What attracted you to the space? And then, I had another internship after that. CEO Outlook | Frank Slootman - KPMG Global 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. And after a while it's like, "Look, I can't do one-on-one meetings with a million people. Frank Slootman - Narrow the Focus, Increase the Quality - [In So, it's the story, what goes around, comes around, as I said at the beginning. 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. 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 that is our culture. 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? But you dont achieve a $1.8 billion net worth by being a spendthrift. The San Francsico 49ers admitted that they might be forced to go quarterback hunting this offseason. I'm a miserable golfer, but somewhere along, the 18 holes, he's like, "I'll do it, but don't leave me again." And I've never been able to equal that level of success with a marketing slogan. I need to know what that is. CEO of year's hottest IPO focuses on one 'incredibly hard' question - CNBC Whatever he learned from school is probably what we should all learn. In other words, you got to really mean it, okay? ICE is the first exchange to list LNG freight futures contracts underpinned by the price assessments of spark commodities. Thanks so much for joining us inside the Ice House. Because they can't understand how spending categories can just explode overnight like that. While that is probably not, my temperament is not terribly well-suited for those types of jobs. 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. 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. And of course, the appetite is insatiable for both technology and people that know how to make this future happen. And in other words, I was already negotiating Mike's package before I had joined ServiceNow. Including his options, Slootman owns about 10% of Snowflake. Frank Slootman has written another book about how to run a business based on his time at Data Domain, ServiceNow, and Snowflake. In other words, they kind of let it happen. A decade after his death, fantasy artist Frank Frazetta still towers over the pop culture landscape as new fans discover his work. [23] How does that work at Snowflake? And companies that have been around a long time, it's near to impossible to undo the culture. welcome back! Are you just going to look the other way or are you going to call it out? The consequences of your action are like right there. And we were babes in the wood back then. This site uses Akismet to reduce spam. And opinions, everybody's got one, but data doesn't lie. And you can't play chess pieces in a million different ways, right? Data Domain went public in 2007, but two years later acquired by EMC, in my home state of Massachusetts. 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. The company is a fintech firm that helps companies automate their deployments with unique software solutions for business. Never heard of that company." 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 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. Snowflake Inc. - Wikipedia And are there any particular secrets to building a consensus around the idea of change? And it's very much a talent game just like business is. We had no experience. I always tell my own people, "Look, I'm a piece on the chessboard, okay? His company's listing here at the NYC in September 2020 was the largest software IPO in the history of the US capital markets. Because, and this is another important observation, I think. 5.9% of any company is a huge deal. Frank Lloyd Wright designed some 14 buildings for Japan: an embassy, a school, two hotels and a temporary hotel annex, a commercial-residential complex, a theater, an official residence for the prime minister and six private residences. Yeah, there's no doubt. 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. Software was barely an industry. And everybody was like, "Who's Data Domain? And I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. Where does a CEO Frank find time to write two books back-to-back and what was the inspiration for Amp It Up? 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. 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. And then of course, Michael Dell found just as attractive to bring EMC into Dell. Listen to this episode from This Week in Startups on Spotify. 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. Because the essence of data science is you are trying to discover through historical data what the relationships are in your business. Back then, there were hardly any software companies around. Frank Slootman currently serves as Chairman and CEO at Snowflake. I mean, the results speak for themselves. I mean, the only thing that energizes people and teams and organizations and companies as a whole is the mission. You've said that you were really born in the wrong country. So it's a very important question because if I hire you, I can get you experience every day at the week. There are many questions left unanswered about the months leading up to Snowflake going public. Snowflake: Not What You May Think It Is - Datanami It was doubling. Perhaps the biggest one is the one that deals with the CEO replacement just months before the public offering happened. 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. And it was really my wife who said, "No, no, we'll go. [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]. It's just, it's hard not to be acquainted at some level with that culture. Because that's what it is. It takes a ton of work to maintain intense focus on the mission, so that's the weaponizing. So, what are things that we should absolutely not ask you to do ever? And it's like, "Well, why does that matter?" Most people just preside over culture. Between 2011 and 2017, Slootman was Chairman and CEO of ServiceNow - one of the world's leading SaaS . Right? It wasn't, and the company wasn't failing financially on its growth objectives. 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. Now, most organizations are incredibly in up still in terms of their data promise. He was saying during the pandemic, he's like demand was up 60% over here, down 100% over there. Its none other than CEO Frank Slootman, and here are 10 things about the guy behind the current Snowflake craze. In other words, as a leadership team, it's not just the CEO. 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. Well, they knew now. Frank Horvat helped elevate fashion photography into high art, and with his thoughtful photographs, changed how we look at fashion altogether. Right? They did not try to carry technology or ways of thinking forward. And then I change myself to become that flavor of CEO. So, we came up with this war cry that said, "Tape sucks, move on." But yeah, then I was off for two years and I did a lot of sailboat racing and I did talk about that in the book as well, because that was a passion and I'd never been able to do that without guilt. It's you're in this job for a reason. They all do and for a good reason. But then, there's new platforms in terms of the Public Clouds, right? Sometimes that is hard for American audiences. I'm on the phone with customers every day. But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? 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. You can only sail so much, [crosstalk 00:31:19]. That takes very different approaches, orientation, skill sets, and so on what you do. They're very safe. Where I come from, people are quite resigned to their fate. But one day, and this was in March of 2019 and he said, "What would it take for you to take the helm?" 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. Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. 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. You speak the language, like we do, but there is something different about you." Yeah. They're very far removed from the drive train. 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. 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. Frank Lloyd Wright Home and Studio. In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. 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. And historically, people have tried to answer these questions anecdotally. It was very formative. At the same time, we've never had a data Cloud in the history of computing because data was just fragmented and proliferated into silos and what we call bunkers. And that is a common thread through all our companies. Better, better all the time. But eventually, I returned to Holland about a year later, resumed my education. Data has no opinion. And that's our conversation for this week. That is how you energize companies. So, I just had some peripheral view of the company, as well as its strategic challenges, by the way. And I'm like, "You know what? This is a country that's very aspirational. Yeah, yeah. Instacart Appoints Frank Slootman, Chairman And CEO Of Snowflake, To They also appreciate it. But if you're performing at Tom Brady's level, you have no reason to step aside. Technology executive Frank Slootman took software company Snowflake public in one of the biggest tech IPOs of 2020, raising $ 3.4 billion at a $33.3 billion valuation. And then Snowflake is again, a totally different. 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. 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. He's like, "How do we run a supply chain?" Correct, correct. 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 . What's your advice about someone climbing the corporate ladder looking to make that leap? Snowflake CEO on customer spending, weak guidance, A.I. and the company 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? JP Morgan paid $175 million for a startup it believes it was conned into buying. And for example, when I joined Unysis, I ended up in a corporate planning role. 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. No, we're talking about stuff that's not working well. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". That's when you're at risk. So, I really lift that cross and the chasm dynamic. What is the core of your being, right? Snowflake CEO Frank Slootman Shares Secrets of Unrivaled Success in And then being able to talk about it in an intelligent, really rich-considered manner. I mean, in the book, Frank, you used the analogy of getting in the right elevator. 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. Slootman knows exactly what hes doing. So as leaders, you very much, I try, no matter how big this company gets, I try to run it like a popsicle stand where we're driving a race boat around the race course, okay. 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? VCs have entered the debate on Snowflake CEO Frank Slootman's comments I mean, one of my favorite, interview questions has always been, "What kind of people succeed here? Who can solve what set of issues, right? All Rights Reserved. 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. [1] In June 2012, ServiceNow became a publicly-traded company as Frank Slootman led the company through a $210 million IPO. I mean, Dutch people are incredibly hard driving, no nonsense, can't suffer bullshit type of people. I don't know what, if you go back to those days. It's up to 79% of the volume has gone cleared. Theres no surprise here. You're finding the best sailors in the world and all of that. So, understanding that is really important because obviously, you can't fight it off unless you understand where it's coming from. 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? 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. [1] And by the way, for most people, that's a very difficult question. They just have such a hard time doing it because that's who they are, that's what they live for. Information contained in this podcast was obtained in part from publicly available sources, and not independently verified. Leaders such as Slootman, Scott McNealy , Jayshree Ullal and my old boss Pat McGovern have inspired me over the. Then, they discuss Frank's hiring philosophy and how to create a winning relationship between an executive and their direct reports . But now, and the influence of data science, we really have to interrogate data regardless of its silo boundaries. 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. As Snowflake got bigger in 2019, the company knew it was time for leadership to take it to the next level and brought in today's guest, Frank Slootman, as CEO. You guys are a data company, you know as well, right? Snowflake Appoints Frank Slootman as Chairman and CEO Take our own company, Intercontinental Exchange, for example. I mean, anecdotal observation has pretty much run its course.