But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. 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. I mean, all these greats, right? Open main menu Close main menu Home About Us Contact Us States Advanced Search And after a while it's like, "Look, I can't do one-on-one meetings with a million people. And it was really my wife who said, "No, no, we'll go. The consequences of your action are like right there. Learned an awful lot in that period of time. When a company is buying a million dollars from you in the course of a year, what are they getting? New competitors, new partner ecosystems, so it was like, "Wow, this is the future." It is a future state that we're all working on right now. Not exactly like a year and a half, he'd been there for seven years. And when you buy companies, it gets worse, right? Good sales people have a track record. SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- Instacart, the leading online grocery platform in North America, today announced that Frank Slootman, Chairman and Chief Executive Officer of . You need to sort your issues into, "What am I going to focus on?" 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? Buyers and sellers can come together. You have to have data to partial reality, right? But eventually, I returned to Holland about a year later, resumed my education. 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. The 61-year old Dutch executive's first CEO job was at an early-stage startup called Data Domain that made specialized storage hardware. I don't have to go work on Monday. I'm the opposite. But it's a very, it's a country that has really no natural resources other than the natural gas that you mentioned, which they're pretty much run out of by now, so they've really leveraged their geographic location over the years. The perception in Holland of United States is very, and I don't want to use the word biased, that might be too strong. That's why they're big in banking and insurance and distribution and logistics. 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 . Now, amid an ongoing legal battle, its got to clean up a very public mess. Brady is a great example, but Joe Montana was that way and they all craved that energy, that excitement, that intensity, they can't let it go. He knows what problems exist in his field today, and he knows how to address them as well. But this was quickly set aside because Frank appears to walk the walk. But you mentioned this earlier, it isn't really what happened. Because he was still smarting from the fact that I left ServiceNow and he felt I left him stranded. 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, you probably have even a sense of things that you know you're not good at. But they do because the world is changing to digital and this is the essence of digital transformation. 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. But in the end, it's like we have to get into backup software in which we tried. Well, building culture is a very forceful thing. Okay. They're high anxiety, they're entrepreneurs, they're CEO, and sort of getting a very unvarnished view, inside view from a fellow traveler. The pandemic has. Listen to this episode from This Week in Startups on Spotify. Spark 30S covers a route between the US Gulf coast and Northwest Europe, while Spark 25S covers a route between Australia and China. And the other thing I'll say is we maintain a very, what we call a malcontent attitude. They all do and for a good reason. 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. They were all special purpose for this thing and that thing and that has really created a lot of problems for data center operations, because they just had a Frankenstein architecture out there and people are sick of that. The good thing is you dont have to actually sit in with Slootman to get his lessons. The IPO was the third for Dutch-born Slootman,. I don't care for any of that. 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. So, after six years of success, by any metric, by playing the king on that ServiceNow chess board, why was it time to step down? We're not trying to find fault with people or who did what to whom. 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 just get into this cycle where all you want to do is leave. Slootman has become somewhat of a business hero for many people, myself included. Everybody has ideas. He cuts back where he sees fit. I'm Josh King, your host, signing off from the library of the New York Stock Exchange. 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.. Right? Tour Hours: 10 am - 4 pm daily; 10 am - 3 pm in January and February. In other words, they kind of let it happen. And now, I feel like I'm being haunted, by this Dutch thing, this cloud that's hanging over me." We tried to, we wanted to get into primary storage. Because of his much sought-after expertise, Slootman gets paid a decent sum of money. And all of a sudden, everybody is just high-fiving and doing victory laps and everything is beautiful versus reality is completely different. Fred Luddy, the founder of ServiceNow, I mean, super talented guy, obviously. right? People that the company really, really runs on. Take our own company, Intercontinental Exchange, for example. 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. And by the way, data platforms have been extremely fragmented historically. And of course, people chuckled because they recognized it. 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?" And that's all coming up right after this. And for our audience who may not remember the days of tape backups, can you explain the underlying concept that you grew from two men and a dog into a multibillion dollar business? Strong personalities will just dictate culture in certain business units, in certain geographies and so on. I mean, it gets rid of you. 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 published a book in 2011 called Tape Sucks. 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. 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It becomes the beating heart of a modern enterprise. Make it as easy as I could make it. 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. There's new business models. 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. Slootman received both his undergraduate and graduate degrees from the Erasmus University Rotterdam School of Economics. So, I did. And that is a common thread through all our companies. 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. The Frank Lloyd Wright (R) Suite will be accepting bookings from January 24, 2023, through March 31, 2024. . So, I ended up in odd places because they didn't know what to do with me. All Rights Reserved. This is a very buoyant country. It's up to 79% of the volume has gone cleared. Presiding is the worst word. 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 . We're two sides of a coin, which is a reason why we've shown up in so many companies together. I mean, we lived in absolute terror. You can't help but run into Dutch people everywhere because they have such a small country. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. 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. And it's not just bad behavior, it's also good behavior. What goes around, comes around and the Dutch get around the world. And historically, people have tried to answer these questions anecdotally. 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 liberalization of LNG is creating a global natural gas market, with freight acting as a virtual pipeline between continents. 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. He says, "If I have a problem in a state like Florida, where bodily injury claims are disproportionate to surrounding states, what explains that? 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. An in-house cafeteria replaced the usual catered lunch offerings, and sales representatives no longer had free reins on unexplained spending. 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. 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 the book, I go on and on about what some of those issues are. So like, "Look, I'm not going to be doing the same races over and over again." And if I can't predict it, I can't change my policy, I can't change my pricing." And eventually, we totally crushed that market because we could address any and all use cases that were out there. 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. And in other words, I was already negotiating Mike's package before I had joined ServiceNow. So, I really lift that cross and the chasm dynamic. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". And that's exactly what we did. And the term BI had not even been invented back then. 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. We're going to nuke an entire industry out of existence. After all, he has experience on his side. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language. I mean, it's like when people start to roll their eyes. We are people that basically see everything that's wrong all day, and we always see a room up from where things are. And I said, "Why not?" 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. I'm like, "We're not trying to indict what you've done. The list of its authors can be seen in its historical. What's the playbook?" While most CEO's 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. Frank Slootman - Narrow the Focus, Increase the Quality - [In Scale is definitely a problem because you get layers and layers and you got the problem of having tons of passengers on the boat, all these types of issues. Get the world to sort of move onto a different technology platforms, et cetera. So, we were just picking over use cases here and there to sort of stay alive in the early days. 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. welcome back! Investors know this about us. 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. I always tell my own people, "Look, I'm a piece on the chessboard, okay? I mean, they had graphical user interfaces that were completely proprietary to that company. What did that initial scaling up to that point and then the public exit experience teach you about why being acquired was the right choice for Data Domain? This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. 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. I mean, it was a super crowded field, but we just crushed that entire field. 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. [23] By the way, our two largest competitors were both bidding for the company at the same time. Our guest today, Frank Slootman is chairman and CEO of Snowflake. And for example, when I joined Unysis, I ended up in a corporate planning role. You cannot sell your way through a crappy product, okay? You've said that you were really born in the wrong country. By the close of. And then of course, Michael Dell found just as attractive to bring EMC into Dell. And did you have a sense that the sector was really about to explode? Obviously, that industry had moved on to all kinds of different disk space technologies. 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. When I was interviewing with ServiceNow, I said to the board, "I want to bring Mike along." All of us, no exceptions." At the same time, I ended up in conversations with the lead director and investor at Snowflake. 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 remember having a conversation with the CEO of a very large healthcare company. But yeah, aptitude is really about, what are you innately good at? And the product was insanely fast, completely automated. But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? Some of Wikitia's pages are sourced from Wikipedia.org's Mainspace and Draftspace. 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. Not all people are created equal in terms of their roles and their contributions in companies. I actually wanted to retire, truth be told. 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. Including his options, Slootman owns about 10% of Snowflake. 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. The San Francsico 49ers admitted that they might be forced to go quarterback hunting this offseason. Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. But then, there's new platforms in terms of the Public Clouds, right? Career In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. Everyone's watching. 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). 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." Everybody has access to talent. 5. But if you're performing at Tom Brady's level, you have no reason to step aside. And you need to have the flexibility of mind to really deploy yourself. I'm curious, how that opportunity at Data Domain came to you? But 233 years later, American, Dutch and British interests are inexorably intertwined. They want to know what good behavior is. Leaders such as Slootman, Scott McNealy , Jayshree Ullal and my old boss Pat McGovern have inspired me over the. You need to be invested in the moment, in the present, rather than I'm thinking about my next move. When I was at ServiceNow, Fred Luddy, the founder, he said to me, at one point, "I really don't want to come to the staff meetings anymore." No. It's a transformation that is still going on. 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. And it's very rare to create that kind of value. They're very far removed from the drive train. 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. Did you find it difficult to change Snowflake's established culture? In any successful company just ask them, they will attribute success to their culture. They've never really been asked that before. 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. Property details for 3001 W Ruby Hill Dr, located in Pleasanton, California. If you like what you heard, please rate us on iTunes, so other folks know where to find us. And Brett Favre was that way. 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? What you're doing now is doing pretty good, so keep yourself in the game, Frank. And there were many, many players in that segment, by the way. So in other words, I did not accept the Snowflake role until, Mike said, "I'm coming along.". Software was barely an industry. 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. 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. They did not try to carry technology or ways of thinking forward. Thanks for listening. Where does a CEO Frank find time to write two books back-to-back and what was the inspiration for Amp It Up? Please help to demonstrate the notability of the topic by citing, Learn how and when to remove this template message, https://xconomy.com/san-diego/2011/04/26/service-now-names-software-industry-veteran-frank-slootman-as-ceo/, https://www.businessinsider.com/servicenow-frank-slootman-interview-2012-8, https://www.forbes.com/sites/tomtaulli/2019/06/05/snowflake-the-ai-force-multiplier/amp/, https://www.cnbc.com/2020/09/16/snowflake-snow-opening-trading-on-the-nyse.html, article "Frank Slootman" is from Wikipedia, https://wikitia.com/index.php?title=Frank_Slootman&oldid=81954. Every week there was a new bid. And I've never been able to equal that level of success with a marketing slogan. And opinions, everybody's got one, but data doesn't lie. It's hard to get off of that. 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. I can't do every speaking engagement," et cetera. You ever noticed that NFL quarterbacks just can't leave the stage.
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