It still runs as an auction in rounds of 30 seconds and final price were used as the benchmark for the entire gold market. Engineers should have a very easy time discerning the talent, so. 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 it's like, "Well, why does that matter?" 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. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. And then, I had another internship after that. I mean, I still remember that we were in countries like France, where we had like a $10-million business, which was very small. Because, and this is another important observation, I think. So in hindsight, I understood that I was just burned out, classic burned out. 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. After the break Snowflake's CEO Frank Slootman and I are going to preview and review some of the other lessons in his new book, Amp It Up. 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. It was sort of an adjunct to what they called the computer industry back then. Never heard of that company." It takes a ton of work to maintain intense focus on the mission, so that's the weaponizing. By the close of. And rightfully so, by the way, because they have created something, right?. But one of those issues was that taken over from a founder CEO was really, really hard. I mean, all these greats, right? People that the company really, really runs on. 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. I mean, it's a hell of a cash burner as well. And you need to have the flexibility of mind to really deploy yourself. One company that embodies this vision is ThoughtSpot, an analytics company. This is a very buoyant country. 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. I mean, we lived in absolute terror. It takes nothing. 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. I'm just, I'm fighting that tide. And by the way, data platforms have been extremely fragmented historically. I mean, I was just in my way of life and I was going to stay there till the end of time. And that's our conversation for this week. The pandemic has. 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. They just have such a hard time doing it because that's who they are, that's what they live for. CEO Frank Slootman (second row, fourth from left) and the Snowflake team virtually rang the opening . Those are really good conversation, good questions to have because each organization is different. 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. Architecturally, just damn near perfect, so. It's just our nature to talk about problems." Frank Horvat helped elevate fashion photography into high art, and with his thoughtful photographs, changed how we look at fashion altogether. What's the playbook?" Now, it was actually pretty interesting because this was sort of a forerunner of a data analytics, business intelligence type of company. I can't do every speaking engagement," et cetera. Including his options, Slootman owns about 10% of Snowflake. Frank Slootman - Narrow the Focus, Increase the Quality - [In 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. Everybody has access to talent. I only think about now and what I'm doing today. You could have a meeting in the hallway with the entire company. 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. Where does a CEO Frank find time to write two books back-to-back and what was the inspiration for Amp It Up? I always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. What are your God-given talents? Slootman knows exactly what hes doing. 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. I mean, for example, I remember when we first, got involved with Geico and Todd Combs, the CEO, said, "Look, I don't need any more lectures from you guys on architectural prowess and all this sort of thing." I don't know what, if you go back to those days. And a lot of our people have the same malcontent attitude that I do. It is data operations from the most transactional to the most analytical and everything in between, so. An in-house cafeteria replaced the usual catered lunch offerings, and sales representatives no longer had free reins on unexplained spending. 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. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". 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. 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. 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 it's very much a talent game just like business is. 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. Frank Slootman Chairman and CEO at Snowflake Bozeman, Montana, United States 32K followers 500+ connections Join to follow Snowflake Erasmus University Rotterdam Articles by Frank Drivers vs.. They knew exactly what we meant. So, we won a lot of outraces. ICE is the first exchange to list LNG freight futures contracts underpinned by the price assessments of spark commodities. 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. 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, because we all have our that's sell of awareness. Yeah. I can't get you aptitude. But eventually, I returned to Holland about a year later, resumed my education. But he had also been the CEO of ServiceNow for seven years. 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? to keep connected with us, please login with your personal info. The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. Obviously, that required even more resources, so we really had the strategic dilemma that we couldn't grow beyond our core market. They only learn from consequences, so you got to create consequences, good and bad when things happen and things happen all day long. 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. 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. This article "Frank Slootman" is from Wikipedia. Never seen the inside of an office or anything. They're kind of like whine and bitch all day. Hes quite knowledgeable in the market industry, and he doesnt confuse with unnecessary jargon. Different technologies, different markets, different competitors, different eras, different cultural times that we live in, you need to become, what that situation requires off you. 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? We don't preside, okay? By the way, our two largest competitors were both bidding for the company at the same time. No, we're talking about stuff that's not working well. 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? 5. I mean, it's hard to believe at this day and age that things were that way back then, but they were. So, I got pestered by VCs over the years, like "When are you going to do an update to your book because you now have two more companies to talk about." 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. Because the essence of data science is you are trying to discover through historical data what the relationships are in your business. Americans are, it doesn't matter what profession they're in, they always believe they can do better. He was saying during the pandemic, he's like demand was up 60% over here, down 100% over there. The scramble isnt over, and many who missed the opening also missed on the double growth just off the gate. They're very far removed from the drive train. Slootman recently spoke at the CNBC. They're very well dialed into it. Well, you think you're just going to turn it off? You can only sail so much, [crosstalk 00:31:19]. He was pretty smart to use nautical expressions in that conversation, take the helm at Snowflake. 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. 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. At 61 years old, Slootman has created quite the reputation for himself. Before the break, Snowflake's CEO, Frank Slootman and I were discussing his career. In short, money talks, and Slootmans got it in his hands and in his mouth. Can you explain how you overcame both to lead the company through its 2012 IPO? We cannot just read our emails and have a few phone conversations and know what's going on. So, we were just picking over use cases here and there to sort of stay alive in the early days. 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. For example, he made a few changes at Snowflake when he became CEO. 951 Chicago Ave., Oak Park, IL 60302. At the same time, I ended up in conversations with the lead director and investor at Snowflake. Everybody has access to capital. 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. I mean, Dutch people are incredibly hard driving, no nonsense, can't suffer bullshit type of people. I'm curious, how that opportunity at Data Domain came to you? Phone: 312.994.4000. 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. You want to be that person, okay? 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. Right? His company's listing here at the NYC in September 2020 was the largest software IPO in the history of the US capital markets. In other words, as a leadership team, it's not just the CEO. Creative Commons Attribution-ShareAlike. And people are, are mesmerized by Snowflake results because they don't quite understand, where is this coming from? This boat actually won Slootman the 2017 Transpac Honolulu Race in 2017. It's not that easy. And I said, "Why not?" 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 . Because of his much sought-after expertise, Slootman gets paid a decent sum of money. I'm on the phone with customers every day. Because now, now you're going to look people in the eye, and say, "Look, this is the way we're going to be. The company is a fintech firm that helps companies automate their deployments with unique software solutions for business. 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. Insurance companies historically have not been because they are data companies by their essence, right? 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. That's not a healthy dynamic. 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. Slootman is going to take Snowflake for quite the ride, and you have to decide whether youre getting in his car or not. Our first thought was "not again" - he co-wrote Rise of The Data Cloud last year. It's a transformation that is still going on. And of course, the appetite is insatiable for both technology and people that know how to make this future happen. 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, I did. 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. They did not try to carry technology or ways of thinking forward. And obviously, I got that in spades at UN Royal in Indiana. And Brett Favre was that way. 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. Obviously, that industry had moved on to all kinds of different disk space technologies. When you get that sensation, you do need to leave because you're no longer the right person for that situation. And then I change myself to become that flavor of CEO. Yeah, there's no doubt. Much like how he runs his companies, Slootman is always direct in his speeches. Mike is a really good example of that because what he's really good at, I'm not, and I always use the, the analogy of he plays defense, I play offense. Welcome back. And Frank, while you were getting your degree from the Netherland School of Economics, you came to the US for an internship with UN Royal and returned after graduating to get a job at Burroughs, which is now Unysis and ticker symbol, UIS. 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. Whereas in business, it often takes so much longer to be confronted with the consequences of your actions and some people don't-. You need to sort your issues into, "What am I going to focus on?" And the other thing I'll say is we maintain a very, what we call a malcontent attitude. Meaning that we would run something like Tableau on top of Salesforce or whatever. In any successful company just ask them, they will attribute success to their culture. I was like, "Jesus, I spent my whole life trying to get here. Information contained in this podcast was obtained in part from publicly available sources, and not independently verified. What you're doing now is doing pretty good, so keep yourself in the game, Frank. And having incredible meaning and potency and yield value for applications you never imagined. They all do and for a good reason. And there were many, many players in that segment, by the way. That's the reason why this country does so well. See what you can do with it" to data driving operations directly, right? 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. In other words, somebody who has lived their lives over and over. All Rights Reserved. Right? They want to know what bad behavior is. Slootman has become somewhat of a business hero for many people, myself included. 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. 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. But they do because the world is changing to digital and this is the essence of digital transformation. I'm buying aptitude and then I'm going to develop that with experience, right? And the term BI had not even been invented back then. We were entertainment for Wall Street for a six-week period. 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. The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. 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. Take our own company, Intercontinental Exchange, for example. And essentially, he defends. And that is our culture. These days, a lot of folks take it for granted, but Wall Street has a fascinating history. And it's just, it's intoxicating that energy. Software was barely an industry. No databases of scale and no file systems with scale. Well, the number one bit of advice I would have is make sure you're close to the drive train. Nothing to do with financial targets or growth targets or market capitalization. I really had to change from being an individual contributor or a small team leader to somebody who runs organizations. [1] I don't have to go work on Monday. This site uses Akismet to reduce spam. It was just a beautiful thing when a company has massive scale and distribution, what a good product that gets entered into that context can do in a short period of time was mesmerizing. And you can't play chess pieces in a million different ways, right? I always tell my own people, "Look, I'm a piece on the chessboard, okay? 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. It wasn't, and the company wasn't failing financially on its growth objectives. 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. When I in Ohio, I joined copy ware in Farmington Hills, Michigan, and I had not even been there a few month and they acquired a sizable company in Holland, a company called Uniface. Bachelor of Science, Erasmus University Rotterdam, The Netherlands; Master of Science, Erasmus University Rotterdam, The Netherlands. And did you have a sense that the sector was really about to explode? So, I just had some peripheral view of the company, as well as its strategic challenges, 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. You really need to, look at yourself as an asset that can be applied in many, many different ways. But then, you go like, "Oh, this is the rest of my life." And in other words, I was already negotiating Mike's package before I had joined ServiceNow. And now, welcome inside the ICE House. welcome back! This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. And now, I feel like I'm being haunted, by this Dutch thing, this cloud that's hanging over me." 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 . So now, we're having business conversations about data. I'm a miserable golfer, but somewhere along, the 18 holes, he's like, "I'll do it, but don't leave me again." And then Snowflake is again, a totally different. Well, they knew now. In the book, I go on and on about what some of those issues are. Photo by Christie Hemm Klok/The Forbes Collection. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace. When a company is buying a million dollars from you in the course of a year, what are they getting? 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? I speak with a fat accent and like, "What are we going to do with you, pal?" Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening. It's just, it's hard not to be acquainted at some level with that culture. Steve Jobs didnt even own 1% of Appleeven though he had millions worth in shares. And that really allowed me to do this at 6:00 AM on weekdays and weekends and the holidays. This is very much a country that believes things that other countries don't believe. But then, there's new platforms in terms of the Public Clouds, right? Right? Theres no surprise here. That is the X factor in companies, but it starts with weaponizing the mission. We are people that basically see everything that's wrong all day, and we always see a room up from where things are. We're always picking at things that could be better. 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. Snowflake now has Frank Slootman as chairman and CEO. How does having who's worked closely with you for years help you accomplish your goals of hyper growth without losing focus? It will be fine. It's really a company production, by the way. None of that stuff is material to your mission. I hate to break it to the audience, but that is the way that it is. Museum Shop Hours: 9:30 am - 5 pm daily; 9:30 am - 4 pm in January and February. I mean, what drove you to move on? 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. So, we came out there and we said, "Look, no, we're not just going to sell a product here. You can't help but run into Dutch people everywhere because they have such a small country. Thanks so much for joining us inside the Ice House. I mean, one of my favorite, interview questions has always been, "What kind of people succeed here? I mean, you're not going to get excited, "Well, we want to grow 100% this year." And it was really my wife who said, "No, no, we'll go. Data has no opinion. There are many questions left unanswered about the months leading up to Snowflake going public. 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. We want to bring about something in the world of computing that has never existed before and we are consumed by our mission. And the whole point of the book is I try to contrast these experiences, like look, they're not the same. After all, he has experience on his side. People naturally become very unfocused, very, very easily. Frank has been involved in the business programming market for over 25 years as a business visionary and chief. Why did you give up the helm of the invisible hand for this new role with Snowflake? And obviously that is not the best way to go about things because that's just one man's opinion against another, right? Collaboration between companies also offers significant opportunities to create value, and Frank Slootman - Chairman and CEO of data cloud pioneer Snowflake - believes it has never been more important for organizations to be able to mobilize their data and share it with ecosystem partners. I always find the problem when I hire people that are already, they have just taken a job and they're already about their next job. I mean, that's how aligned this is, okay? 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, most organizations are incredibly in up still in terms of their data promise.