you going to do? You hit a mark, you have to do two 360s. Strong personalities will just dictate culture in certain business units, in certain geographies and so on. Our show is produced by Pete Asch, with assistance from Stephan Capriles, Ian Wolf, and Ken Abel. Wikitia is not affiliated to Wikimedia Foundation. So not only is this CEO a winner on land; he also dominates the sea with his sailboatpretty impressive on any measure. Yeah. But it's also, you attack and you cross again. Snowflake CEO Frank Slootman Talks IPO Pop: Narrative Of Lost - Forbes 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). Instead, hes got something equally as coola sailing boat named The Invisible Hand. It was very formative. 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. Somebody who I had known for many, many years, so at Sutter Hill Mike Speiser. Slootman previously served as CEO for Data Domain and for ServiceNow, which he both took public. Leone took Luddy on a host of interviews. Snowflake moves executive office from California to Bozeman, Montana - CNBC And today, there's an endless bank of software company elevators, but when you joined Comshare, it was in the nascent days of the tech world. Now, you can manage LNG freight risk with ICE LNG freight futures contracts, which join our global natural gas complex. But one of those issues was that taken over from a founder CEO was really, really hard. But 233 years later, American, Dutch and British interests are inexorably intertwined. 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. One company that embodies this vision is ThoughtSpot, an analytics company. I can't get you aptitude. Frank Slootman - Chairman and Chief Executive Officer - LinkedIn 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. How Much Snowflake CEO Frank Slootman Made in 2019 - Business Insider But in the end, it's like we have to get into backup software in which we tried. 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. So it's a very important question because if I hire you, I can get you experience every day at the week. Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. Because he was still smarting from the fact that I left ServiceNow and he felt I left him stranded. And by the way, for most people, that's a very difficult question. 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). Because, if I can't explain it, then I can't predict it. When a company is buying a million dollars from you in the course of a year, what are they getting? The IPO was the third for Dutch-born Slootman,. Hes quite knowledgeable in the market industry, and he doesnt confuse with unnecessary jargon. 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. No databases of scale and no file systems with scale. Not all CEOs have this, but a lot of CEOs do. [1] 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, because we all have our that's sell of awareness. The eight blocks of the street run from Broadway in the west to the East River in the east. The dream drivers that have made the NYSE an indispensable institution of global growth for over 225 years. Before that, he spent his life in Netherlands, where he was also born. But then, you go like, "Oh, this is the rest of my life." Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. 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. At 61 years old, Slootman has created quite the reputation for himself. Yeah, there's no doubt. The improvement in technology is one of the main reasons that this commercial scene is flourishing by the, Read More 10 Things You Didnt Know about Loggi CEO Fabien MendezContinue, Tableau Softwares President and CEO Mark Nelson defines Tableaus vision and supervises the companys business operations and procedures. Everybody has access to capital. Slootmans style of leadership is not gentle at all. This page was last edited on 12 March 2021, at 18:12. You're finding the best sailors in the world and all of that. He knows what problems exist in his field today, and he knows how to address them as well. And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. And having incredible meaning and potency and yield value for applications you never imagined. Snowflake CEO collects a $95 million payout every month 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. 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 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. And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. Instacart Appoints Frank Slootman, Chairman And CEO Of Snowflake, To Now, tape technologies go all the way back to the early days of computing, because that was the form of magnetic storage that we had. The liberalization of LNG is creating a global natural gas market, with freight acting as a virtual pipeline between continents. It was just like Formula 1 of sailboat racing. right? I just took a job with a software company just to be in software and that's sort of the extent of my thinking on that. It's been extremely successful since we took over. 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 that is what digital transformation is. And of course, the appetite is insatiable for both technology and people that know how to make this future happen. And eventually, we totally crushed that market because we could address any and all use cases that were out there. It takes nothing. Let's go." 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. That is the X factor in companies, but it starts with weaponizing the mission. What's the silver bullet? That's the reason why this country does so well. Once you understand relationships, you can now predict them. Obviously, that required even more resources, so we really had the strategic dilemma that we couldn't grow beyond our core market. Snowflake CEO Frank Slootman Leading for Hypergrowth - YouTube It's very hard. 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. Blackstone Announces Appointment of Frank Slootman, Chairman and CEO of Learn how your comment data is processed. And my email just dribbled down to nothing and all this kind of thing." Where I come from, people are quite resigned to their fate. 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. Snowflake now has Frank Slootman as chairman and CEO. I hate to break it to the audience, but that is the way that it is. The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. It was small, it was slow. By the close of. They've never really been asked that before. Before accepting the Snowflake CEO job, Slootman was retired and racing sailboats competitively in the San Francisco Bay Area. What you're doing now is doing pretty good, so keep yourself in the game, Frank. That is the most, that is so unproductive. Every week there was a new bid. I always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. Snowflake CEO Frank Slootman made headlines with controversial comments about diversity in the workplace. 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. The good thing is you dont have to actually sit in with Slootman to get his lessons. Over the past 20 years, as CEO of Data Domain and then ServiceNow and now Snowflake, Frank Slootman has generated extraordinary growth and success for each company and established himself as one of the world's top CEOs. This is kind of the pattern that ICE has seen through how different markets have developed, but normally that takes 10 years, whereas actually, it's taken 10 weeks in the auction. 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. But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. And it's very much a talent game just like business is. Information contained in this podcast was obtained in part from publicly available sources, and not independently verified. 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. 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. So in hindsight, I understood that I was just burned out, classic burned out. 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. And then Snowflake is again, a totally different. We're going to nuke an entire industry out of existence. We actually won everything that we wanted to win. And when you're burned out, you don't regenerate anymore. It is a future state that we're all working on right now. I mean, anecdotal observation has pretty much run its course. But your culture is the only thing that's really unique to you and everything else is up for grab for anybody else. And we introduced a centrally cleared model with ICE as the central counterparty, because that makes it much easier for new firms to join. So, we won a lot of outraces. And when you let it happen, you get feed-ups. Americans are, it doesn't matter what profession they're in, they always believe they can do better. Our guest today, Frank Slootman is chairman and CEO of Snowflake. Right? I mean, you brought in some reinforcements when you started at Snowflake, including Michael Scarpelli, who was your CFO at Data Domain and ServiceNow. So, I ended up in odd places because they didn't know what to do with me. Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. And I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. 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. Leaders such as Slootman, Scott McNealy , Jayshree Ullal and my old boss Pat McGovern have inspired me over the. Snowflake CEO Frank Slootman Wrote the Playbook on How to Amp It Up Presiding is the worst word. 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. But they do because the world is changing to digital and this is the essence of digital transformation. So, we were just picking over use cases here and there to sort of stay alive in the early days. 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. Thanks so much for joining us inside the Ice House. I mean, people go from spending $50,000 a year to a million dollars a year in one year and they're like, and the CFOs go, "What the hell is this all about?" And essentially, he defends. We left off before the break with your decision to literally set sail after 33 years of a career that took you all over the globe, including bringing two companies public. You have to have data to partial reality, right? Who can solve what set of issues, right? So, I did. I mean, in the book, Frank, you used the analogy of getting in the right elevator. Amp It Up, Frank, you write a lot about building culture and I think you had some issues at Snowflake when you got there. 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. Museum Shop Hours: 9:30 am - 5 pm daily; 9:30 am - 4 pm in January and February. I'm just, I'm fighting that tide. Thanks for listening. Because you're like, "Oh, this is great. It wasn't, and the company wasn't failing financially on its growth objectives. I remember having a conversation with the CEO of a very large healthcare company. You can't help but run into Dutch people everywhere because they have such a small country. Amp It Up, published a scant of 13 months after the Rise of the Data Cloud, which you wrote with Steve Hamm. And it's like, "Well, why does that matter?" One of the worst, worst in the English language for me. You could eject the tape from a tape drive and you could ship it off site. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. No. I mean, you're not going to get excited, "Well, we want to grow 100% this year." And that's a whole different deal. So, we came up with this war cry that said, "Tape sucks, move on." I mean, we had like 15X, the X of the next nearest competitor. 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. But you mentioned this earlier, it isn't really what happened. Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . You could have a meeting in the hallway with the entire company. 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. Investors know this about us. I mean, the results speak for themselves. An in-house cafeteria replaced the usual catered lunch offerings, and sales representatives no longer had free reins on unexplained spending. They sold the living hell out of that product. There's new business models. Make it as easy as I could make it. Our guest was Frank Slootman, the Chairman and CEO of Snowflake. Amping it up with Snowflake CEO Frank Slootman - SiliconANGLE 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. At some point, we were going to get stunted in our growth. See what you can do with it" to data driving operations directly, right? Who is Snowflake CEO Frank Slootman? | The US Sun After all, he has experience on his side. I always tell my own people, "Look, I'm a piece on the chessboard, okay? The IPO was the third for Slootman, who moved to California for a job at Compuware in the dot-com boom, then worked at Borland Software. It was great and it lasted the entire duration. Bachelor of Science, Erasmus University Rotterdam, The Netherlands; Master of Science, Erasmus University Rotterdam, The Netherlands. Those are the people that are right there, where the people that bring home the bacon, there when the shit hits the fan. This is very much a country that believes things that other countries don't believe. In other words, somebody who has lived their lives over and over. 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. They just said, "Look, let's re-envision, re-imagine based on the platform realities that we now have, which was the Public Cloud. And that's the American flavor and flare that has built up over three, almost four decades. Snowflake is Slootmans third IPO. You can only sail so much, [crosstalk 00:31:19]. Look, I'm not a certain type of CEO. When you run companies, you need to narrow the plane of attack very, very quickly. I'm like, "We're not trying to indict what you've done. Yeah. Then, they discuss Frank's hiring philosophy and how to create a winning relationship between an executive and their direct reports . In other words, as a leadership team, it's not just the CEO. He's a pretty good golfer. Slootman applies this philosophy in the workplace as well. And people are, are mesmerized by Snowflake results because they don't quite understand, where is this coming from? 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. Frank Lloyd Wright Home and Studio. It takes a ton of work to maintain intense focus on the mission, so that's the weaponizing. 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. CEO Frank Slootman (second row, fourth from left) and the Snowflake team virtually rang the opening . I mean, to this day, with all the other things that we've done, I still treasured that experience greatly and it's still a very large business to this day. 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. New competitors, new partner ecosystems, so it was like, "Wow, this is the future." And I had already made a little bit of a name for myself in the company. As the gold auction and also, the LBMA gold price is the world's price for gold, particularly gold, which is delivered in London. This site uses Akismet to reduce spam. Tour Hours: 10 am - 4 pm daily; 10 am - 3 pm in January and February. It becomes the beating heart of a modern enterprise. 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. 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." It could address very few use cases. the internship sort of came about because I was about a year ahead of schedule at the university. Instacart Appoints Frank Slootman, Chairman And CEO Of - Insider You really need to, look at yourself as an asset that can be applied in many, many different ways. And everybody was like, "Who's Data Domain? But yeah, aptitude is really about, what are you innately good at? 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. I mean, we were crawling the bottom in the early days, so we had a product that had marginal product market fit. I mean, it's like when people start to roll their eyes. Sometimes that is hard for American audiences. This is probably the biggest understatement of the year. 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. That's awesome. That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. And it worked like that for about a hundred years. The post 'Summer House' star Danielle Olivera gets emotional talking about Robert . How does that work at Snowflake? They did not try to carry technology or ways of thinking forward. 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. Yeah, it was a good problem. What is the core of your being, right? 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. It was the lowest ranking job in the entire world of IT, if you were involved with tape automation. Engineers should have a very easy time discerning the talent, so. Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. There's no doubt, I'm a total hybrid here. And there were many, many players in that segment, by the way. But you dont achieve a $1.8 billion net worth by being a spendthrift. The Frank Lloyd Wright (R) Suite will be accepting bookings from January 24, 2023, through March 31, 2024. . Snowflake CEO Frank Slootman on moving the needle, win-first - Spotify 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. So, what are things that we should absolutely not ask you to do ever? But the problem with tape was, I mean, tape got lost, tape became unreadable. Snowflake CEO Frank Slootman Shares Secrets of Unrivaled Success in And that's all coming up right after this. It's just, it's hard not to be acquainted at some level with that culture. Because, and this is another important observation, I think. Photo by Christie Hemm Klok/The Forbes Collection. I mean, it was a super crowded field, but we just crushed that entire field. It's like it's full of feedback. And we publish the data transparently on our site, so anyone can come and see what actually happened in the auction. What was that? I can't do every speaking engagement," et cetera. 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. I really had to change from being an individual contributor or a small team leader to somebody who runs organizations. We had this very high profile bidding war between the EMC and NetApp at that time. And it's very rare to create that kind of value. The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. All these things eventually came together. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". 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. Whatever he learned from school is probably what we should all learn. We had no experience. And obviously, I got that in spades at UN Royal in Indiana. [22] In September 2019, it was ranked first on LinkedIn 's 2019 U.S. list of Top Startups.