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. Company still around, by the way. I mean, that's how aligned this is, okay? 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 by the way, for most people, that's a very difficult question. 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. Well, the number one bit of advice I would have is make sure you're close to the drive train. I mean, it's a hell of a cash burner as well. At the same time, that was enormous anxiety about how the company was unfolding. Take our own company, Intercontinental Exchange, for example. Everything in our world starts with technology, starts with architecture, okay? 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. Today, Slootmans net worth shot up to $1.8 billion because of the Snowflake IPO. But it's also, you attack and you cross again. And then I change myself to become that flavor of CEO. I mean, there's many jobs in companies and some of them are quite far removed. You hit a mark, you have to do two 360s. Correct, correct. And historically, people have tried to answer these questions anecdotally. 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. In short, money talks, and Slootmans got it in his hands and in his mouth. 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. And that's exactly what we did. They just said, "Look, let's re-envision, re-imagine based on the platform realities that we now have, which was the Public Cloud. They want to know what good behavior is. The list of its authors can be seen in its historical. But then, you go like, "Oh, this is the rest of my life." 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. And by the way, when you see the decline of very, very storage enterprises, you can pick MG and HP and and Intel and so on, what happened to these people along the way? It was an application development and runtime platform to run on both Unix and OSU and Windows all at the same time. The founder brings you in to scale up the company, but finds it difficult to step aside. Everybody has access to talent. Things will change in ways you cannot even imagine the ideas that happen. Whereas in business, it often takes so much longer to be confronted with the consequences of your actions and some people don't-. And Mike, he takes on the end entire spectrum of controls and administration. Right. So, because we all have our that's sell of awareness. So, we came out there and we said, "Look, no, we're not just going to sell a product here. And I'm like, "You know what? In other words, as a leadership team, it's not just the CEO. I don't think about what's next. I mean, anecdotal observation has pretty much run its course. The former Frank CEO said JP Morgan had full knowledge of Franks customer data before the acquisitionand Chairman Jamie Dimon personally pushed for it to happen. Here's why this makes sense while looking at some options. Good sales people have a track record. Spark 30S covers a route between the US Gulf coast and Northwest Europe, while Spark 25S covers a route between Australia and China. I can't get you aptitude. That is the X factor in companies, but it starts with weaponizing the mission. We call it a turn on the crank and we came out with a product that was at least twice as big, twice as fast, so the market kind of opened up gradually for us. Our guest today, Frank Slootman is chairman and CEO of Snowflake. 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. Strong personalities will just dictate culture in certain business units, in certain geographies and so on. Well, you think you're just going to turn it off? Others might say that hes completely brash. 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. Architecturally, just damn near perfect, so. We'll do something good with it. Not all CEOs have this, but a lot of CEOs do. It's just our nature to talk about problems." In other words, wants to call it out, wants to prosecute it because you can see good behavior, bad behavior around you all day long. When you get that sensation, you do need to leave because you're no longer the right person for that situation. Frank has been involved in the business programming market for over 25 years as a business visionary and chief. Make it as easy as I could make it. I think EMC was exactly the right acquirer because they just sort of had the orientation and the scale and the intensity culturally. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". Creative Commons Attribution-ShareAlike. And if I can't predict it, I can't change my policy, I can't change my pricing." 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 hate that. And that's the American flavor and flare that has built up over three, almost four decades. Those are the people that are right there, where the people that bring home the bacon, there when the shit hits the fan. Because you're like, "Oh, this is great. 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. But what is so great about it is, I mean, the starts are incredibly exciting and that takes enormous amount of drilling to become really good at starts because it's a tightly, tightly coordinated process and you have to become good at it. They always have a twinkle in their eye and they're going to do this, they're going to do that. Get the world to sort of move onto a different technology platforms, et cetera. This article "Frank Slootman" is from Wikipedia. The pandemic has. And it's not just bad behavior, it's also good behavior. 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? I hate to break it to the audience, but that is the way that it is. Never seen the inside of an office or anything. And you can take it or leave it and try it on for size and see if you like it." If you want to know more about this CEO, this might be the book to read. And it was really my wife who said, "No, no, we'll go. We now use consumption models instead of subscription models. Check out the subtleties of his Wikipedia below. Our show is produced by Pete Asch, with assistance from Stephan Capriles, Ian Wolf, and Ken Abel. 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. And it worked like that for about a hundred years. I just have been in the line of fire too long. Snowflake is Slootmans third IPO. [9] In June 2019, the company launched Snowflake Data Exchange. Reflects change since 5 pm ET of prior trading day. When a company is buying a million dollars from you in the course of a year, what are they getting? Slootman previously served as CEO for Data Domain and for ServiceNow, which he both took public. So, understanding that is really important because obviously, you can't fight it off unless you understand where it's coming from. I speak with a fat accent and like, "What are we going to do with you, pal?" 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. But your culture is the only thing that's really unique to you and everything else is up for grab for anybody else. Our headquarters is in Atlanta, Georgia. We added sort of network replication disaster recovery, a whole bunch of adjacencies to it. You guys are a data company, you know as well, right? 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 IPO was the third for Dutch-born Slootman,. We are people that basically see everything that's wrong all day, and we always see a room up from where things are. And like, "How fast does this guy type?" It becomes the beating heart of a modern enterprise. 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. [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]. Before accepting the Snowflake CEO job, Slootman was retired and racing sailboats competitively in the San Francisco Bay Area. You arrived at something like tape sucks. 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. That's a running joke that we always have. The dream drivers that have made the NYSE an indispensable institution of global growth for over 225 years. And of course, people chuckled because they recognized it. Snowflake CEO Frank Slootman made headlines with controversial comments about diversity in the workplace. 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. And we publish the data transparently on our site, so anyone can come and see what actually happened in the auction. Because of his much sought-after expertise, Slootman gets paid a decent sum of money. 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. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." We're driving change. So, this is not data warehousing, it's just one use case. 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. What's your advice about someone climbing the corporate ladder looking to make that leap? Americans are, it doesn't matter what profession they're in, they always believe they can do better. So, we're going to be in the middle of that. Welcome, Frank, inside the Ice House. 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. Give me that train wreck. 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. 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. Frank & Brenda Slootman - 3001 W Ruby Hill Dr, Pleasanton, Ca 94566 Property data website for assessments, data, and owners. Where I come from, people are quite resigned to their fate. They're very far removed from the drive train. Slootman received both his undergraduate and graduate degrees from the Erasmus University Rotterdam School of Economics. So in other words, I did not accept the Snowflake role until, Mike said, "I'm coming along.". I mean, you can take somebody out of their country, but you can't take the country out of the person, as the old saying goes. Those are all disciplines that leverage where they are, right at the headwaters off the entire European continent. In this technological era, the field of analytics is vital as it makes it easy to access needed information without much of a hassle. 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. They just have such a hard time doing it because that's who they are, that's what they live for. So, what are things that we should absolutely not ask you to do ever? CEO Frank Slootman made $287,990 in salary in 2019. 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 . What's the silver bullet? 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. I don't have to go work on Monday. Four banks would travel to a room next to the Bank of England twice a day in order to run an auction verbally. Another Dutch trend setter with the Winfrey title is Frank Slootman, the chairman and CEO of Snowflake. The book accounts his time in Data Domain and so much more. And over time, we overcame that because we were laser focused on making the product bigger and faster every year. 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. At some point, we were going to get stunted in our growth. Yeah, that goes back about mission posture. When you run companies, you need to narrow the plane of attack very, very quickly. So, we started to wind down a little bit. 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. He's a Dutchman Slootman moved to Silicon Valley in 1997. He's like, "How do we run a supply chain?" It's not just a scale. The Dutch have all always been enterprising. Welcome back. I'm curious, how that opportunity at Data Domain came to you? 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 mean, they had graphical user interfaces that were completely proprietary to that company. Our first thought was "not again" - he co-wrote Rise of The Data Cloud last year. The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. But yeah, aptitude is really about, what are you innately good at? The interesting thing about data domain was it was very, very slow going. Tour Hours: 10 am - 4 pm daily; 10 am - 3 pm in January and February. How does that work at Snowflake? We had this very high profile bidding war between the EMC and NetApp at that time. I don't care for any of that. It was doubling. Different technologies, different markets, different competitors, different eras, different cultural times that we live in, you need to become, what that situation requires off you. But you mentioned this earlier, it isn't really what happened. 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. Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. And I had already made a little bit of a name for myself in the company. There are many questions left unanswered about the months leading up to Snowflake going public. It's just that there is a spirit here that always believes that it can do things that other countries don't believe about themselves. That's awesome. They're very well dialed into it. This property is owned by Frank & Brenda Slootman. No. No databases of scale and no file systems with scale. And I said, "Why not?" Slootman recently spoke at the CNBC. 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. Photo by Christie Hemm Klok/The Forbes Collection. The San Francsico 49ers admitted that they might be forced to go quarterback hunting this offseason. And it's like, "Well, why does that matter?" And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. 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. In other words, swarm to it instead of distance yourself from it. New competitors, new partner ecosystems, so it was like, "Wow, this is the future." While that is probably not, my temperament is not terribly well-suited for those types of jobs. I need to know what that is. By the close of. This boat actually won Slootman the 2017 Transpac Honolulu Race in 2017. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. What's the playbook?" In the book, I go on and on about what some of those issues are. In any successful company just ask them, they will attribute success to their culture. But let's focus on another dilemma that brought up in the book, Frank. I always find the problem when I hire people that are already, they have just taken a job and they're already about their next job. Because the essence of data science is you are trying to discover through historical data what the relationships are in your business. [1] Frank Slootman added: " I'm excited to advise Blackstone. I don't know what, if you go back to those days. But this was quickly set aside because Frank appears to walk the walk. If there were one person you could sit and learn from today, who would it be? 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. And opinions, everybody's got one, but data doesn't lie. And people that know the Dutch, and you seem to know to Dutch people, it's, fairly recognizable what the Dutch attributes are that are at play here. What are your God-given talents? Of these, six were built: the Imperial Hotel and Annex, the Jiyu Gakuen School, the Aisaku Hayashi .
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