You come with aptitude. Right? Everyone's watching. By providing your email address below, you are providing consent to Snowflake to send you the requested Investor Email Alert updates. Did Frank Slootman Leave ServiceNow It was small, it was slow. Because when all the energy and all the quality of resources is fully concentrated on the mission, that's pure magic, okay? Information contained in this podcast was obtained in part from publicly available sources, and not independently verified. I can just blow a year on doing some other stuff that's interesting." 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'm on the phone with customers every day. Snowflake CEO Frank Slootman walks back remarks How does that work at Snowflake? Buyers and sellers can come together. Well, that's because historically all we did was we did analytics in silo. Architecturally, just damn near perfect, so. WebHeadquarters 106 E Babcock St Ste 3A, Bozeman, Montana, 59715, United States (844) 766-9355 CEO Frank Slootman Revenue $1.6 B Employees 3,992 Founded 2012 By the way, our two largest competitors were both bidding for the company at the same time. It was the lowest ranking job in the entire world of IT, if you were involved with tape automation. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. 700. Because the essence of data science is you are trying to discover through historical data what the relationships are in your business. But the problem with tape was, I mean, tape got lost, tape became unreadable. 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. It was super interesting to me, sort of my first encounter with American management. What was that? "Over the last 20 years I have been fortunate to watch Frank Slootman build a Hall Of Fame career. The Amp It Up process features five key steps to boost growth and meaningful change, including: Leading for growth means declaring war on mediocrity, breaking the status quo, and making choices, all with a relentless focus on the mission. 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. To inquire about a licence to reproduce material, visit our Syndication site. You can sign up for additional alert options at any time. I was like, "Jesus, I spent my whole life trying to get here. Right? Submitting this form below will send a message to your email with a link to change your password. 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. Amp It Up [Book] - OReilly Online Learning Phone Email. 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? Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. Juliana Sukut can be reached at 582-2630 or jsukut@dailychronicle.com. Snowflake CEO collects a $95 million payout every month The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. Slootman's comments came after shares of Snowflake tumbled as much as 8 percent in extended trading after the companyreported fiscal first-quarter results. What kind of people fail here and why?" Snowflake CEO Collects a $108 Million Payout Every Frank has over 25 years of experience as an entrepreneur and executive in 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, if you look historically at what platforms like ours have done, there is no relationship to the past with what Snowflake is doing now. IBA took over the auction in 2015 and we moved it to an electronic auction and on the web ICE platform, so it's fully audited to proper electronic liquidity window of market. Software was barely an industry. Snowflakes Competitors, Revenue, Number of 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." 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. 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. That's when you're at risk. WebFrank Slootman Chairman & CEO. And when you let it happen, you get feed-ups. And a lot of people shy away from that because it's incredibly high anxiety to live in that world, but you want to suppress that reflex. In Amp It Up, Frank, you say that a company's mission really has to be weaponized. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. Are you happy with the performance of the 2023 Montana Legislature. Welcome, Frank, inside the Ice House. So, I ended up going back to, I really didn't want to. Because now you're buying somebody else's culture. Make it as easy as I could make it. Can you explain how you overcame both to lead the company through its 2012 IPO? I mean, Dutch people are incredibly hard driving, no nonsense, can't suffer bullshit type of people. That's the point of it. Right? Well, building culture is a very forceful thing. This is really think about it as a database in the Cloud. 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. Slootman, 61, is a professional CEO. It's very hard. 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. 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. I mean, 16 months after you and Mike came to Snowflake, you raised $3.4 billion as part of its IPO, instantly establishing Snowflake as one of the NYC's marquee companies. [emailprotected]. Get any of our free daily email newsletters news headlines, opinion, e-edition, obituaries and more. And it worked like that for about a hundred years. So, they looked around and they found the guy with a passport to Dutch language proficiency like. But eventually, I returned to Holland about a year later, resumed my education. After submitting your request, you will receive an activation email to the requested email address. In Amp It Up, he shares his must read offensive game plan for your business. Where I come from, people are quite resigned to their fate. ISBN: 9781119836117. Interior Secretary Ryan Zinke in 2017 and 2018, according to Federal Election Commission reports. We had this very high profile bidding war between the EMC and NetApp at that time. And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. Now, as the story goes, England followed the Netherlands in control of Manhattan. Now, most organizations are incredibly in up still in terms of their data promise. And obviously, I got that in spades at UN Royal in Indiana. And all of a sudden, everybody is just high-fiving and doing victory laps and everything is beautiful versus reality is completely different. Snowflake is a cloud computing-based date warehousing company. the internship sort of came about because I was about a year ahead of schedule at the university. You really need to, look at yourself as an asset that can be applied in many, many different ways. The consequences of your action are like right there. We will talk to you next week. It's just, it's hard not to be acquainted at some level with that culture. I'm a miserable golfer, but somewhere along, the 18 holes, he's like, "I'll do it, but don't leave me again." Yeah, there's no doubt. As I said, what comes around, goes around. But if you're performing at Tom Brady's level, you have no reason to step aside. When I in Ohio, I joined copy ware in Farmington Hills, Michigan, and I had not even been there a few month and they acquired a sizable company in Holland, a company called Uniface. Snowflake is a cloud computing-based date warehousing company. 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. And when you're burned out, you don't regenerate anymore. While that is probably not, my temperament is not terribly well-suited for those types of jobs. Hes had stints at Data Domain, bought by EMC for $2.4 billion in 2009; ServiceNow, which ran a $210 million IPO in 2012; and his current Snowflake gig following its IPO last year, which raised $3.36 billion at a valuation of $33.6 billion. And you can't play chess pieces in a million different ways, right? When you run companies, you need to narrow the plane of attack very, very quickly. But he had also been the CEO of ServiceNow for seven years. frank slootman Snowflake CEO urges investors to be patient And in other words, what problems can I solve very quickly versus what is going to take longer to solve. I mean, the results speak for themselves. I'm trying to get into markets, not get out of them, but strategically we had a dilemma and others that we were, what I would call landlocked, maybe another nautical Dutch type of term, because we couldn't get beyond our core business of backup and recovery. And you mentioned several times in the book that you look for aptitude over experience, does that focus help snowflake identify young talent and how do you measure aptitude? But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? And it was really my wife who said, "No, no, we'll go. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. People were looking at my credentials. Customers use the Data Cloud to unite siloed data, discover and securely share data, and execute diverse analytic workloads. So, I ended up in odd places because they didn't know what to do with me. Snowflake ukazuje, e zprvy o smrti cloud jsou pehnan 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? This press release features multimedia. Frank Slootman - Chief Executive Officer &.. - Snowflake That's why they're big in banking and insurance and distribution and logistics. I mean, we had like 15X, the X of the next nearest competitor. What is the core of your being, right? Sr. PR Manager, Snowflake The tech firm, founded in 2012, helps businesses manage and analyze data stored on its cloud. The company recently announced it will be moving its corporate headquarter from San Mateo County, California, to Bozeman, Montana. 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. Now, it was actually pretty interesting because this was sort of a forerunner of a data analytics, business intelligence type of company. Get the world to sort of move onto a different technology platforms, et cetera. Learn more at snowflake.com. And are there any particular secrets to building a consensus around the idea of change? No, we're talking about stuff that's not working well. See what you can do with it" to data driving operations directly, right? 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. I mean, it was doing well. SWOT Analysis of Snowflake Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. Data has no opinion. Right? 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? Before the break, Snowflake's CEO, Frank Slootman and I were discussing his career. And that's a whole different deal. 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. That culture really keeps you safe from being indulgent or just, you're sort of presiding. But one day, and this was in March of 2019 and he said, "What would it take for you to take the helm?" 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. So now, we're having business conversations about data. Why did you give up the helm of the invisible hand for this new role with Snowflake? Introductory offer for new subscribers only. I mean, in the book, Frank, you used the analogy of getting in the right elevator. But then, there's new platforms in terms of the Public Clouds, right? And people are, are mesmerized by Snowflake results because they don't quite understand, where is this coming from? We're going to nuke an entire industry out of existence. But it's not what it really is, so it wasn't an enormous surprise to me to come here. But 233 years later, American, Dutch and British interests are inexorably intertwined. We added sort of network replication disaster recovery, a whole bunch of adjacencies to it. They just said, "Look, let's re-envision, re-imagine based on the platform realities that we now have, which was the Public Cloud. The IPO was the You can only sail so much, [crosstalk 00:31:19]. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." I mean, it's like when people start to roll their eyes. It's really a company production, by the way. The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. Once you understand relationships, you can now predict them. They're kind of like whine and bitch all day. Choose wisely! Obviously, that industry had moved on to all kinds of different disk space technologies. 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. You arrived at something like tape sucks. We left off before the break with your decision to literally set sail after 33 years of a career that took you all over the globe, including bringing two companies public. This book is essential reading for every leader who aspires to motivate teams, inspire excellence and deliver beyond expectations. Bill McDermott, President and CEO, ServiceNow Well, they knew now. It's just our nature to talk about problems." Volumes have increased and they've pretty much more than doubled, and we've actually nearly tripled the number of participants that we have as well. I'm the opposite. Correct, correct. And now, I feel like I'm being haunted, by this Dutch thing, this cloud that's hanging over me." But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. I mean, we were crawling the bottom in the early days, so we had a product that had marginal product market fit. What took you back to the Netherlands at one point? 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. If it's not related to our core mission, we don't want to hear about it. It's a transformation that is still going on. Snowflake's headquarters is in Bozeman, Montana, and was founded in 2012. So after a while, it's like, "Okay, we've done enough of this." It was sort of an adjunct to what they called the computer industry back then. At some point, we were going to get stunted in our growth. It's you're in this job for a reason. Frank Slootman currently serves as Chairman and CEO at Snowflake. It's hard to get off of that. And essentially, he defends. SNOWFLAKE CEO Frank Slootman has asked his shareholders to stay the course due to the company's cloud transition. And then Snowflake is again, a totally different. And people would eyeball those reports in those dashboards, and that was sort of the extent of it. I mean, I was just in my way of life and I was going to stay there till the end of time. It's not that easy. He was pretty smart to use nautical expressions in that conversation, take the helm at Snowflake. The question is, what are you going to do? Company still around, by the way. We're not trying to find fault with people or who did what to whom. Were not a growth-at-all-costs company., Souness fights back tears as he announces emotional retirement on Sky Sports, Sky Sports' Martin Tyler slammed for 'racist' comment about Spurs star Son, Olly Murs breaks down on stage over Caroline Flack 'regret', Fulham's Pereira stretchered off with suspected broken leg in worrying scenes, News Group Newspapers Limited in England No. 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 curious, how that opportunity at Data Domain came to you? Slootman focuses on the keys to mission-driven leadership discipline, proven to drive exponential growth and hundreds of billions of dollars in market value. We're driving change. He was saying during the pandemic, he's like demand was up 60% over here, down 100% over there. 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. They're kind of like-. Frank has over 25 years of experience as an entrepreneur and executive in the ent You want to be that person, okay? At Data Domain, he built an intensity around clear business priorities and the customer value proposition and drove it through the organization daily. Snowflake Inc. Company Profile | Bozeman, MT - Dun It's a small country, obviously, which is why they sort of veer far and wide. So, understanding that is really important because obviously, you can't fight it off unless you understand where it's coming from. Board, https://www.businesswire.com/news/home/20220119005295/en/, Snowflake for Advertising, Media, & Entertainment. According to Forbes, the tech CEO has amassed a $2.1billion net worth. So, I did. Everybody has access to talent. And over time, we overcame that because we were laser focused on making the product bigger and faster every year. $2.1B. Right? Some portions of the proceeding conversation may have been edited for the purpose of length or clarity. https://www.businesswire.com/news/home/20220119005295/en/, Danica Stanczak Thomas M. Siebel Chairman & CEO. Analytics, Why While he was CEO of Santa Clara-based ServiceNow Inc. he contributed A term that gets used a little bit too much in too many places. It was very formative. And it wasn't charged for, so companies just couldn't build software because it was just given away. You can't help but run into Dutch people everywhere because they have such a small country. And now, welcome inside the ICE House. That takes very different approaches, orientation, skill sets, and so on what you do. And it's just, it's intoxicating that energy. 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. And I had already made a little bit of a name for myself in the company. 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. We just never backed off of it. I was a huge fan coming here. 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. But EMC prevailed. It became very meaningful to them. It's up to 79% of the volume has gone cleared. There was a problem saving your notification. And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. 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. They've never really been asked that before. Snowflake CEO Slootman has been spending a lot of time in Montana in recent years. And that's our conversation for this week. 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. But in the end, it's like we have to get into backup software in which we tried. 89/100. Two years later, he became chairman of enterprise software business ServiceNow, which he guided to a 2012 IPO. Snowflake CEO Frank Slootman said Wednesday that shareholders need to be patient with the companys stock because the cloud transition is not happening overnight. I mean, anecdotal observation has pretty much run its course. 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. 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 really had to change from being an individual contributor or a small team leader to somebody who runs organizations. Yeah. But this was quickly set aside because Frank appears to walk the walk. 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. All of which is presented solely for informational and educational purposes. 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. You ever noticed that NFL quarterbacks just can't leave the stage. If youre a VC, CxO, EVP, SVP or VP 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 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. And the other thing I'll say is we maintain a very, what we call a malcontent attitude. I mean, one of my favorite, interview questions has always been, "What kind of people succeed here? Slootman owns about 10 percent of Snowflake. I mean, you're not going to get excited, "Well, we want to grow 100% this year." Give me that train wreck. You need to be invested in the moment, in the present, rather than I'm thinking about my next move. Frank Slootman - Chairman and Chief Executive Officer