But in the end, it's like we have to get into backup software in which we tried. But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. They're kind of like-. And all of a sudden, everybody is just high-fiving and doing victory laps and everything is beautiful versus reality is completely different. Where I come from, people are quite resigned to their fate. 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. No, I didn't. ICE is the first exchange to list LNG freight futures contracts underpinned by the price assessments of spark commodities. You can only sail so much, [crosstalk 00:31:19]. People were looking at my credentials. Never heard of that company." You speak the language, like we do, but there is something different about you." That's NYSE ticker symbol, S-N-O-W. His book from John Wiley and Sons, Amp It Up: Leading For Hypergrowth By Raising Expectations, Increasing Urgency, and Elevating Intensity is in bookstores and online now. 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. Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . We had no experience. And like, "How fast does this guy type?" Slootmans style of leadership is not gentle at all. And now, welcome inside the ICE House. Whereas in business, it often takes so much longer to be confronted with the consequences of your actions and some people don't-. Snowflake is Slootmans third IPO. And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. And having incredible meaning and potency and yield value for applications you never imagined. Snowflake CEO Frank Slootman made headlines with controversial comments about diversity in the workplace. It's just our nature to talk about problems." 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. Slootman said he understands people might be eager to more freely leave their homes once long-standing public health restrictions are eased, potentially wanting to return to pre-pandemic routines . Not all people are created equal in terms of their roles and their contributions in companies. I mean, I was just in my way of life and I was going to stay there till the end of time. And in other words, I was already negotiating Mike's package before I had joined ServiceNow. Given his accolades, Slootman gets invited to speak at many events. 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. He's a Dutchman Slootman moved to Silicon Valley in 1997. 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 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 Amp It Up, Frank, you say that a company's mission really has to be weaponized. So, the earlier you show up, the better off you are. Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. Once you start doing that, you need to take yourself out of the game. Never seen the inside of an office or anything. It's lights out, light speed and then fully disintermediated and it's fully programmatic. 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. Right? 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? Bachelor of Science, Erasmus University Rotterdam, The Netherlands; Master of Science, Erasmus University Rotterdam, The Netherlands. 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. 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?" You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. Now, for us, it's a data Cloud. He said, "Because you guys are indicting everything I've done." As the gold auction and also, the LBMA gold price is the world's price for gold, particularly gold, which is delivered in London. While everything about Snowflake is hot in the market, were left asking who is at the helm of it all. And did you have a sense that the sector was really about to explode? 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. 951 Chicago Ave., Oak Park, IL 60302. 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. 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. Our European futures operation is based in London, England, and a big part of that operation is futures trading for Dutch Natural Gas at the Title Transfer Facility or TTF, virtual trading point in Amsterdam. Now, most organizations are incredibly in up still in terms of their data promise. Slootman previously served as CEO for Data Domain and for ServiceNow, which he both took public. BUILDINGS. But 233 years later, American, Dutch and British interests are inexorably intertwined. They've never really been asked that before. In the book, I go on and on about what some of those issues are. 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. At 61 years old, Slootman has created quite the reputation for himself. Tej, Read More 10 Things You Didnt Know about Tej VirkContinue. You need to be invested in the moment, in the present, rather than I'm thinking about my next move. I really had to change from being an individual contributor or a small team leader to somebody who runs organizations. If you like what you heard, please rate us on iTunes, so other folks know where to find us. Here's your host, Josh King of Intercontinental Exchange. When I was considering Snowflake, I told Snowflake, "I will not do this if Mike doesn't come along." And how that allowed him to grow Snowflake into the biggest software IPO ever, and how. They knew exactly what we meant. Right? Better, better all the time. But it's not what it really is, so it wasn't an enormous surprise to me to come here. Those are all disciplines that leverage where they are, right at the headwaters off the entire European continent. Obviously, that industry had moved on to all kinds of different disk space technologies. Because when all the energy and all the quality of resources is fully concentrated on the mission, that's pure magic, okay? I was a huge fan coming here. By the way, everything he did had to be insanely great because he just couldn't get out of bed if it wasn't insanely great. You arrived at something like tape sucks. I mean, in the book, Frank, you used the analogy of getting in the right elevator. And I said, "Why not?" He's like, "How do we run a supply chain?" What's the playbook?" The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. But I was now really primed at that point, in terms of, I knew a lot more, about what it was like to be in the US. But then again, there really is only one Frank Slootman, IPO master in the world. Basically, we had to solve our enormous problems that we have while the company was doubling in size, more than doubling its size every year. The book accounts his time in Data Domain and so much more. Mar 11, 2021, 11:30 ET. We played a round of golf. Take our own company, Intercontinental Exchange, for example. This is a country that's very aspirational. People that the company really, really runs on. You could have a meeting in the hallway with the entire company. The ecommerce industry is one of the fastest-growing sectors, and at the moment, it features several players. 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. But . It was very formative. And it's like, "Well, why does that matter?" And after a while it's like, "Look, I can't do one-on-one meetings with a million people. And then being able to talk about it in an intelligent, really rich-considered manner. Those are really good conversation, good questions to have because each organization is different. 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. Some may describe him as direct. 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. If you like what you heard, please rate us on iTunes, so other folks know where to find us. right? No databases of scale and no file systems with scale. 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. 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. 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. And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. He's a pretty good golfer. 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. Every week there was a new bid. Good sales people have a track record. And I say, "Stop putting labels on yourself. Frank Slootman, Chairman and CEO of Snowflake (NYSE: SNOW), presided over the largest software IPO in the NYSEs history, but it wasnt his first rodeo. And it wasn't until the consent degree with IBM that really unbundled the software from hardware because software industry couldn't even happen because software was bundled. This is a very buoyant country. Because they can't understand how spending categories can just explode overnight like that. And essentially, he defends. Data Domain went public in 2007, but two years later acquired by EMC, in my home state of Massachusetts. We had this very high profile bidding war between the EMC and NetApp at that time. 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. 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 as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? 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? I look at the situation, "What does this require?" But that is what digital transformation is. It was great and it lasted the entire duration. And by the way, data platforms have been extremely fragmented historically. Okay. Two years later, he was back at it again as chairman of enterprise software business ServiceNow, which he guided to a 2012 IPO. You ever noticed that NFL quarterbacks just can't leave the stage. It was just like Formula 1 of sailboat racing. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. While that is probably not, my temperament is not terribly well-suited for those types of jobs. Windows 3.1 didn't even exist. Slootman has become somewhat of a business hero for many people, myself included. 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. 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. Because, and this is another important observation, I think. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. We wanted to buy technology from, what at that time was Veritas, Convo, companies that are still around, because then we could really address the, the functional scale and scope off our platform. 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. We're not trying to find fault with people or who did what to whom. I was like, "Jesus, I spent my whole life trying to get here. I talk to more people than most people in the company do, and that makes me dangerous because I hear directly what is going on - good, bad, and somewhere in between. We were going to do the world of favor.". And then obviously, a business that was at a sense of itself, of its product lifecycle, which has its own unique set of challenges. 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. I mean, we have bumper stickers and people would at trade shows would stick them on tape libraries. But the world of backup and recovery, was dominated, as you said, by tape automation technologies. I'm the opposite. 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? 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 . Now, what that does the weaponizing, what that does is we block everything else out. There's new business models. 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. In this technological era, the field of analytics is vital as it makes it easy to access needed information without much of a hassle. 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. As we're recording this in early 2022, the competition for talent has reached a boiling point. Volumes have increased and they've pretty much more than doubled, and we've actually nearly tripled the number of participants that we have as well. So in hindsight, I understood that I was just burned out, classic burned out. I mean, it gets rid of you. Well, that's because historically all we did was we did analytics in silo. But let's focus on another dilemma that brought up in the book, Frank. Because of his much sought-after expertise, Slootman gets paid a decent sum of money. See what you can do with it" to data driving operations directly, right? They're very far removed from the drive train. It's really a company production, by the way. Tell me about sailing, first of all. But it's also, you attack and you cross again. 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. 5.9% of any company is a huge deal. They're very well dialed into it. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. And I have to, the moment I start sitting in my ivory tower and rely on reporting from people all over the place, we're in a world of hurt. 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). We're two sides of a coin, which is a reason why we've shown up in so many companies together. So, they looked around and they found the guy with a passport to Dutch language proficiency like. 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 that is our culture. It's a transformation that is still going on. Not exactly like a year and a half, he'd been there for seven years. The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. 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. And that's our conversation for this week. I hate to break it to the audience, but that is the way that it is. And everybody was like, "Who's Data Domain? And you had literally physical media that could logistically manage. Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. [1] In June 2012, ServiceNow became a publicly-traded company as Frank Slootman led the company through a $210 million IPO. Slootman applies this philosophy in the workplace as well. I mean, it was doing well. 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." 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. It's been extremely successful since we took over. Before the break, Snowflake's CEO, Frank Slootman and I were discussing his career. Slootman received both his undergraduate and graduate degrees from the Erasmus University Rotterdam School of Economics. At the same time, I ended up in conversations with the lead director and investor at Snowflake. It takes a ton of work to maintain intense focus on the mission, so that's the weaponizing. We call it a turn on the crank and we came out with a product that was at least twice as big, twice as fast, so the market kind of opened up gradually for us. Architecturally, just damn near perfect, so. At the same time, that was enormous anxiety about how the company was unfolding. In other words, "How fast does this might work?" They're very lonely in their jobs. But one of those issues was that taken over from a founder CEO was really, really hard. Read More 10 Things You Did Not Know About Thoughtspot CEO Sudheesh NairContinue, If you follow business news, you may have heard that on September 29, 2021, Totango announced it had raised $100 million in Series D funding. [9] In June 2019, the company launched Snowflake Data Exchange. Reflects change since 5 pm ET of prior trading day. 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. 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. How does having who's worked closely with you for years help you accomplish your goals of hyper growth without losing focus? Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. 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. I'm a proud US citizen, but at the same time, there's no negating my Dutch roots. 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. People who have seen sort of the ticker symbol of Snowflake pass their eyes on CNBC and see how its companies perform and say like, "What is that company with the name after falling snow from the sky?" That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. So, you need to create a platform that allows data to be enriched and be joined and be blended and be overlaid in ways that data scientist only have insight into. Right? I mean, it was just trying to stay alive. The founder brings you in to scale up the company, but finds it difficult to step aside. But yeah, aptitude is really about, what are you innately good at? Strong personalities will just dictate culture in certain business units, in certain geographies and so on. I mean, that's how I felt at that time, like I had no more to give. 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. Snowflake now has Frank Slootman as chairman and CEO. They only learn from consequences, so you got to create consequences, good and bad when things happen and things happen all day long. Well, building culture is a very forceful thing. So not only is this CEO a winner on land; he also dominates the sea with his sailboatpretty impressive on any measure. In the Dutchman Frank Slootman, a non-coddling, no-nonsense executive who had taken Data Domain public before selling it to EMC, Leone saw "a match made . In other words, you got to really mean it, okay? But your culture is the only thing that's really unique to you and everything else is up for grab for anybody else. welcome back! And obviously that is not the best way to go about things because that's just one man's opinion against another, right? He knows what problems exist in his field today, and he knows how to address them as well. It was an application development and runtime platform to run on both Unix and OSU and Windows all at the same time. Not much is known about Slootmans personal life, but we do know that hes fairly young for the success hes achieved in his lifetime. Another Dutch trend setter with the Winfrey title is Frank Slootman, the chairman and CEO of Snowflake. It was super interesting to me, sort of my first encounter with American management. And that went on literally for years, okay? You really need to, look at yourself as an asset that can be applied in many, many different ways. 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. 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. 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. And we were babes in the wood back then. The biggest guess is that Frank Slootman simply had the track record for having previously taken data storage companies successfully out of trouble and into the future. Right? Frank Slootman has written another book about how to run a business based on his time at Data Domain, ServiceNow, and Snowflake. Yeah. Don't typecast yourself." And I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. I'm on the phone with customers every day. And of course, people chuckled because they recognized it. If it's not related to our core mission, we don't want to hear about it. I'm curious, how that opportunity at Data Domain came to you? That's actually another important bit of learning with a lot of people take on CEO roles and they keep doing their last job because that's familiar to them and they love it and they keep doing it. The list of its authors can be seen in its historical. They want to know what bad behavior is. I mean, they had graphical user interfaces that were completely proprietary to that company. The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. We now use consumption models instead of subscription models. Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening. A decade after his death, fantasy artist Frank Frazetta still towers over the pop culture landscape as new fans discover his work. And companies that have been around a long time, it's near to impossible to undo the culture. That was career death for people, so it was just the least flattering place in the entire IT operation was backup and recovery based on tape, very logistically, intense. 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. A term that gets used a little bit too much in too many places. It was originally known in Dutch as de Waalstraat when it was part of new Amsterdam in the 17th Century, an actual wall existed on the street from 1685 to 1699, protecting the early entrepreneurs and fur traders of Fort Amsterdam from encroachment from the north. I often refer to those people as passengers and then, they're the drivers. That's not a healthy dynamic. So like, "Look, I'm not going to be doing the same races over and over again." Right? 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. You relate well to that way of thinking. It's up to 79% of the volume has gone cleared. That's why they're big in banking and insurance and distribution and logistics. I mean, you brought in some reinforcements when you started at Snowflake, including Michael Scarpelli, who was your CFO at Data Domain and ServiceNow. And that's a whole different deal. Everyone's watching. Creative Commons Attribution-ShareAlike. I can't do every speaking engagement," et cetera. It's just, it's hard not to be acquainted at some level with that culture. Are you just going to look the other way or are you going to call it out? So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." And now, I feel like I'm being haunted, by this Dutch thing, this cloud that's hanging over me." That's awesome. 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. Now, amid an ongoing legal battle, its got to clean up a very public mess. So, understanding that is really important because obviously, you can't fight it off unless you understand where it's coming from. We're going to nuke an entire industry out of existence. What took you back to the Netherlands at one point? I mean, truly retire. 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