It was very formative. And that's a whole different deal. Data Domain went public in 2007, but two years later acquired by EMC, in my home state of Massachusetts. A term that gets used a little bit too much in too many places. 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. And when you let it happen, you get feed-ups. Right? Well, you think you're just going to turn it off? Yeah, that goes back about mission posture. Creative Commons Attribution-ShareAlike. I mean, what drove you to move on? 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. What kind of people fail here and why?" We just never backed off of it. I was a huge fan coming here. And we introduced a centrally cleared model with ICE as the central counterparty, because that makes it much easier for new firms to join. 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. 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. I look at the situation, "What does this require?" If you like what you heard, please rate us on iTunes, so other folks know where to find us. But we didn't have the market capital resources to do that. I mean, people go from spending $50,000 a year to a million dollars a year in one year and they're like, and the CFOs go, "What the hell is this all about?" Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. But one day, and this was in March of 2019 and he said, "What would it take for you to take the helm?" Because he was still smarting from the fact that I left ServiceNow and he felt I left him stranded. It's just, it's hard not to be acquainted at some level with that culture. Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. Photo by Christie Hemm Klok/The Forbes Collection. Instacart Appoints Frank Slootman, Chairman And CEO Of - Insider I don't have to go work on Monday. You've said that you were really born in the wrong country. 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. But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. It wasn't, and the company wasn't failing financially on its growth objectives. And fortunately, the temperament that is in you, it's going to re-manifest itself sooner or later. We don't preside, okay? 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. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". 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. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. Blackstone Announces Appointment of Frank Slootman, Chairman and CEO of Now, amid an ongoing legal battle, its got to clean up a very public mess. Snowflake CEO Frank Slootman Leading for Hypergrowth 2,637 views Jan 15, 2022 Frank Slootman is an American billionaire businessman, individual investor, technology executive, and the. He published a book in 2011 called Tape Sucks. But then, you go like, "Oh, this is the rest of my life." 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? And I had already made a little bit of a name for myself in the company. Career In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. What goes around, comes around and the Dutch get around the world. 951 Chicago Ave., Oak Park, IL 60302. 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. Yeah, in some areas it's easier than others, and in sales, we can just look at what people have done the past. So, understanding that is really important because obviously, you can't fight it off unless you understand where it's coming from. And the reason that I found it so interesting is technology was mesmerizing. 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. I mean, it was a super crowded field, but we just crushed that entire field. You hit a mark, you have to do two 360s. 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. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. I mean, we were crawling the bottom in the early days, so we had a product that had marginal product market fit. The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. I mean, truly retire. No, we're talking about stuff that's not working well. Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening. Here's your host, Josh King of Intercontinental Exchange. They've never really been asked that before. So, I just had some peripheral view of the company, as well as its strategic challenges, by the way. 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 ecommerce industry is one of the fastest-growing sectors, and at the moment, it features several players. 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. Not much is known about Slootmans personal life, but we do know that hes fairly young for the success hes achieved in his lifetime. In other words, somebody who has lived their lives over and over. So, they looked around and they found the guy with a passport to Dutch language proficiency like. Take our own company, Intercontinental Exchange, for example. All these things eventually came together. Now, for us, it's a data Cloud. It was super interesting to me, sort of my first encounter with American management. We're driving change. I always become the CEO that the situation mandates and dictates. So, I finally caved, okay. And by the way, the inverse of that is what are you not good at? Get the world to sort of move onto a different technology platforms, et cetera. And the product was insanely fast, completely automated. So, I really lift that cross and the chasm dynamic. I mean, they had graphical user interfaces that were completely proprietary to that company. 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. Slootman is going to take Snowflake for quite the ride, and you have to decide whether youre getting in his car or not. And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. 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. In Amp It Up, Frank, you say that a company's mission really has to be weaponized. 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. Of these, six were built: the Imperial Hotel and Annex, the Jiyu Gakuen School, the Aisaku Hayashi . And my email just dribbled down to nothing and all this kind of thing." 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. But they do because the world is changing to digital and this is the essence of digital transformation. Well, the number one bit of advice I would have is make sure you're close to the drive train. When I was at Data Domain, hell, we were 15 people when I joined there. And then I change myself to become that flavor of CEO. 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. And, how do you design single best data operations platform you possibly can?". Because the essence of data science is you are trying to discover through historical data what the relationships are in your business. I mean, we had like 15X, the X of the next nearest competitor. As I said, what comes around, goes around. Yeah, yeah. What you're doing now is doing pretty good, so keep yourself in the game, Frank. They just said, "Look, let's re-envision, re-imagine based on the platform realities that we now have, which was the Public Cloud. 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. 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. A compensation package he received upon joining Snowflake in April 2019 awards him a. 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. It was sort of an adjunct to what they called the computer industry back then. It's up to 79% of the volume has gone cleared. When I was interviewing with ServiceNow, I said to the board, "I want to bring Mike along." All of us, no exceptions." 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. 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. 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. Yeah, it was a good problem. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. So, because we all have our that's sell of awareness. Where does a CEO Frank find time to write two books back-to-back and what was the inspiration for Amp It Up? Leaders such as Slootman, Scott McNealy , Jayshree Ullal and my old boss Pat McGovern have inspired me over the. So, we were just picking over use cases here and there to sort of stay alive in the early days. Why did you give up the helm of the invisible hand for this new role with Snowflake? When we first came in there, it was a very, very anxiety-ridden ride in the early days. Whatever he learned from school is probably what we should all learn. That culture really keeps you safe from being indulgent or just, you're sort of presiding. 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. Amping it up with Snowflake CEO Frank Slootman - SiliconANGLE Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace. But your culture is the only thing that's really unique to you and everything else is up for grab for anybody else. I remember having a conversation with the CEO of a very large healthcare company. But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? Slootman has become somewhat of a business hero for many people, myself included. 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 on the phone with customers every day. Whereas in business, it often takes so much longer to be confronted with the consequences of your actions and some people don't-. 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. And he and I were serving on another board together and every time we we'd go to our quarterly board meetings, we'd have lunch and discuss the state of a affairs in the world and blah, blah, blah, sort of thing people do in Silicon Valley. 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. Slootman moved to Silicon Valley in 1997. Those are just markets, but culture is how you get up in the morning and how you prosecute your day, so it is a huge deal. So, we're going to be in the middle of that. Right? 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. I can't do every speaking engagement," et cetera. 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. Those are the people that are right there, where the people that bring home the bacon, there when the shit hits the fan.