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His company's listing here at the NYC in September 2020 was the largest software IPO in the history of the US capital markets. And companies that have been around a long time, it's near to impossible to undo the culture. And when you buy companies, it gets worse, right? They only learn from consequences, so you got to create consequences, good and bad when things happen and things happen all day long. Not much is known about Slootmans personal life, but we do know that hes fairly young for the success hes achieved in his lifetime. So, understanding that is really important because obviously, you can't fight it off unless you understand where it's coming from. Never heard of that company." Here's why this makes sense while looking at some options. Can you explain how you overcame both to lead the company through its 2012 IPO? But one day, and this was in March of 2019 and he said, "What would it take for you to take the helm?" Frank Slootman currently serves as Chairman and CEO at Snowflake. 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. They just have such a hard time doing it because that's who they are, that's what they live for. That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. And people are, are mesmerized by Snowflake results because they don't quite understand, where is this coming from? 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. That takes very different approaches, orientation, skill sets, and so on what you do. And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. And in other words, what problems can I solve very quickly versus what is going to take longer to solve. Snowflake CEO Frank Slootman is the toast of the big data community, and following the $3.4 billion IPO, a favorite on Wall Street too. 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. 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." Well, that's another thing I don't think about that. 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? And that went on literally for years, okay? Now, as the story goes, England followed the Netherlands in control of Manhattan. And we were babes in the wood back then. And I look at what the situation requires of me, not what I want to bring to it per se, based on my own background. Who can solve what set of issues, right? And we introduced a centrally cleared model with ICE as the central counterparty, because that makes it much easier for new firms to join. Slootman recently spoke at the CNBC. Because they can't understand how spending categories can just explode overnight like that. One of the worst, worst in the English language for me. All of which is presented solely for informational and educational purposes. I mean, what drove you to move on? What kind of people fail here and why?" But . But for many, many other enterprises, including a lot of banks actually in the world of financial services, because they operate through branches and very conventional brick and mortar ways of interacting with customers, all of a sudden, it has to change rapidly. If you like what you heard, please rate us on iTunes, so other folks know where to find us. Buyers and sellers can come together. It will be fine. Right. I mean, we have bumper stickers and people would at trade shows would stick them on tape libraries. I mean, we lived in absolute terror. I'm curious, how that opportunity at Data Domain came to you? When you get that sensation, you do need to leave because you're no longer the right person for that situation. 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. And obviously, I got that in spades at UN Royal in Indiana. People that the company really, really runs on. Data Domain was really an interesting company. Investors know this about us. So, we started to wind down a little bit. 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. Good sales people have a track record. And it wasn't charged for, so companies just couldn't build software because it was just given away. As I said, what comes around, goes around. It's like it's full of feedback. I really had to change from being an individual contributor or a small team leader to somebody who runs organizations. And then of course, Michael Dell found just as attractive to bring EMC into Dell. In other words, somebody who has lived their lives over and over. 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. But EMC prevailed. So, it just started to happen, but I wanted to desperately be in software at that time. 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. 951 Chicago Ave., Oak Park, IL 60302. Yeah. 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. Leaders such as Slootman, Scott McNealy , Jayshree Ullal and my old boss Pat McGovern have inspired me over the. I mean, it was doing well. We don't preside, okay? This boat actually won Slootman the 2017 Transpac Honolulu Race in 2017. 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. It wasn't, and the company wasn't failing financially on its growth objectives. 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. Slootman said diversity comes second when making . 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. But yeah, where the inspiration comes from, we've had three very successful companies in a row, so you get barraged by requests for, "Hey, can you explain to us what the secret sauce is? I mean, the results speak for themselves. It is hard when you lose your sense of mission, when you lose your desire and your boldness and your aggression in the marketplace and want to go after competition. There are many questions left unanswered about the months leading up to Snowflake going public. I use that expression a lot to say, "Look, data operations is going to become your core." 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? Helping women become better in negotiation is an urgent and essential task for organizations and individuals. 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. He was pretty smart to use nautical expressions in that conversation, take the helm at Snowflake. So, we came up with this war cry that said, "Tape sucks, move on." 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). They did not try to carry technology or ways of thinking forward. I'm a miserable golfer, but somewhere along, the 18 holes, he's like, "I'll do it, but don't leave me again." Tour Hours: 10 am - 4 pm daily; 10 am - 3 pm in January and February. What took you back to the Netherlands at one point? Windows 3.1 didn't even exist. Insurance companies historically have not been because they are data companies by their essence, right? Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. 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. [9] In June 2019, the company launched Snowflake Data Exchange. The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. And people would eyeball those reports in those dashboards, and that was sort of the extent of it. 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. 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. I actually wanted to retire, truth be told. 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. And it worked like that for about a hundred years. And that is our culture. They're very lonely in their jobs. Yeah, yeah. And you can't play chess pieces in a million different ways, right? 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? And how that allowed him to grow Snowflake into the biggest software IPO ever, and how. 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. I mean, we had like 15X, the X of the next nearest competitor. 10 Things You Didnt Know about Loggi CEO Fabien Mendez, 10 Things You Didnt Know about Mark Nelson, 10 Things You Did Not Know About Thoughtspot CEO Sudheesh Nair, 10 Things You Didnt Know About Guy Nirpaz, 10 Things You Didnt Know About Paul Stovell, How Ali Wong Achieved a Net Worth of $3 Million, Eight Reasons to go to French Polynesias Marquesas Islands, How Lisa Rinna Achieved a Net Worth of $10 Million, 20 Cities with The Worst Weather in Europe. For example, he made a few changes at Snowflake when he became CEO. the internship sort of came about because I was about a year ahead of schedule at the university. Spark 30S covers a route between the US Gulf coast and Northwest Europe, while Spark 25S covers a route between Australia and China. 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. And that's a whole different deal. 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. Every week there was a new bid. You really need to, look at yourself as an asset that can be applied in many, many different ways. Now, what that does the weaponizing, what that does is we block everything else out. 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." It could address very few use cases. They want to know what bad behavior is. And I'm like, "You know what? We're not trying to find fault with people or who did what to whom. Make it as easy as I could make it. And that really allowed me to do this at 6:00 AM on weekdays and weekends and the holidays. You hit a mark, you have to do two 360s. You could have a meeting in the hallway with the entire company. I mean, one of my favorite, interview questions has always been, "What kind of people succeed here? They knew exactly what we meant. We will talk to you next week. 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. Right? And you need to have the flexibility of mind to really deploy yourself. Tell me about sailing, first of all. Today, Slootmans net worth shot up to $1.8 billion because of the Snowflake IPO. I just took a job with a software company just to be in software and that's sort of the extent of my thinking on that. These days, a lot of folks take it for granted, but Wall Street has a fascinating history. 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. 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. Architecturally, just damn near perfect, so. Welcome back. 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? Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace. And fortunately, the temperament that is in you, it's going to re-manifest itself sooner or later. At the same time, that was enormous anxiety about how the company was unfolding. That's where we're at right now. So, because we all have our that's sell of awareness. The 61-year old Dutch executive's first CEO job was at an early-stage startup called Data Domain that made specialized storage hardware. Now, most organizations are incredibly in up still in terms of their data promise. Now, amid an ongoing legal battle, its got to clean up a very public mess. What is the core of your being, right? The San Francsico 49ers admitted that they might be forced to go quarterback hunting this offseason. 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. And the product was insanely fast, completely automated. He's like, "How do we run a supply chain?" The perception in Holland of United States is very, and I don't want to use the word biased, that might be too strong. But in the end, it's like we have to get into backup software in which we tried. And then, I had another internship after that. And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. So after a while, it's like, "Okay, we've done enough of this." And a lot of our people have the same malcontent attitude that I do. Snowflake now has Frank Slootman as chairman and CEO. So like, "Look, I'm not going to be doing the same races over and over again." 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. What's your advice about someone climbing the corporate ladder looking to make that leap? 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. 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. Let's go." And eventually, we totally crushed that market because we could address any and all use cases that were out there. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. Career In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. Welcome, Frank, inside the Ice House. And Mike, he takes on the end entire spectrum of controls and administration. 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 . And it's just, it's intoxicating that energy. And by the way, the inverse of that is what are you not good at? I remember having a conversation with the CEO of a very large healthcare company. The scramble isnt over, and many who missed the opening also missed on the double growth just off the gate. I mean, I still remember that we were in countries like France, where we had like a $10-million business, which was very small. Phone: 312.994.4000. 5. It was just like Formula 1 of sailboat racing. 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. I mean, the only thing that energizes people and teams and organizations and companies as a whole is the mission. Right? 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 Mike was still the CEO at ServiceNow at that time. Wikitia is not affiliated to Wikimedia Foundation. [1] In June 2012, ServiceNow became a publicly-traded company as Frank Slootman led the company through a $210 million IPO. Well, you think you're just going to turn it off? This article "Frank Slootman" is from Wikipedia. By the way, our two largest competitors were both bidding for the company at the same time. And it's very much a talent game just like business is. They're very safe. People naturally become very unfocused, very, very easily. A decade after his death, fantasy artist Frank Frazetta still towers over the pop culture landscape as new fans discover his work. So it's a very important question because if I hire you, I can get you experience every day at the week. Frank, you write about trying to convert your experience, taking on the hard problems of your employer, into making a path to the C-Suite. 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). Creative Commons Attribution-ShareAlike. Including his options, Slootman owns about 10% of Snowflake. He cancelled the luxurious annual employee ski trip to Tahoe. But it's not what it really is, so it wasn't an enormous surprise to me to come here. 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. Once you start doing that, you need to take yourself out of the game. In this technological era, the field of analytics is vital as it makes it easy to access needed information without much of a hassle. Look, I'm not a certain type of CEO. Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening. Right? I mean, it was a super crowded field, but we just crushed that entire field. Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. This property is owned by Frank & Brenda Slootman. But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. How does having who's worked closely with you for years help you accomplish your goals of hyper growth without losing focus? I think EMC was exactly the right acquirer because they just sort of had the orientation and the scale and the intensity culturally. 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. Frank Lloyd Wright Home and Studio. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." Slootman is going to take Snowflake for quite the ride, and you have to decide whether youre getting in his car or not. 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. So in hindsight, I understood that I was just burned out, classic burned out. Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. Quick digression. It was sort of an adjunct to what they called the computer industry back then. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. So, I ended up in odd places because they didn't know what to do with me. 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?" We are people that basically see everything that's wrong all day, and we always see a room up from where things are. Sometimes that is hard for American audiences. [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]. The founder brings you in to scale up the company, but finds it difficult to step aside. 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. It becomes the beating heart of a modern enterprise. Not exactly like a year and a half, he'd been there for seven years. He also scaled the workplace back tremendously from stunning spaces in San Francisco to headquarters in San Mateo. Don't typecast yourself." But then again, there really is only one Frank Slootman, IPO master in the world. We added sort of network replication disaster recovery, a whole bunch of adjacencies to it. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. He said, "Because you guys are indicting everything I've done." It was the lowest ranking job in the entire world of IT, if you were involved with tape automation. 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. Another Dutch trend setter with the Winfrey title is Frank Slootman, the chairman and CEO of Snowflake. Better, better all the time. 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. [22] In September 2019, it was ranked first on LinkedIn 's 2019 U.S. list of Top Startups. And when you let it happen, you get feed-ups. Leone took Luddy on a host of interviews. 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. We just never backed off of it. Once you understand relationships, you can now predict them. And historically, people have tried to answer these questions anecdotally. So, the earlier you show up, the better off you are. I don't think about what's next. If there were one person you could sit and learn from today, who would it be? Okay? Information contained in this podcast was obtained in part from publicly available sources, and not independently verified.