Can you explain how you overcame both to lead the company through its 2012 IPO? And how that allowed him to grow Snowflake into the biggest software IPO ever, and how. 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? When I was considering Snowflake, I told Snowflake, "I will not do this if Mike doesn't come along." In any successful company just ask them, they will attribute success to their culture. So, what are things that we should absolutely not ask you to do ever? I mean, I still remember that we were in countries like France, where we had like a $10-million business, which was very small. 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. That is how you energize companies. I actually wanted to retire, truth be told. I'm a miserable golfer, but somewhere along, the 18 holes, he's like, "I'll do it, but don't leave me again." 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. Welcome, Frank, inside the Ice House. 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. This is a country that's very aspirational. You arrived at something like tape sucks. New competitors, new partner ecosystems, so it was like, "Wow, this is the future." And then of course, Michael Dell found just as attractive to bring EMC into Dell. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. $5.4B. 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. But he had also been the CEO of ServiceNow for seven years. So now, we're having business conversations about data. 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. It was an application development and runtime platform to run on both Unix and OSU and Windows all at the same time. I hate that. Take our own company, Intercontinental Exchange, for example. If you like what you heard, please rate us on iTunes, so other folks know where to find us. 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. Yeah, in some areas it's easier than others, and in sales, we can just look at what people have done the past. 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. Learned an awful lot in that period of time. While he was CEO of Santa Clara-based ServiceNow Inc. he contributed (Graphic: Business Wire). And we publish the data transparently on our site, so anyone can come and see what actually happened in the auction. And I have to, the moment I start sitting in my ivory tower and rely on reporting from people all over the place, we're in a world of hurt. So, it just started to happen, but I wanted to desperately be in software at that time. And that's all coming up right after this. While CEO of ServiceNow prior to joining Snowflake, Slootman contributed the They always have a twinkle in their eye and they're going to do this, they're going to do that. When you run companies, you need to narrow the plane of attack very, very quickly. Slootman has also contributed money to political campaigns for both Gov. Thats sort of the message to investors to really understand were signing on here for a journey thats five to 10 years.. They're kind of like-. Two years later, he became chairman of enterprise software business ServiceNow, which he guided to a 2012 IPO. It is a future state that we're all working on right now. None of that stuff is material to your mission. Now, most organizations are incredibly in up still in terms of their data promise. For other inquiries, Contact Us. That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. What's the playbook?" 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. Top 5%. It enables businesses to store and analyze data using cloud-based hardware and software. I mean, anecdotal observation has pretty much run its course. 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. Mike is a really good example of that because what he's really good at, I'm not, and I always use the, the analogy of he plays defense, I play offense. But it's also, you attack and you cross again. How does that work at Snowflake? It will be fine. Submitting this form below will send a message to your email with a link to change your password. The couple live in the Ruby Hill gated community in Pleasanton, a serene San Francisco Bay Area suburb where the typical home is worth $1.2 million. It's about 40 miles from Snowflake's San Mateo headquarters and a 3.5-hour drive from Lake Tahoe, where the Slootmans have owned a home. The Slootmans also have a ranch in southwestern Montana. So, because we all have our that's sell of awareness. 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. Information contained in this podcast was obtained in part from publicly available sources, and not independently verified. Slootman is the CEO of Snowflake, a cloud-based database firm he joined in 2019 and took public in September 2020 in a blockbuster initial public offering (IPO). Whereas in business, it often takes so much longer to be confronted with the consequences of your actions and some people don't-. 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. What's your advice about someone climbing the corporate ladder looking to make that leap? 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. And Mike was still the CEO at ServiceNow at that time. Our business is really going to conduct itself really over considerable, long periods of time, Slootman said in an interview with CNBCs Mad Money. But 233 years later, American, Dutch and British interests are inexorably intertwined. And that's our conversation for this week. And it's just, it's intoxicating that energy. Meaning that we would run something like Tableau on top of Salesforce or whatever. We'll do something good with it. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. Search the complete digital archives for all papers in the Pioneer News Group. I mean, they had graphical user interfaces that were completely proprietary to that company. See what you can do with it" to data driving operations directly, right? 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. 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. Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. 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. 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? Yeah. 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. No. WebSlootman has spent a lot of time and money in Montana in the years. It is data operations from the most transactional to the most analytical and everything in between, so. 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. Phone Email. I think EMC was exactly the right acquirer because they just sort of had the orientation and the scale and the intensity culturally. It was able to separatecomputer data storagefromcomputingbefore Google, Amazon and Microsoft. 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. They just said, "Look, let's re-envision, re-imagine based on the platform realities that we now have, which was the Public Cloud. If you are looking for a must-read about leadership, being focused on your mission and executing at the highest levels, this is the book!" The ambitions that happen, the boldness that happens as a result of that, that becomes the magic. 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. And by the way, insurance companies are already pretty data savvy, but every single industry is experiencing these kinds of questions. And when you're burned out, you don't regenerate anymore. Amp It Up, Frank, you write a lot about building culture and I think you had some issues at Snowflake when you got there. And you need to have the flexibility of mind to really deploy yourself. And in other words, what problems can I solve very quickly versus what is going to take longer to solve. 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. 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. It still runs as an auction in rounds of 30 seconds and final price were used as the benchmark for the entire gold market. 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. Because when all the energy and all the quality of resources is fully concentrated on the mission, that's pure magic, okay? And essentially, he defends. Thanks so much for joining us inside the Ice House. And did you have a sense that the sector was really about to explode? 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. 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? Several questions from the Chronicle seeking more information from the company were left unanswered Friday, including the size of the Bozeman offices and whether the company was planning on hiring locally. It wasn't, and the company wasn't failing financially on its growth objectives. It's like, "That's not exciting." Give me that train wreck. It's just our nature to talk about problems." So, we won a lot of outraces. Now, for us, it's a data Cloud. Comparably score i. It's hard to get off of that. Engineers should have a very easy time discerning the talent, so. They're high anxiety, they're entrepreneurs, they're CEO, and sort of getting a very unvarnished view, inside view from a fellow traveler. They only learn from consequences, so you got to create consequences, good and bad when things happen and things happen all day long. Right? Never seen the inside of an office or anything. But the world of backup and recovery, was dominated, as you said, by tape automation technologies. The perception in Holland of United States is very, and I don't want to use the word biased, that might be too strong. WebFrank Slootman Chairman & CEO. The three-time CEO and industry leader spearheaded the largest software IPO in history for Snowflake in 2020, previously led IPOs for both Data Domain and ServiceNow. Snowflake was founded in Snowflake, Customer 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. And that's a whole different deal. I mean, one of my favorite, interview questions has always been, "What kind of people succeed here? Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. You need to sort your issues into, "What am I going to focus on?" Once you start doing that, you need to take yourself out of the game. And I said, "Why not?" Snowflake runs onAmazon S3since 2014, onMicrosoft Azuresince 2018and on theGoogle Cloud Platformin 2019. "Over the last 20 years I have been fortunate to watch Frank Slootman build a Hall Of Fame career. Those are all disciplines that leverage where they are, right at the headwaters off the entire European continent. In the book, I go on and on about what some of those issues are. All these things eventually came together. That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. Juliana Sukut can be reached at 582-2630 or jsukut@dailychronicle.com. Let's go." Things will change in ways you cannot even imagine the ideas that happen. That's where we're at right now. All of us, no exceptions." And that is our culture. You've said that you were really born in the wrong country. So, I ended up going back to, I really didn't want to. The company recently announced it will be moving its corporate headquarter from San Mateo County, California, to Bozeman, Montana. And by the way, the inverse of that is what are you not good at? Our guest was Frank Slootman, the Chairman and CEO of Snowflake. Well, that's another thing I don't think about that. It's really a company production, by the way. Better, better all the time. Not exactly like a year and a half, he'd been there for seven years. Yeah, there's no doubt. They're kind of like whine and bitch all day. 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. 3,990. 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 often refer to those people as passengers and then, they're the drivers. These are big, big changes that we are experiencing in the marketplace, and were just super happy to be in the middle of that and be an enabler of that, he said, adding that Snowflake places its focus on growing at scale. Free Tools ; Leads by Industry ; Frank Slootman. But your culture is the only thing that's really unique to you and everything else is up for grab for anybody else. 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. As the gold auction and also, the LBMA gold price is the world's price for gold, particularly gold, which is delivered in London. They were all special purpose for this thing and that thing and that has really created a lot of problems for data center operations, because they just had a Frankenstein architecture out there and people are sick of that. The interesting thing about data domain was it was very, very slow going. 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. People who have seen sort of the ticker symbol of Snowflake pass their eyes on CNBC and see how its companies perform and say like, "What is that company with the name after falling snow from the sky?" 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. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. You must click the activation link in order to complete your subscription. 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.
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