Obviously, that required even more resources, so we really had the strategic dilemma that we couldn't grow beyond our core market. That's a running joke that we always have. We were going to do the world of favor.". It was just like Formula 1 of sailboat racing. The book accounts his time in Data Domain and so much more. And I say, "Stop putting labels on yourself. So, what are things that we should absolutely not ask you to do ever? It is data operations from the most transactional to the most analytical and everything in between, so. So, one of the things that, that our founders did really, really well and it's a very important lesson here for anybody that's watching Snowflake and trying to understand is that they took a clean sheet of paper. 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. But the essence of what I'm getting when I hire you is what you're innately good at. [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]. 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. Of these, six were built: the Imperial Hotel and Annex, the Jiyu Gakuen School, the Aisaku Hayashi . Good sales people have a track record. I mean, it gets rid of you. That's really what you want to preserve rather than layers and layers and layers and channels of communication. Yeah, that goes back about mission posture. And by the way, the inverse of that is what are you not good at? If you want to know more about this CEO, this might be the book to read. See what you can do with it" to data driving operations directly, right? When a company is buying a million dollars from you in the course of a year, what are they getting? 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. Our headquarters is in Atlanta, Georgia. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. 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. I always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. As the gold auction and also, the LBMA gold price is the world's price for gold, particularly gold, which is delivered in London. Collaboration between companies also offers significant opportunities to create value, and Frank Slootman - Chairman and CEO of data cloud pioneer Snowflake - believes it has never been more important for organizations to be able to mobilize their data and share it with ecosystem partners. 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. I was like, "Jesus, I spent my whole life trying to get here. I mean, in the book, Frank, you used the analogy of getting in the right elevator. Never heard of that company." I mean, Dutch people are incredibly hard driving, no nonsense, can't suffer bullshit type of people. Many in the emerging tech sector would name Frank Slootman easily because of the kind of substance he gives when he speaks. When you run companies, you need to narrow the plane of attack very, very quickly. It wasn't, and the company wasn't failing financially on its growth objectives. He says, "If I have a problem in a state like Florida, where bodily injury claims are disproportionate to surrounding states, what explains that? There are many questions left unanswered about the months leading up to Snowflake going public. In other words, somebody who has lived their lives over and over. 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. They sold the living hell out of that product. Much like how he runs his companies, Slootman is always direct in his speeches. We wanted to buy technology from, what at that time was Veritas, Convo, companies that are still around, because then we could really address the, the functional scale and scope off our platform. They only learn from consequences, so you got to create consequences, good and bad when things happen and things happen all day long. CEO Frank Slootman told CNBC in January that after the Covid-19 outbreak forced people to work from home, it became clear that the old way of working wasn't going to return. 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But the problem with tape was, I mean, tape got lost, tape became unreadable. They knew exactly what we meant. So, we're going to be in the middle of that. And over time, we overcame that because we were laser focused on making the product bigger and faster every year. Bunkers is basically a silo that's incredibly hard to access. I mean, what drove you to move on? 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? And by the way, data platforms have been extremely fragmented historically. 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. Where does a CEO Frank find time to write two books back-to-back and what was the inspiration for Amp It Up? 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? 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. 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. I'm just, I'm fighting that tide. So after a while, it's like, "Okay, we've done enough of this." Your mission is you're pursuing an end state or at least the closest thing to what you can envision, to what you want to realize as a couple. 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. And the product was insanely fast, completely automated. 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. 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. Others might say that hes completely brash. We had this very high profile bidding war between the EMC and NetApp at that time. It could address very few use cases. Snowflake CEO Frank Slootman made headlines with controversial comments about diversity in the workplace. So, it just started to happen, but I wanted to desperately be in software at that time. 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. I was a huge fan coming here. But yeah, aptitude is really about, what are you innately good at? 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. I mean, we lived in absolute terror. In 2003, he became CEO of storage startup Data Domain, taking it public in 2007 and selling it to EMC in 2009 for $1.8 billion. I mean, one of my favorite, interview questions has always been, "What kind of people succeed here? So, a book becomes highly scalable way of really creating some well-curated observations around "Look, here's what we believe to be true about the trajectory that we've been on. In the Dutchman Frank Slootman, a non-coddling, no-nonsense executive who had taken Data Domain public before selling it to EMC, Leone saw "a match made . 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. It's not just a scale. Tej, Read More 10 Things You Didnt Know about Tej VirkContinue. Helping women become better in negotiation is an urgent and essential task for organizations and individuals. 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. That's awesome. It's just that there is a spirit here that always believes that it can do things that other countries don't believe about themselves. But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? The name was also fitting because a few years later, Snowflake burst onto the tech scene with a one of a time groundbreaking Cloud data warehouse product that revolutionized how companies could manage their data. Obviously, that industry had moved on to all kinds of different disk space technologies. The liberalization of LNG is creating a global natural gas market, with freight acting as a virtual pipeline between continents. Slootman recently spoke at the CNBC. That is the most, that is so unproductive. And after a while it's like, "Look, I can't do one-on-one meetings with a million people. It becomes the beating heart of a modern enterprise. The nascent liquidity of spot LNG freight markets, and the volatility of time charter rates has boosted demand for risk management tools. Like, "Yeah, why don't we just throw that guy into that fire and see what he can do with it.". These days, a lot of folks take it for granted, but Wall Street has a fascinating history. Some may describe him as direct. I remember having a conversation with the CEO of a very large healthcare company. Because the essence of data science is you are trying to discover through historical data what the relationships are in your business. Todays companies all want to achieve exponential growth and according to Frank Slootman, author of a new book for business leaders, every organization has the potential to scale to massive heights. 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. But you mentioned this earlier, it isn't really what happened. Now, it was actually pretty interesting because this was sort of a forerunner of a data analytics, business intelligence type of company. 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. 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. But they do because the world is changing to digital and this is the essence of digital transformation. I mean, you probably have even a sense of things that you know you're not good at. Everybody has ideas. 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. CEO Frank Slootman made $287,990 in salary in 2019. He's a Dutchman Slootman moved to Silicon Valley in 1997. And by the way, for most people, that's a very difficult question. And you can take it or leave it and try it on for size and see if you like it." This page was last edited on 12 March 2021, at 18:12. New competitors, new partner ecosystems, so it was like, "Wow, this is the future." 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. Four banks would travel to a room next to the Bank of England twice a day in order to run an auction verbally. Perhaps the biggest one is the one that deals with the CEO replacement just months before the public offering happened. So, we came up with this war cry that said, "Tape sucks, move on." Welcome back. 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. Everyone's watching. It's you're in this job for a reason. 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. Instead, hes got something equally as coola sailing boat named The Invisible Hand. Every week there was a new bid. Right? Basically, we had to solve our enormous problems that we have while the company was doubling in size, more than doubling its size every year. It's hard to get off of that. The Frank Lloyd Wright (R) Suite will be accepting bookings from January 24, 2023, through March 31, 2024. . At some point, we were going to get stunted in our growth. 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.. At the same time, I ended up in conversations with the lead director and investor at Snowflake. An in-house cafeteria replaced the usual catered lunch offerings, and sales representatives no longer had free reins on unexplained spending. And companies that have been around a long time, it's near to impossible to undo the culture. In other words, they kind of let it happen. Slootman applies this philosophy in the workplace as well. And a lot of our people have the same malcontent attitude that I do. I mean, it was a super crowded field, but we just crushed that entire field. 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 . Yeah. But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. Learn how your comment data is processed. So, I got pestered by VCs over the years, like "When are you going to do an update to your book because you now have two more companies to talk about." Its an impressive feat for the 8-year old software company, but everythings going fast these days anyway. Its none other than CEO Frank Slootman, and here are 10 things about the guy behind the current Snowflake craze. And he always talked about Snowflake because it was a very exciting company to him and I didn't know that much about it, but enough to have a conversation. And I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. As I said, what comes around, goes around. It takes nothing. And it was one, and we were better known as the tape sucks company than we were by our own company name at one point. Okay. 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. Snowflake CEO Frank Slootman is the toast of the big data community, and following the $3.4 billion IPO, a favorite on Wall Street too. 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. 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. We added sort of network replication disaster recovery, a whole bunch of adjacencies to it. They're very safe. They always have a twinkle in their eye and they're going to do this, they're going to do that. Because that's what it is. I can just blow a year on doing some other stuff that's interesting." I really had to change from being an individual contributor or a small team leader to somebody who runs organizations. It was an application development and runtime platform to run on both Unix and OSU and Windows all at the same time. I talk to more people than most people in the company do, and that makes me dangerous because I hear directly what is going on - good, bad, and somewhere in between. But in the end, it's like we have to get into backup software in which we tried. What you're doing now is doing pretty good, so keep yourself in the game, Frank. I'm buying aptitude and then I'm going to develop that with experience, right? [22] In September 2019, it was ranked first on LinkedIn 's 2019 U.S. list of Top Startups. Then, they discuss Frank's hiring philosophy and how to create a winning relationship between an executive and their direct reports . We'll do something good with it. I only think about now and what I'm doing today. You could have a meeting in the hallway with the entire company. And that really allowed me to do this at 6:00 AM on weekdays and weekends and the holidays. That's not a healthy dynamic. 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. 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. This article "Frank Slootman" is from Wikipedia. After the break Snowflake's CEO Frank Slootman and I are going to preview and review some of the other lessons in his new book, Amp It Up. And the EMC came in and within a quarter, it was up to a $100 million because they had channels and customers and everything primed and ready, right? And all of a sudden, everybody is just high-fiving and doing victory laps and everything is beautiful versus reality is completely different. He cuts back where he sees fit. 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. If you like what you heard, please rate us on iTunes, so other folks know where to find us. Well, building culture is a very forceful thing. 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 CEOs have this, but a lot of CEOs do. One of the worst, worst in the English language for me. Where I come from, people are quite resigned to their fate. 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. Right? 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. 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. And it wasn't charged for, so companies just couldn't build software because it was just given away. Not much is known about Slootmans personal life, but we do know that hes fairly young for the success hes achieved in his lifetime. Windows 3.1 didn't even exist. And if I can't predict it, I can't change my policy, I can't change my pricing." We are people that basically see everything that's wrong all day, and we always see a room up from where things are. I mean, it was doing well. 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?" One company that embodies this vision is ThoughtSpot, an analytics company. Slootman knows exactly what hes doing. Leone took Luddy on a host of interviews. That was career death for people, so it was just the least flattering place in the entire IT operation was backup and recovery based on tape, very logistically, intense. And the reason that I found it so interesting is technology was mesmerizing. And like, "How fast does this guy type?" to keep connected with us, please login with your personal info. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. Listen to this episode from This Week in Startups on Spotify. Well, you think you're just going to turn it off? Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . So, I ended up going back to, I really didn't want to. I mean, there's many jobs in companies and some of them are quite far removed. Insurance companies historically have not been because they are data companies by their essence, right? Obviously all the financial reporting, all the systems. It's really a company production, by the way. No. 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 then by the way, I have to have that around me, because I don't like people that want to self-congratulate and do victory laps all day. The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. All these things eventually came together. Frank Slootman, Snowflake CEO, joins 'Closing Bell: Overtime' to discuss the company as shares slump on weak guidance following Wednesday's earnings report. Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. In Amp It Up, Frank, you say that a company's mission really has to be weaponized. Snowflakes debut on the New York Stock Exchange on September 16 under the ticker SNOW delivered the much anticipated blockbuster opening.
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