And historically, people have tried to answer these questions anecdotally. 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. 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. All of which is presented solely for informational and educational purposes. I mean, we have bumper stickers and people would at trade shows would stick them on tape libraries. Welcome back. They only learn from consequences, so you got to create consequences, good and bad when things happen and things happen all day long. We just never backed off of it. 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. And that is our culture. Things will change in ways you cannot even imagine the ideas that happen. I just have been in the line of fire too long. [22] In September 2019, it was ranked first on LinkedIn 's 2019 U.S. list of Top Startups. So, we came out there and we said, "Look, no, we're not just going to sell a product here. Slootman moved to Silicon Valley in 1997. Paul Stovell is an Australian businessman and entrepreneur who serves as the current CEO of Octopus Deploy. 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. The perception in Holland of United States is very, and I don't want to use the word biased, that might be too strong. Because you're like, "Oh, this is great. 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. And I talk about that in the book, because again, there's observations, maybe even lessons that can be extracted from what happens when you're in a crowded field and you're trying to separate yourself from the pack. I mean, you probably have even a sense of things that you know you're not good at. 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." Snowflake now has Frank Slootman as chairman and CEO. I mean, one of my favorite, interview questions has always been, "What kind of people succeed here? These days, a lot of folks take it for granted, but Wall Street has a fascinating history. He knows what problems exist in his field today, and he knows how to address them as well. Data has no opinion. Software was barely an industry. 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. It's been extremely successful since we took over. Tej, Read More 10 Things You Didnt Know about Tej VirkContinue. This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. Are you just going to look the other way or are you going to call it out? 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. Tell me about sailing, first of all. Right? 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. I don't care for any of that. Because they can't understand how spending categories can just explode overnight like that. Don't typecast yourself." And by the way, for most people, that's a very difficult question. [1] Two years later, he was back at it again as chairman of enterprise software business ServiceNow, which he guided to a 2012 IPO. He was saying during the pandemic, he's like demand was up 60% over here, down 100% over there. Yeah, yeah. In other words, they kind of let it happen. 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? 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. 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. You speak the language, like we do, but there is something different about you." Today, Slootmans net worth shot up to $1.8 billion because of the Snowflake IPO. Slootman has become somewhat of a business hero for many people, myself included. If you like what you heard, please rate us on iTunes, so other folks know where to find us. If there were one person you could sit and learn from today, who would it be? It's just, it's hard not to be acquainted at some level with that culture. He cuts back where he sees fit. Yeah, there's no doubt. I really had to change from being an individual contributor or a small team leader to somebody who runs organizations. Right? Did you always have your eyes set on a career in the US? Now, amid an ongoing legal battle, its got to clean up a very public mess. There are many questions left unanswered about the months leading up to Snowflake going public. And we feel the consequences of our actions every minute of the day. What was that? You guys are a data company, you know as well, 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? So, because we all have our that's sell of awareness. We'll do something good with it. 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. I mean, in the book, Frank, you used the analogy of getting in the right elevator. That's awesome. [1] In June 2012, ServiceNow became a publicly-traded company as Frank Slootman led the company through a $210 million IPO. He's like, "How do we run a supply chain?" But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? 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. A compensation package he received upon joining Snowflake in April 2019 awards him a. 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. I mean, I was just in my way of life and I was going to stay there till the end of time. By the close of. We're driving change. But yeah, aptitude is really about, what are you innately good at? You could have a meeting in the hallway with the entire company. I don't know what, if you go back to those days. And you can't play chess pieces in a million different ways, right? Having run a number of global software companies, I appreciate the scope of resources that Blackstone can bring to high-growth . But your culture is the only thing that's really unique to you and everything else is up for grab for anybody else. 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. 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. Well, building culture is a very forceful thing. Data Domain went public in 2007, but two years later acquired by EMC, in my home state of Massachusetts. 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. And did you have a sense that the sector was really about to explode? We played a round of golf. Frank & Brenda Slootman - 3001 W Ruby Hill Dr, Pleasanton, Ca 94566 Property data website for assessments, data, and owners. Everybody has access to talent. Right? And now, welcome inside the ICE House. 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. They knew exactly what we meant. I can't get you aptitude. We added sort of network replication disaster recovery, a whole bunch of adjacencies to it. 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. 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. Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. After joining almost at the start in 2003, Slootman helped. I hate to break it to the audience, but that is the way that it is. 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. 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. But it's not what it really is, so it wasn't an enormous surprise to me to come here. 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. When I was considering Snowflake, I told Snowflake, "I will not do this if Mike doesn't come along." So, it sort of lit a fire under me, just the prospect of doing that, it just kind of brought me back from my burned out state in 2017 to two years, feeling incredibly challenged, energized, and sort of having a new leash on life, if you will take on something like that. Insurance companies historically have not been because they are data companies by their essence, right? You arrived at something like tape sucks. And obviously that is not the best way to go about things because that's just one man's opinion against another, right? Perhaps the biggest one is the one that deals with the CEO replacement just months before the public offering happened. And you can take it or leave it and try it on for size and see if you like it." 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. The question is, what are you going to do? 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. And in other words, what problems can I solve very quickly versus what is going to take longer to solve. 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. Open main menu Close main menu Home About Us Contact Us States Advanced Search Tour Hours: 10 am - 4 pm daily; 10 am - 3 pm in January and February. I often refer to those people as passengers and then, they're the drivers. The pandemic has. In other words, swarm to it instead of distance yourself from it. So in hindsight, I understood that I was just burned out, classic burned out. But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. They want to know what bad behavior is. Once you start doing that, you need to take yourself out of the game. You've said that you were really born in the wrong country. It's not that easy. Early days of ServiceNow was just jungle fighting. Obviously, I was a young man and not even in my mid-30s and I'm taking over a whole business, a whole organization, global, all this kind of stuff, so, it was a hell of. Engineers should have a very easy time discerning the talent, so. And also in sailing, you're always looking for new adventures, different platforms and things of that sort to sort of keep it interesting, continual learning experience and so on, rather than rinse and repeat. The consequences of your action are like right there. Data Domain was really an interesting company. 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. But he had also been the CEO of ServiceNow for seven years. 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. That is the X factor in companies, but it starts with weaponizing the mission. At the same time, that was enormous anxiety about how the company was unfolding. He says, "If I have a problem in a state like Florida, where bodily injury claims are disproportionate to surrounding states, what explains that? Given his accolades, Slootman gets invited to speak at many events. That's why they're big in banking and insurance and distribution and logistics. So, what are things that we should absolutely not ask you to do ever? After all, he has experience on his side. So now, we're having business conversations about data. 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. None of that stuff is material to your mission. When we first came in there, it was a very, very anxiety-ridden ride in the early days. Its none other than CEO Frank Slootman, and here are 10 things about the guy behind the current Snowflake craze. Windows 3.1 didn't even exist. And by the way, data platforms have been extremely fragmented historically. Everybody has ideas. Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. The Dutch-born Slootman, who now lives in Montana, has had three hits in a row since 2003: He was made CEO of enterprise storage startup Data Domain and grew it to a $2.4 billion acquisition. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. So, you need to create a platform that allows data to be enriched and be joined and be blended and be overlaid in ways that data scientist only have insight into. 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That's really what you want to preserve rather than layers and layers and layers and channels of communication. It was super interesting to me, sort of my first encounter with American management. 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. Here's your host, Josh King of Intercontinental Exchange. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. Slootman previously served as CEO for Data Domain and for ServiceNow, which he both took public. Now, we're going to go move the pieces and I'm just a piece on the chessboard." They're very far removed from the drive train. And I had already made a little bit of a name for myself in the company. Frank Horvat helped elevate fashion photography into high art, and with his thoughtful photographs, changed how we look at fashion altogether. [9] In June 2019, the company launched Snowflake Data Exchange. 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. I mean, that's how aligned this is, okay? We don't preside, okay? 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. 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. Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . ICE is the first exchange to list LNG freight futures contracts underpinned by the price assessments of spark commodities. The interesting thing about data domain was it was very, very slow going. The 61-year old Dutch executive's first CEO job was at an early-stage startup called Data Domain that made specialized storage hardware. That's NYSE ticker symbol S-N-O-W or snow who, like the immigrant inhabitants of New Amsterdam more than two centuries ago, has proven himself a master entrepreneur and visionary leader, able to take a great idea and scale it massively, and then apply the same playbook again and again. 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. It wasn't, and the company wasn't failing financially on its growth objectives. What attracted you to the space? I remember having a conversation with the CEO of a very large healthcare company. I can't do every speaking engagement," et cetera. Where I come from, people are quite resigned to their fate. You need to sort your issues into, "What am I going to focus on?" Now, for us, it's a data Cloud. By the way, our two largest competitors were both bidding for the company at the same time. But then again, there really is only one Frank Slootman, IPO master in the world. Before that, he spent his life in Netherlands, where he was also born. And by the way, data is going to, some people have referred to it as a new currency to new oil, whatever you want to call it, but. So, we were just picking over use cases here and there to sort of stay alive in the early days. But it's also, you attack and you cross again. Yeah, that goes back about mission posture. But the world of backup and recovery, was dominated, as you said, by tape automation technologies. Look, I'm not a certain type of CEO. While that is probably not, my temperament is not terribly well-suited for those types of jobs. I talk to more people than most people in the company do, and that makes me dangerous because I hear directly what is going on - good, bad, and somewhere in between. So, we won a lot of outraces. I speak with a fat accent and like, "What are we going to do with you, pal?" 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. People were looking at my credentials. I always become the CEO that the situation mandates and dictates. 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. Everything in our world starts with technology, starts with architecture, okay? And it's very rare to create that kind of value. So, this is not data warehousing, it's just one use case. 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." 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.

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