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I mean, the problem with backup and recovery is, yeah, you can do backups, but the point of backup is recovery because if I can't find or read tapes, I'm still up the creek without a paddle. But this whole Snowflake exercise could have turned out dramatically different, the CEO says, if the founders had pursued their original premise for what the company should be. And Americans always think that there's an easy answer to these questions. 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. 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. They're very safe. 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. ICE is the first exchange to list LNG freight futures contracts underpinned by the price assessments of spark commodities. In other words, "How fast does this might work?" You could eject the tape from a tape drive and you could ship it off site. It was originally known in Dutch as de Waalstraat when it was part of new Amsterdam in the 17th Century, an actual wall existed on the street from 1685 to 1699, protecting the early entrepreneurs and fur traders of Fort Amsterdam from encroachment from the north. 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. Nothing to do with financial targets or growth targets or market capitalization. And obviously that is not the best way to go about things because that's just one man's opinion against another, right? After all, he has experience on his side. I'm curious, how that opportunity at Data Domain came to you? 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. I mean, to this day, with all the other things that we've done, I still treasured that experience greatly and it's still a very large business to this day. The biggest guess is that Frank Slootman simply had the track record for having previously taken data storage companies successfully out of trouble and into the future. Because if I sailed before, I always felt guilty because I was doing something that wasn't the company and now, I was completely free of guilt because it was my own time, my own money, et cetera and it was great. I don't know what, if you go back to those days. In this technological era, the field of analytics is vital as it makes it easy to access needed information without much of a hassle. They sold the living hell out of that product. SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- Instacart, the leading online grocery platform in North America, today announced that Frank Slootman, Chairman and Chief . 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. I can't do every speaking engagement," et cetera. 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. Now, you can manage LNG freight risk with ICE LNG freight futures contracts, which join our global natural gas complex. Frank Slootman currently serves as Chairman and CEO at Snowflake. This is really think about it as a database in the Cloud. And you need to have the flexibility of mind to really deploy yourself. Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. Steve Jobs didnt even own 1% of Appleeven though he had millions worth in shares. And if you've got a comment or a question if you'd like one of our experts to tackle on a future show, email us at [emailprotected] or tweet at us @icehousepodcast. 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. Yeah. Meaning that we would run something like Tableau on top of Salesforce or whatever. A term that gets used a little bit too much in too many places. And then Snowflake is again, a totally different. Everybody has access to talent. The consequences of your action are like right there. Over his distinguished career, Frank has mastered the process of fundraising scaling and building young companies into unicorns with the run ending eventually way back here at the corner of Wall and Broad Streets with an initial public offering. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. 2023 Forbes Media LLC. I mean, it's like when people start to roll their eyes. When I'm on offense out there, I don't worry about what's going on at home at the farm because that is in a very, very tight control mode. But then, you go like, "Oh, this is the rest of my life." So, we were just picking over use cases here and there to sort of stay alive in the early days. 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? It's like, "That's not exciting." Slootman has become somewhat of a business hero for many people, myself included. Well, building culture is a very forceful thing. That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. Some may describe him as direct. And the product was insanely fast, completely automated. And that's the American flavor and flare that has built up over three, almost four decades. But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? 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. The Dutch have all always been enterprising. Perhaps thats exactly the kind of leadership that gets a million-dollar business into the realm of billions. Before that, he spent his life in Netherlands, where he was also born. Including his options, Slootman owns about 10% of Snowflake. Never seen the inside of an office or anything. Another Dutch trend setter with the Winfrey title is Frank Slootman, the chairman and CEO of Snowflake. We're not trying to find fault with people or who did what to whom. Those are the people that are right there, where the people that bring home the bacon, there when the shit hits the fan. I mean, that's how aligned this is, okay? 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 I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. So, I just had some peripheral view of the company, as well as its strategic challenges, by the way. I always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. Get the world to sort of move onto a different technology platforms, et cetera. 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. Well, that's another thing I don't think about that. Yeah, in some areas it's easier than others, and in sales, we can just look at what people have done the past. 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? They're kind of like-. Give me that train wreck. He knows what problems exist in his field today, and he knows how to address them as well. They just have such a hard time doing it because that's who they are, that's what they live for. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace. That's the reason why this country does so well. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. But the world of backup and recovery, was dominated, as you said, by tape automation technologies. Yeah, it was a good problem. The dream drivers that have made the NYSE an indispensable institution of global growth for over 225 years. I mean, Dutch people are incredibly hard driving, no nonsense, can't suffer bullshit type of people. Helping women become better in negotiation is an urgent and essential task for organizations and individuals. right? Windows 3.1 didn't even exist. When I was at ServiceNow, Fred Luddy, the founder, he said to me, at one point, "I really don't want to come to the staff meetings anymore." In 2011, you joined ServiceNow, a name that's really quite familiar to our listeners where you were confronted by that old conundrum of the CEO founder that we've discussed on this podcast before. Everyone's watching. No, we're talking about stuff that's not working well. And it's like, "Well, why does that matter?" It was the lowest ranking job in the entire world of IT, if you were involved with tape automation. CEO Frank Slootman (second row, fourth from left) and the Snowflake team virtually rang the opening . The IPO was the third for Dutch-born Slootman,. I mean, it was a super crowded field, but we just crushed that entire field. You guys are a data company, you know as well, right? I mean, it gets rid of you. Theres no surprise here. Museum Shop Hours: 9:30 am - 5 pm daily; 9:30 am - 4 pm in January and February. Right? Wikitia is not affiliated to Wikimedia Foundation. Today, Slootmans net worth shot up to $1.8 billion because of the Snowflake IPO. It becomes the beating heart of a modern enterprise. SAN MATEO, CA - May 1, 2019 - Snowflake Inc., the only data warehouse built for the cloud, today appointed Frank Slootman as its Chairman and Chief Executive Officer.Former CEO, Bob Muglia, has left the company after leading Snowflake through five years of unprecedented growth. I really had to change from being an individual contributor or a small team leader to somebody who runs organizations. Frank, how did those early experiences rising through the ranks and being sent from problem to problem help you establish the principles for success that your career would see? Frank Slootman has written another book about how to run a business based on his time at Data Domain, ServiceNow, and Snowflake. 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 I look at what the situation requires of me, not what I want to bring to it per se, based on my own background. And then, I had another internship after that. Listen to this episode from This Week in Startups on Spotify. 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. 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. It's been extremely successful since we took over. You relate well to that way of thinking. And Mike was still the CEO at ServiceNow at that time. He cuts back where he sees fit. That is the X factor in companies, but it starts with weaponizing the mission. His company's listing here at the NYC in September 2020 was the largest software IPO in the history of the US capital markets. I mean, what drove you to move on? And there were many, many players in that segment, by the way. Things will change in ways you cannot even imagine the ideas that happen. Take our own company, Intercontinental Exchange, for example. I just took a job with a software company just to be in software and that's sort of the extent of my thinking on that. And people are, are mesmerized by Snowflake results because they don't quite understand, where is this coming from? Cloud-data warehouse Snowflake has been the talk of the town since it announced its intention of going public. What are your God-given talents? Here's your host, Josh King of Intercontinental Exchange. And of course, the appetite is insatiable for both technology and people that know how to make this future happen. You speak the language, like we do, but there is something different about you." 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. It was an application development and runtime platform to run on both Unix and OSU and Windows all at the same time. Because the essence of data science is you are trying to discover through historical data what the relationships are in your business. In other words, somebody who has lived their lives over and over. We're driving change. Frank Lloyd Wright Home and Studio. Because now, now you're going to look people in the eye, and say, "Look, this is the way we're going to be. But you mentioned this earlier, it isn't really what happened. So now, we're having business conversations about data. And that's exactly what we did. What's the playbook?" In other words, they kind of let it happen. If you want to know more about this CEO, this might be the book to read. This article "Frank Slootman" is from Wikipedia. And everybody was like, "Who's Data Domain? You cannot sell your way through a crappy product, okay? 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 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. But you dont achieve a $1.8 billion net worth by being a spendthrift. Those are all disciplines that leverage where they are, right at the headwaters off the entire European continent. Some portions of the proceeding conversation may have been edited for the purpose of length or clarity. And people would eyeball those reports in those dashboards, and that was sort of the extent of it. In Amp It Up, Frank, you say that a company's mission really has to be weaponized. That's awesome. And I said, "Why not?" [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]. The company, which prides itself as the leading customer success, Read More 10 Things You Didnt Know About Guy NirpazContinue, Medical marijuana is increasingly becoming a popular trend in the treatment and management of different diseases including chronic and fatal ones such as Alzheimers disease, brain tumors, cancer, HIV/AIDS, chronic pain, and multiple sclerosis. to keep connected with us, please login with your personal info. We just never backed off of it. All of which is presented solely for informational and educational purposes. See what you can do with it" to data driving operations directly, right? Before the break, Snowflake's CEO, Frank Slootman and I were discussing his career. Some of Wikitia's pages are sourced from Wikipedia.org's Mainspace and Draftspace. 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. We will talk to you next week. 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. Slootman moved to Silicon Valley in 1997. Welcome back. Every week there was a new bid. At 61 years old, Slootman has created quite the reputation for himself. And in other words, what problems can I solve very quickly versus what is going to take longer to solve. It's a small country, obviously, which is why they sort of veer far and wide. You just get into this cycle where all you want to do is leave. That's when you're at risk. Leaders such as Slootman, Scott McNealy , Jayshree Ullal and my old boss Pat McGovern have inspired me over the. 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. It wasn't long before top VCs weighed in. So, it's the story, what goes around, comes around, as I said at the beginning. There are many questions left unanswered about the months leading up to Snowflake going public. This is probably the biggest understatement of the year. 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? Right? We're always picking at things that could be better. 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. Frank Slootman is the CEO of Snowflake, a cloud-based database firm he joined in 2019 and took public in September 2020 in a blockbuster IPO. What goes around, comes around and the Dutch get around the world. We had this very high profile bidding war between the EMC and NetApp at that time. One company that embodies this vision is ThoughtSpot, an analytics company. Snowflake CEO Slootman Scores IPO Hat Trick With Big Bet on Data Software company aims to benefit from companies increasingly storing information in multiple clouds Big tech firms are investing. Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. So, we came out there and we said, "Look, no, we're not just going to sell a product here. But one day, and this was in March of 2019 and he said, "What would it take for you to take the helm?" Welcome, Frank, inside the Ice House. Investors know this about us. 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. Learn how your comment data is processed. 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. Snowflake now has Frank Slootman as chairman and CEO. And are there any particular secrets to building a consensus around the idea of change? It's very hard. 5.9% of any company is a huge deal. Frank Slootman Chairman and CEO at Snowflake Bozeman, Montana, United States 32K followers 500+ connections Join to follow Snowflake Erasmus University Rotterdam Articles by Frank Drivers vs.. 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. And now, I feel like I'm being haunted, by this Dutch thing, this cloud that's hanging over me." Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . 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. And having incredible meaning and potency and yield value for applications you never imagined. 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. Not all people are created equal in terms of their roles and their contributions in companies. One of the worst, worst in the English language for me. Its a positive outlook for Snowflake, and its a bright signal for investors to really pay attention to this company now before its too late. The improvement in technology is one of the main reasons that this commercial scene is flourishing by the, Read More 10 Things You Didnt Know about Loggi CEO Fabien MendezContinue, Tableau Softwares President and CEO Mark Nelson defines Tableaus vision and supervises the companys business operations and procedures. This is a country that's very aspirational. 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. So, getting an internship in the US in those days was a really big deal and it really didn't matter to me, where it was, what company it was, I just wanted to have the exposure to what is that like. Information contained in this podcast was obtained in part from publicly available sources, and not independently verified. How does having who's worked closely with you for years help you accomplish your goals of hyper growth without losing focus? The IPO was the third for Dutch-born Slootman, who moved to California for a job at Compuware in the dotcom boom, then worked at Borland Software. I don't care for any of that. They did not try to carry technology or ways of thinking forward. So, they looked around and they found the guy with a passport to Dutch language proficiency like. We cannot just read our emails and have a few phone conversations and know what's going on. So, I ended up in odd places because they didn't know what to do with me. When some of these firms moved out to Canary Wharf, they decided that actually, it was too much to be sending people to the room, so they moved it to a phone call to buy and sell and establishing a price. And it wasn't charged for, so companies just couldn't build software because it was just given away. Slootman applies this philosophy in the workplace as well. 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. What's your advice about someone climbing the corporate ladder looking to make that leap? Now, you can be very obstinate about it and say, "Well, I'll eventually cross that bridge when I come to it," or you can try to anticipate it and say, "Okay, I'm going to find somebody who has the resources that I do not possess." The post 'Summer House' star Danielle Olivera gets emotional talking about Robert . I mean, anecdotal observation has pretty much run its course. That's NYSE ticker symbol S-N-O-W or snow who, like the immigrant inhabitants of New Amsterdam more than two centuries ago, has proven himself a master entrepreneur and visionary leader, able to take a great idea and scale it massively, and then apply the same playbook again and again. Now, most organizations are incredibly in up still in terms of their data promise. I mean, we were crawling the bottom in the early days, so we had a product that had marginal product market fit. And that's a whole different deal. I actually wanted to retire, truth be told. And a lot of our people have the same malcontent attitude that I do. Closed: Thanksgiving, Christmas Eve, Christmas and New Year's Day. Frank Slootman added: " I'm excited to advise Blackstone. Because when all the energy and all the quality of resources is fully concentrated on the mission, that's pure magic, okay? What took you back to the Netherlands at one point? Frank Slootman - Narrow the Focus, Increase the Quality - [In No. They're high anxiety, they're entrepreneurs, they're CEO, and sort of getting a very unvarnished view, inside view from a fellow traveler. In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. Right? Learned an awful lot in that period of time. In the book, I go on and on about what some of those issues are. And I'm like, "You know what? We now use consumption models instead of subscription models. 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 if you've got a comment or a question if you'd like one of our experts to tackle on a future show, email us at. He said, "Because you guys are indicting everything I've done." They're very well dialed into it. He's a Dutchman Slootman moved to Silicon Valley in 1997. 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. You want to be the playmaker and the people that they're going to pass the ball to when we have two seconds left in the quarter, that kind of thing. And then my career thrived as each sort of, it veered just taking on jobs that nobody else would take, in other words. 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. New competitors, new partner ecosystems, so it was like, "Wow, this is the future." Slootman said he understands people might be eager to more freely leave their homes once long-standing public health restrictions are eased, potentially wanting to return to pre-pandemic routines . 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. We were going to do the world of favor.". Because you're like, "Oh, this is great. 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?" 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. Sometimes that is hard for American audiences. It's not that easy. It was just like Formula 1 of sailboat racing. And when you're burned out, you don't regenerate anymore. I don't have to go work on Monday. So, I really lift that cross and the chasm dynamic. That's a running joke that we always have. 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. So like, "Look, I'm not going to be doing the same races over and over again." We tried to, we wanted to get into primary storage. And you had literally physical media that could logistically manage. I need to know what that is. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. And that went on literally for years, okay? So, this is not data warehousing, it's just one use case. The book accounts his time in Data Domain and so much more. 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.