I mean, they had graphical user interfaces that were completely proprietary to that company. I'm in New York. When we first came in there, it was a very, very anxiety-ridden ride in the early days. 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. Well, that's because historically all we did was we did analytics in silo. It was very formative. Well, the number one bit of advice I would have is make sure you're close to the drive train. SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- Instacart, the leading online grocery platform in North America, today announced that Frank Slootman, Chairman and Chief . 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. At 61 years old, Slootman has created quite the reputation for himself. I mean, it's a hell of a cash burner as well. And I had already made a little bit of a name for myself in the company. Frank has been involved in the business programming market for over 25 years as a business visionary and chief. And we introduced a centrally cleared model with ICE as the central counterparty, because that makes it much easier for new firms to join. That is how you energize companies. Theres no surprise here. This is really think about it as a database in the Cloud. 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? But the world of backup and recovery, was dominated, as you said, by tape automation technologies. I can just blow a year on doing some other stuff that's interesting." Better, better all the time. And if I can't predict it, I can't change my policy, I can't change my pricing." I'm buying aptitude and then I'm going to develop that with experience, right? So, it's the story, what goes around, comes around, as I said at the beginning. 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. So, we were just picking over use cases here and there to sort of stay alive in the early days. They sold the living hell out of that product. Right? That takes very different approaches, orientation, skill sets, and so on what you do. JP Morgan paid $175 million for a startup it believes it was conned into buying. 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. 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? No, we're talking about stuff that's not working well. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." That's why they're big in banking and insurance and distribution and logistics. Today, Slootmans net worth shot up to $1.8 billion because of the Snowflake IPO. And Mike, he takes on the end entire spectrum of controls and administration. In the book, I go on and on about what some of those issues are. Frank Lloyd Wright Home and Studio. 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. 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. We'll do something good with it. And the whole point of the book is I try to contrast these experiences, like look, they're not the same. They're very far removed from the drive train. 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. But then again, there really is only one Frank Slootman, IPO master in the world. Because, if I can't explain it, then I can't predict it. Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. And if you've got a comment or a question if you'd like one of our experts to tackle on a future show, email us at [emailprotected] or tweet at us @icehousepodcast. 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. 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. Some portions of the proceeding conversation may have been edited for the purpose of length or clarity. Then, they discuss Frank's hiring philosophy and how to create a winning relationship between an executive and their direct reports . Early days of ServiceNow was just jungle fighting. 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. 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. You cannot sell your way through a crappy product, okay? You got to catch people doing things the right way and then amplify that and praise it and reward it and so on because people are like pets and children. But let's focus on another dilemma that brought up in the book, Frank. And everybody was like, "Who's Data Domain? It's very hard. So, because we all have our that's sell of awareness. Did you find it difficult to change Snowflake's established culture? Americans are, it doesn't matter what profession they're in, they always believe they can do better. 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. And the other thing I'll say is we maintain a very, what we call a malcontent attitude. I mean, you probably have even a sense of things that you know you're not good at. The founder brings you in to scale up the company, but finds it difficult to step aside. 951 Chicago Ave., Oak Park, IL 60302. It's lights out, light speed and then fully disintermediated and it's fully programmatic. And that is our culture. I mean, the only thing that energizes people and teams and organizations and companies as a whole is the mission. And by the way, for most people, that's a very difficult question. 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. It's just, it's hard not to be acquainted at some level with that culture. 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. So, we came up with this war cry that said, "Tape sucks, move on." Mar 11, 2021, 11:30 ET. Well, that's another thing I don't think about that. He was saying during the pandemic, he's like demand was up 60% over here, down 100% over there. In other words, "How fast does this might work?" [1] I speak with a fat accent and like, "What are we going to do with you, pal?" Not all CEOs have this, but a lot of CEOs do. The nascent liquidity of spot LNG freight markets, and the volatility of time charter rates has boosted demand for risk management tools. Now, it was actually pretty interesting because this was sort of a forerunner of a data analytics, business intelligence type of company. 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. You could eject the tape from a tape drive and you could ship it off site. 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. That's when you're at risk. Paul Stovell is an Australian businessman and entrepreneur who serves as the current CEO of Octopus Deploy. There's no doubt that the successes that we have had, our function of the combination of our respective orientations in how we come at the world. And that really allowed me to do this at 6:00 AM on weekdays and weekends and the holidays. So, the earlier you show up, the better off you are. That's where we're at right now. Before the break, Snowflake's CEO, Frank Slootman and I were discussing his career. Slootman moved to Silicon Valley in 1997. The San Francsico 49ers admitted that they might be forced to go quarterback hunting this offseason. 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. So, I did. The book accounts his time in Data Domain and so much more. A decade after his death, fantasy artist Frank Frazetta still towers over the pop culture landscape as new fans discover his work. It's always hard when you come in as a CEO and you have to follow a founder because the founder almost has mythical status in the organization. It's really every leader in the organization needs to internalize and then, want to act on it. No, I didn't. And it was really my wife who said, "No, no, we'll go. Slootman received both his undergraduate and graduate degrees from the Erasmus University Rotterdam School of Economics. Tour Hours: 10 am - 4 pm daily; 10 am - 3 pm in January and February. 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. 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. When you run companies, you need to narrow the plane of attack very, very quickly. Investors know this about us. Snowflake CEO Slootman Scores IPO Hat Trick With Big Bet on Data Software company aims to benefit from companies increasingly storing information in multiple clouds Big tech firms are investing. I mean, it gets rid of you. 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 then, you go like, "Oh, this is the rest of my life." Snowflake is Slootmans third IPO. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. And we were babes in the wood back then. 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. Our guest was Frank Slootman, the Chairman and CEO of Snowflake. Well, building culture is a very forceful thing. But one of those issues was that taken over from a founder CEO was really, really hard. Things will change in ways you cannot even imagine the ideas that happen. And in other words, what problems can I solve very quickly versus what is going to take longer to solve. Let me bring you back 10 years to 2012, Benoit Dageville, Thierry Cruanes, and Marcin ukowski started Snowflake as the secret name of the startup they were working on during that particularly hot summer. So in hindsight, I understood that I was just burned out, classic burned out. Now, as the story goes, England followed the Netherlands in control of Manhattan. 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. It takes a ton of work to maintain intense focus on the mission, so that's the weaponizing. Data has no opinion. I often refer to those people as passengers and then, they're the drivers. The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. So, we started to wind down a little bit. Look, I'm not a certain type of CEO. 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." The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. I mean, without the foresight of having read Amp It Up, our listeners might assume that a jump from into software would take you really the rest of the way in your career from your start in Europe, to Indiana, the Midwest, all the way to California. And then by the way, I have to have that around me, because I don't like people that want to self-congratulate and do victory laps all day. 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? 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. This is a very buoyant country. And fortunately, the temperament that is in you, it's going to re-manifest itself sooner or later. Some may describe him as direct. I can't get you aptitude. 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 . Check out the subtleties of his Wikipedia below. Leaders such as Slootman, Scott McNealy , Jayshree Ullal and my old boss Pat McGovern have inspired me over the. Because of his much sought-after expertise, Slootman gets paid a decent sum of money. Of these, six were built: the Imperial Hotel and Annex, the Jiyu Gakuen School, the Aisaku Hayashi . So, what are things that we should absolutely not ask you to do ever? And by the way, the inverse of that is what are you not good at? Slootman previously served as CEO for Data Domain and for ServiceNow, which he both took public. Okay. Learn how your comment data is processed. You arrived at something like tape sucks. But with three IPOs in your rear view mirror and one attempt at retirement already failing to stick, what do you see as the next chapter in Frank Slootman's journey? Thanks for listening. Our show is produced by Pete Asch, with assistance from Stephan Capriles, Ian Wolf, and Ken Abel. 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. I mean, you brought in some reinforcements when you started at Snowflake, including Michael Scarpelli, who was your CFO at Data Domain and ServiceNow. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. 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. I mean, it's hard to believe at this day and age that things were that way back then, but they were. A lot of people think that that's possible, but there's a real limit to what salespeople can and can't do. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. None of that stuff is material to your mission. 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. 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. Anybody who's tried to run HP can talk about that because you have companies that have existed for whatever, 50, 100 years, you don't get rid of culture. So in other words, I did not accept the Snowflake role until, Mike said, "I'm coming along.". 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. And that's all coming up right after this. In Amp It Up, Frank, you say that a company's mission really has to be weaponized. Four banks would travel to a room next to the Bank of England twice a day in order to run an auction verbally. They're very lonely in their jobs. Frank Slootman currently serves as Chairman and CEO at Snowflake. Nothing to do with financial targets or growth targets or market capitalization. It could address very few use cases. Right? Give me that train wreck. 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. Everybody has access to capital. And it's very rare to create that kind of value. I mean, it was a super crowded field, but we just crushed that entire field. What's your advice about someone climbing the corporate ladder looking to make that leap? And that's exactly what we did. One company that embodies this vision is ThoughtSpot, an analytics company. It will be fine. Because now you're buying somebody else's culture. Because when all the energy and all the quality of resources is fully concentrated on the mission, that's pure magic, okay? In any successful company just ask them, they will attribute success to their culture. At the same time, I ended up in conversations with the lead director and investor at Snowflake. It is a future state that we're all working on right now. 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 as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? At the same time, we've never had a data Cloud in the history of computing because data was just fragmented and proliferated into silos and what we call bunkers. His company's listing here at the NYC in September 2020 was the largest software IPO in the history of the US capital markets. You ever noticed that NFL quarterbacks just can't leave the stage. Reflects change since 5 pm ET of prior trading day. Every week there was a new bid. 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. 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. Our first thought was "not again" - he co-wrote Rise of The Data Cloud last year. You're finding the best sailors in the world and all of that. And I'm like, "You know what? CEO Frank Slootman made $287,990 in salary in 2019. 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. 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. 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 . Did you always have your eyes set on a career in the US? Bunkers is basically a silo that's incredibly hard to access. Yeah, it was a good problem. 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. Yeah, that goes back about mission posture. And of course, people chuckled because they recognized it. Back then, there were hardly any software companies around. 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. That is the X factor in companies, but it starts with weaponizing the mission. We don't preside, okay? And the EMC came in and within a quarter, it was up to a $100 million because they had channels and customers and everything primed and ready, right? How does having who's worked closely with you for years help you accomplish your goals of hyper growth without losing focus? Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. Property details for 3001 W Ruby Hill Dr, located in Pleasanton, California. We actually won everything that we wanted to win. He published a book in 2011 called Tape Sucks. You need to be invested in the moment, in the present, rather than I'm thinking about my next move. 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). And the product was insanely fast, completely automated. You speak the language, like we do, but there is something different about you." They're kind of like whine and bitch all day. It was great and it lasted the entire duration. 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. And then Snowflake is again, a totally different. I mean, truly retire. When you get that sensation, you do need to leave because you're no longer the right person for that situation. One of the reasons I made it a very transparent discussion is that most people think that when you have these highly successful company, it just happens like poof, beautifully. And by the way, data platforms have been extremely fragmented historically. Not exactly like a year and a half, he'd been there for seven years. You've said that you were really born in the wrong country. And like, "How fast does this guy type?" The scramble isnt over, and many who missed the opening also missed on the double growth just off the gate. Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . What's the silver bullet? Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. 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? 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. 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. Now, most organizations are incredibly in up still in terms of their data promise. I mean, it was just trying to stay alive. Leone took Luddy on a host of interviews. Because you're like, "Oh, this is great. Snowflake CEO Frank Slootman made headlines with controversial comments about diversity in the workplace. I really had to change from being an individual contributor or a small team leader to somebody who runs organizations. I'm on the phone with customers every day. Frank Slootman, Snowflake CEO, joins 'Closing Bell: Overtime' to discuss the company as shares slump on weak guidance following Wednesday's earnings report. He cuts back where he sees fit. I can't do every speaking engagement," et cetera.
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