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His company's listing here at the NYC in September 2020 was the largest software IPO in the history of the US capital markets. A term that gets used a little bit too much in too many places. So, this is not data warehousing, it's just one use case. 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. Frank Slootman, Snowflake CEO, joins 'Closing Bell: Overtime' to discuss the company as shares slump on weak guidance following Wednesday's earnings report. We'll do something good with it. 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. Slootman applies this philosophy in the workplace as well. 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. When I was interviewing with ServiceNow, I said to the board, "I want to bring Mike along." In a few weeks, when the 2022 winter Olympics get underway in Beijing, I'll have my eyes peeled for 22-year-old, Jutta Leerdam, the reigning world speeds skating champion with over 800,000 followers on Instagram, who's proven herself a trend setter on and off the ice. But one of those issues was that taken over from a founder CEO was really, really hard. We just never backed off of it. That culture really keeps you safe from being indulgent or just, you're sort of presiding. 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. I remember having a conversation with the CEO of a very large healthcare company. 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. 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. 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.. So, I ended up going back to, I really didn't want to. Frank Slootman added: " I'm excited to advise Blackstone. When I was at Data Domain, hell, we were 15 people when I joined there. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. 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. So, it's the story, what goes around, comes around, as I said at the beginning. 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. Open main menu Close main menu Home About Us Contact Us States Advanced Search The Frank Lloyd Wright (R) Suite will be accepting bookings from January 24, 2023, through March 31, 2024. . Snowflake chairman and CEO Frank Slootman on leadership and the war against mediocrity February 23, 2022 "Leading for unprecedented growth means declaring war on mediocrity, breaking the status quo, and making conflicted choices daily, all with a relentless focus on the mission," says Frank Slootman , chairman and CEO of Snowflake, one of . In the early days, I want to say like the first eight to 10 years or so, were actually immensely frustrating to me because I was a strange animal, right? It was sort of an adjunct to what they called the computer industry back then. Its none other than CEO Frank Slootman, and here are 10 things about the guy behind the current Snowflake craze. And that is a common thread through all our companies. Somebody who I had known for many, many years, so at Sutter Hill Mike Speiser. And we introduced a centrally cleared model with ICE as the central counterparty, because that makes it much easier for new firms to join. Well, that's another thing I don't think about that. I mean, it's hard to believe at this day and age that things were that way back then, but they were. 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. But that is what digital transformation is. You hit a mark, you have to do two 360s. It's lights out, light speed and then fully disintermediated and it's fully programmatic. And the term BI had not even been invented back then. Well, you think you're just going to turn it off? 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. Now, you can manage LNG freight risk with ICE LNG freight futures contracts, which join our global natural gas complex. Obviously, I was a young man and not even in my mid-30s and I'm taking over a whole business, a whole organization, global, all this kind of stuff, so, it was a hell of. Bachelor of Science, Erasmus University Rotterdam, The Netherlands; Master of Science, Erasmus University Rotterdam, The Netherlands. The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. As we're recording this in early 2022, the competition for talent has reached a boiling point. We're two sides of a coin, which is a reason why we've shown up in so many companies together. As I said, what comes around, goes around. In other words, as a leadership team, it's not just the CEO. Nothing to do with financial targets or growth targets or market capitalization. And then I change myself to become that flavor of CEO. I don't care for any of that. And it's very much a talent game just like business is. Because now you're buying somebody else's culture. So, we're going to be in the middle of that. 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 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. Yeah, yeah. It will be fine. When I in Ohio, I joined copy ware in Farmington Hills, Michigan, and I had not even been there a few month and they acquired a sizable company in Holland, a company called Uniface. That's a running joke that we always have. 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. That is how you energize companies. And that really allowed me to do this at 6:00 AM on weekdays and weekends and the holidays. I can just blow a year on doing some other stuff that's interesting." 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. I don't think about what's next. People naturally become very unfocused, very, very easily. And obviously, I got that in spades at UN Royal in Indiana. 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. The New York stock exchange sits at the Southern tip of Manhattan on the corner of Wall and Broad Streets. It was doubling. They all do and for a good reason. In other words, "How fast does this might work?" Because now, now you're going to look people in the eye, and say, "Look, this is the way we're going to be. Investors know this about us. And now, welcome inside the ICE House. 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. And by the way, for most people, that's a very difficult question. Instead, hes got something equally as coola sailing boat named The Invisible Hand. What's the playbook?" [2], In May 2019, Frank Slootman joined Snowflake Inc. as its CEO. See what you can do with it" to data driving operations directly, right? Americans are, it doesn't matter what profession they're in, they always believe they can do better. [+] NYSE When Snowflake went public in the largest software IPO of the year on Wednesday,. And people are, are mesmerized by Snowflake results because they don't quite understand, where is this coming from? 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. They want to know what bad behavior is. They've never really been asked that before. And of course, the appetite is insatiable for both technology and people that know how to make this future happen. And rightfully so, by the way, because they have created something, right?. In this technological era, the field of analytics is vital as it makes it easy to access needed information without much of a hassle. Career In 2011, after the founder of ServiceNow Fred Luddy stepped down, ServiceNow announced appointment of Frank Slootman as CEO. And people would eyeball those reports in those dashboards, and that was sort of the extent of it. 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, we started to wind down a little bit. Now, we're going to go move the pieces and I'm just a piece on the chessboard." I mean, I was just in my way of life and I was going to stay there till the end of time. And I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. Learned an awful lot in that period of time. 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 . But the problem with tape was, I mean, tape got lost, tape became unreadable. Things will change in ways you cannot even imagine the ideas that happen. Mar 11, 2021, 11:30 ET. And it worked like that for about a hundred years. And Mike, he takes on the end entire spectrum of controls and administration. But then, you go like, "Oh, this is the rest of my life." This is a country that's very aspirational. [9] In June 2019, the company launched Snowflake Data Exchange. It takes nothing. So I've been very different from early days of Data Domain, later days of Data Domain, early days of ServiceNow. ICE is the first exchange to list LNG freight futures contracts underpinned by the price assessments of spark commodities. You just get into this cycle where all you want to do is leave. 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. Anybody who's tried to run HP can talk about that because you have companies that have existed for whatever, 50, 100 years, you don't get rid of culture. 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? Correct, correct. 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. I need to know what that is. At the same time, I ended up in conversations with the lead director and investor at Snowflake. 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. 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. No, I didn't. I mean, Dutch people are incredibly hard driving, no nonsense, can't suffer bullshit type of people. Okay, it's real easy and in engineering, they put guys on the whiteboard and they give them problems. I can't do every speaking engagement," et cetera. But I was now really primed at that point, in terms of, I knew a lot more, about what it was like to be in the US. 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 always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. Those are really good conversation, good questions to have because each organization is different. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." In the book, I go on and on about what some of those issues are. 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. Because of his much sought-after expertise, Slootman gets paid a decent sum of money. All Rights Reserved. The San Francsico 49ers admitted that they might be forced to go quarterback hunting this offseason. Architecturally, just damn near perfect, so. So, understanding that is really important because obviously, you can't fight it off unless you understand where it's coming from. As cool as it may sound, Slootman doesnt actually have a literal invisible hand.