Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. 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. 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. Well, that's because historically all we did was we did analytics in silo. BUILDINGS. We were going to do the world of favor.". When I'm on offense out there, I don't worry about what's going on at home at the farm because that is in a very, very tight control mode. It was the lowest ranking job in the entire world of IT, if you were involved with tape automation. I mean, Dutch people are incredibly hard driving, no nonsense, can't suffer bullshit type of people. I'm the opposite. [2], In May 2019, Frank Slootman joined Snowflake Inc. as its CEO. 5. The consequences of your action are like right there. 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. Two years later, he was back at it again as chairman of enterprise software business ServiceNow, which he guided to a 2012 IPO. 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. Everyone's watching. That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. We're going to nuke an entire industry out of existence. Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. This article "Frank Slootman" is from Wikipedia. And in other words, what problems can I solve very quickly versus what is going to take longer to solve. Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . I mean, that's how aligned this is, okay? I need to know what that is. 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. Well, they knew now. And there were many, many players in that segment, by the way. Slootman is going to take Snowflake for quite the ride, and you have to decide whether youre getting in his car or not. That's where we're at right now. Let's go." And I had already made a little bit of a name for myself in the company. So, we were just picking over use cases here and there to sort of stay alive in the early days. Leone took Luddy on a host of interviews. But we didn't have the market capital resources to do that. Yeah, yeah. Helping women become better in negotiation is an urgent and essential task for organizations and individuals. But yeah, aptitude is really about, what are you innately good at? 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. Can you explain how you overcame both to lead the company through its 2012 IPO? We had no experience. You have to have data to partial reality, right? And essentially, he defends. It was very formative. 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 nascent liquidity of spot LNG freight markets, and the volatility of time charter rates has boosted demand for risk management tools. 2023 Forbes Media LLC. 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 . It was sort of an adjunct to what they called the computer industry back then. But then again, there really is only one Frank Slootman, IPO master in the world. Because when all the energy and all the quality of resources is fully concentrated on the mission, that's pure magic, okay? So, I finally caved, okay. The eight blocks of the street run from Broadway in the west to the East River in the east. When a company is buying a million dollars from you in the course of a year, what are they getting? And having incredible meaning and potency and yield value for applications you never imagined. Nothing to do with financial targets or growth targets or market capitalization. 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. And we publish the data transparently on our site, so anyone can come and see what actually happened in the auction. The interesting thing about data domain was it was very, very slow going. [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]. But you mentioned this earlier, it isn't really what happened. Did you always have your eyes set on a career in the US? What are your God-given talents? Because now you're buying somebody else's culture. For example, he made a few changes at Snowflake when he became CEO. This is a country that's very aspirational. So after a while, it's like, "Okay, we've done enough of this." 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. And obviously, I got that in spades at UN Royal in Indiana. They just have such a hard time doing it because that's who they are, that's what they live for. All Rights Reserved. Of these, six were built: the Imperial Hotel and Annex, the Jiyu Gakuen School, the Aisaku Hayashi . Data Domain was really an interesting company. By the close of. 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. And how that allowed him to grow Snowflake into the biggest software IPO ever, and how. And I said, "Why not?" Yeah, it was a good problem. At some point, we were going to get stunted in our growth. A lot of people think that that's possible, but there's a real limit to what salespeople can and can't do. Property details for 3001 W Ruby Hill Dr, located in Pleasanton, California. Its none other than CEO Frank Slootman, and here are 10 things about the guy behind the current Snowflake craze. Creative Commons Attribution-ShareAlike. Where I come from, people are quite resigned to their fate. And that went on literally for years, 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. 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. Right? Those are all disciplines that leverage where they are, right at the headwaters off the entire European continent. It became very meaningful to them. It takes nothing. How does that work at Snowflake? But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. And a lot of our people have the same malcontent attitude that I do. It was super interesting to me, sort of my first encounter with American management. In other words, somebody who has lived their lives over and over. 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. So, we came up with this war cry that said, "Tape sucks, move on." It's like, "That's not exciting." You need to sort your issues into, "What am I going to focus on?" It was doubling. Right? The Frank Lloyd Wright (R) Suite will be accepting bookings from January 24, 2023, through March 31, 2024. . 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 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. It's hard to get off of that. I was a huge fan coming here. 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. Snowflake, the cloud-based data-warehousing company, has been on fire in 2020, with veteran tech CEO Frank Slootman at the center of its success. And it worked like that for about a hundred years. Good sales people have a track record. Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening. They're kind of like whine and bitch all day. Slootman has become somewhat of a business hero for many people, myself included. Tour Hours: 10 am - 4 pm daily; 10 am - 3 pm in January and February. 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. The San Francsico 49ers admitted that they might be forced to go quarterback hunting this offseason. It could address very few use cases. There's new business models. But they do because the world is changing to digital and this is the essence of digital transformation. 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. I mean, it was doing well. I'm just, I'm fighting that tide. And Mike was still the CEO at ServiceNow at that time. We don't preside, okay? Photo by Christie Hemm Klok/The Forbes Collection. 5.9% of any company is a huge deal. Now, for us, it's a data Cloud. They only learn from consequences, so you got to create consequences, good and bad when things happen and things happen all day long. At the same time, I ended up in conversations with the lead director and investor at Snowflake. 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 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? As the gold auction and also, the LBMA gold price is the world's price for gold, particularly gold, which is delivered in London. The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. 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. Our show is produced by Pete Asch, with assistance from Stephan Capriles, Ian Wolf, and Ken Abel. These days, a lot of folks take it for granted, but Wall Street has a fascinating history. And of course, the appetite is insatiable for both technology and people that know how to make this future happen. And all of a sudden, everybody is just high-fiving and doing victory laps and everything is beautiful versus reality is completely different. 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? But it's also, you attack and you cross again. In any successful company just ask them, they will attribute success to their culture. 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. And in other words, I was already negotiating Mike's package before I had joined ServiceNow. And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. 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. Correct, correct. JP Morgan paid $175 million for a startup it believes it was conned into buying. Never heard of that company." We played a round of golf. And now, welcome inside the ICE House. And you mentioned several times in the book that you look for aptitude over experience, does that focus help snowflake identify young talent and how do you measure aptitude? Fred Luddy, the founder of ServiceNow, I mean, super talented guy, obviously. Not all people are created equal in terms of their roles and their contributions in companies. 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. Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. I mean, the results speak for themselves. He published a book in 2011 called Tape Sucks. Take our own company, Intercontinental Exchange, for example. Data Domain went public in 2007, but two years later acquired by EMC, in my home state of Massachusetts. And by the way, the inverse of that is what are you not good at? I'm Josh King, your host, signing off from the library of the New York Stock Exchange. 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. 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. As cool as it may sound, Slootman doesnt actually have a literal invisible hand. In this technological era, the field of analytics is vital as it makes it easy to access needed information without much of a hassle. So, after six years of success, by any metric, by playing the king on that ServiceNow chess board, why was it time to step down? So, I ended up going back to, I really didn't want to. The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. The company is a fintech firm that helps companies automate their deployments with unique software solutions for business. Americans are, it doesn't matter what profession they're in, they always believe they can do better. Whereas in business, it often takes so much longer to be confronted with the consequences of your actions and some people don't-. We're two sides of a coin, which is a reason why we've shown up in so many companies together. Because he was still smarting from the fact that I left ServiceNow and he felt I left him stranded. I look at the situation, "What does this require?" You ever noticed that NFL quarterbacks just can't leave the stage. 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. In Amp It Up, you're pretty open about the struggles the company faced in its business and leadership. I think EMC was exactly the right acquirer because they just sort of had the orientation and the scale and the intensity culturally. Having run a number of global software companies, I appreciate the scope of resources that Blackstone can bring to high-growth . We cannot just read our emails and have a few phone conversations and know what's going on. But 233 years later, American, Dutch and British interests are inexorably intertwined. You speak the language, like we do, but there is something different about you." They're high anxiety, they're entrepreneurs, they're CEO, and sort of getting a very unvarnished view, inside view from a fellow traveler. I hate to break it to the audience, but that is the way that it is. And my email just dribbled down to nothing and all this kind of thing." 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. What's your advice about someone climbing the corporate ladder looking to make that leap? Because, if I can't explain it, then I can't predict it. Frank Slootman, Snowflake CEO, joins 'Closing Bell: Overtime' to discuss the company as shares slump on weak guidance following Wednesday's earnings report. The 61-year old Dutch executive's first CEO job was at an early-stage startup called Data Domain that made specialized storage hardware. It's just, it's hard not to be acquainted at some level with that culture. So, understanding that is really important because obviously, you can't fight it off unless you understand where it's coming from. Make it as easy as I could make it. Obviously, I was a young man and not even in my mid-30s and I'm taking over a whole business, a whole organization, global, all this kind of stuff, so, it was a hell of. And then being able to talk about it in an intelligent, really rich-considered manner. Everybody has access to talent. Slootman previously served as CEO for Data Domain and for ServiceNow, which he both took public. 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. CEO Frank Slootman (second row, fourth from left) and the Snowflake team virtually rang the opening . Then, they discuss Frank's hiring philosophy and how to create a winning relationship between an executive and their direct reports . We are people that basically see everything that's wrong all day, and we always see a room up from where things are. Tej, Read More 10 Things You Didnt Know about Tej VirkContinue. 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 the product was insanely fast, completely automated. 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. 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 one of those issues was that taken over from a founder CEO was really, really hard. I mean, it's hard to believe at this day and age that things were that way back then, but they were. As we're recording this in early 2022, the competition for talent has reached a boiling point. [9] In June 2019, the company launched Snowflake Data Exchange. Amp It Up, published a scant of 13 months after the Rise of the Data Cloud, which you wrote with Steve Hamm. 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?" When I was interviewing with ServiceNow, I said to the board, "I want to bring Mike along." So like, "Look, I'm not going to be doing the same races over and over again." And it was really my wife who said, "No, no, we'll go. 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. That is by then, we often refer to this as data enrichment because you can take incredibly mundane data and when you enrich it with data attributes from other sources, like for example, you guys did with ADP, all of a sudden data goes from mundane to high octane. Frank Slootman is the CEO of Snowflake, a cloud-based dataset organization he helped build in 2019. Mar 11, 2021, 11:30 ET. And our conversation with Frank Slootman on how he amped up his career scaled three companies and the lessons he wants to now share with the world is coming up right after this. And that's exactly what we did. And then George Washington was sworn in as the first President of the United States, just a few feet from the front door of the NYSE on April 30th 1789. But then, you go like, "Oh, this is the rest of my life." 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. Reflects change since 5 pm ET of prior trading day. I use that expression a lot to say, "Look, data operations is going to become your core." 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. Steve Jobs didnt even own 1% of Appleeven though he had millions worth in shares. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. Strong personalities will just dictate culture in certain business units, in certain geographies and so on. I mean, we had like 15X, the X of the next nearest competitor. 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. And companies that have been around a long time, it's near to impossible to undo the culture. Because they can't understand how spending categories can just explode overnight like that. Well, the number one bit of advice I would have is make sure you're close to the drive train. Right. Slootman moved to Silicon Valley in 1997. 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 Mike, he takes on the end entire spectrum of controls and administration. 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. Thanks so much for joining us inside the Ice House. 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. What took you back to the Netherlands at one point? That's a running joke that we always have. And that's all coming up right after this. 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. 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. How does having who's worked closely with you for years help you accomplish your goals of hyper growth without losing focus? And fortunately, the temperament that is in you, it's going to re-manifest itself sooner or later. In Amp It Up, Frank, you say that a company's mission really has to be weaponized. 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. But he had also been the CEO of ServiceNow for seven years. Including his options, Slootman owns about 10% of Snowflake. Now, we're going to go move the pieces and I'm just a piece on the chessboard."
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