And when you buy companies, it gets worse, right? 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. It becomes the beating heart of a modern enterprise. And now, I feel like I'm being haunted, by this Dutch thing, this cloud that's hanging over me." It's really every leader in the organization needs to internalize and then, want to act on it. Good sales people have a track record. And of course, the appetite is insatiable for both technology and people that know how to make this future happen. You could eject the tape from a tape drive and you could ship it off site. Quick digression. Because, and this is another important observation, I think. 2023 Forbes Media LLC. 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. New competitors, new partner ecosystems, so it was like, "Wow, this is the future." Because the essence of data science is you are trying to discover through historical data what the relationships are in your business. 5. In Amp It Up, you're pretty open about the struggles the company faced in its business and leadership. And you can't play chess pieces in a million different ways, right? And the reason that I found it so interesting is technology was mesmerizing. Technology executive Frank Slootman took software company Snowflake public in one of the biggest tech IPOs of 2020, raising $ 3.4 billion at a $33.3 billion valuation. Now, you can manage LNG freight risk with ICE LNG freight futures contracts, which join our global natural gas complex. I always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. Because of his much sought-after expertise, Slootman gets paid a decent sum of money. 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. It was super interesting to me, sort of my first encounter with American management. He said, "Because you guys are indicting everything I've done." They did not try to carry technology or ways of thinking forward. And now, welcome inside the ICE House. It was great and it lasted the entire duration. It's not just a scale. Snowflake is Slootmans third IPO. Read More 10 Things You Did Not Know About Thoughtspot CEO Sudheesh NairContinue, If you follow business news, you may have heard that on September 29, 2021, Totango announced it had raised $100 million in Series D funding. This site uses Akismet to reduce spam. 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 having incredible meaning and potency and yield value for applications you never imagined. 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. 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 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. I mean, you probably have even a sense of things that you know you're not good at. That's the point of it. So, we were just picking over use cases here and there to sort of stay alive in the early days. It takes nothing. It was just like Formula 1 of sailboat racing. We had no experience. Bunkers is basically a silo that's incredibly hard to access. Yeah, yeah. The Dutch-born Slootman, who now lives in Montana, has had three hits in a row since 2003: He was made CEO of enterprise storage startup Data Domain and grew it to a $2.4 billion acquisition. 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. 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. You really need to, look at yourself as an asset that can be applied in many, many different ways. 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. 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. I mean, there's many jobs in companies and some of them are quite far removed. 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. When a company is buying a million dollars from you in the course of a year, what are they getting? Over the past 20 years, as CEO of Data Domain and then ServiceNow and now Snowflake, Frank Slootman has generated extraordinary growth and success for each company and established himself as one of the world's top CEOs. You need to sort your issues into, "What am I going to focus on?" And it's not just bad behavior, it's also good behavior. 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. We're driving change. I mean, you can take somebody out of their country, but you can't take the country out of the person, as the old saying goes. 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. right? This property is owned by Frank & Brenda Slootman. One company that embodies this vision is ThoughtSpot, an analytics company. That's a running joke that we always have. You cannot sell your way through a crappy product, okay? In short, money talks, and Slootmans got it in his hands and in his mouth. And it was really my wife who said, "No, no, we'll go. It will be fine. It was sort of an adjunct to what they called the computer industry back then. Because that's what it is. 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. I mean, it was a super crowded field, but we just crushed that entire field. You just get into this cycle where all you want to do is leave. And the product was insanely fast, completely automated. It was the lowest ranking job in the entire world of IT, if you were involved with tape automation. You hit a mark, you have to do two 360s. It could address very few use cases. The post 'Summer House' star Danielle Olivera gets emotional talking about Robert . You could have a meeting in the hallway with the entire company. As the gold auction and also, the LBMA gold price is the world's price for gold, particularly gold, which is delivered in London. But he had also been the CEO of ServiceNow for seven years. They're very well dialed into it. IBA took over the auction in 2015 and we moved it to an electronic auction and on the web ICE platform, so it's fully audited to proper electronic liquidity window of market. But let's focus on another dilemma that brought up in the book, Frank. I always become the CEO that the situation mandates and dictates. 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. 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. Right. We were going to do the world of favor.". The IPO was the third for Slootman, who moved to California for a job at Compuware in the dot-com boom, then worked at Borland Software. 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. Never heard of that company." We're always picking at things that could be better. Amp It Up, Frank, you write a lot about building culture and I think you had some issues at Snowflake when you got there. No. 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 a lot of our people have the same malcontent attitude that I do. Its none other than CEO Frank Slootman, and here are 10 things about the guy behind the current Snowflake craze. Bachelor of Science, Erasmus University Rotterdam, The Netherlands; Master of Science, Erasmus University Rotterdam, The Netherlands. All of us, no exceptions." This sum is more than what the CEOs of Salesforce, Oracle, and even Microsoft was making. It's really a company production, by the way. That's why they're big in banking and insurance and distribution and logistics. That's NYSE ticker symbol, S-N-O-W. His book from John Wiley and Sons, Amp It Up: Leading For Hypergrowth By Raising Expectations, Increasing Urgency, and Elevating Intensity is in bookstores and online now. 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 the essence of what I'm getting when I hire you is what you're innately good at. It's a small country, obviously, which is why they sort of veer far and wide. Wikitia is not affiliated to Wikimedia Foundation. Some portions of the proceeding conversation may have been edited for the purpose of length or clarity. And the term BI had not even been invented back then. So, this is not data warehousing, it's just one use case. That culture really keeps you safe from being indulgent or just, you're sort of presiding. But in the end, it's like we have to get into backup software in which we tried. That is the most, that is so unproductive. He published a book in 2011 called Tape Sucks. That takes very different approaches, orientation, skill sets, and so on what you do. 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. 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. At the same time, that was enormous anxiety about how the company was unfolding. Mr. Slootman served as CEO and President of ServiceNow from 2011 to 2017, taking the organization from around $100M in revenue, through an IPO, to $1.4B. And I'm like, "You know what? Did you always have your eyes set on a career in the US? I'm buying aptitude and then I'm going to develop that with experience, right? Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. And I was like completely taken aback because there not a single thread thinking about that, considering that, considering any role of any sorts. 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. You're no longer using data to basically please a bunch of eyeballs, like, "Hope you like it. Slootmans style of leadership is not gentle at all. And we introduced a centrally cleared model with ICE as the central counterparty, because that makes it much easier for new firms to join. Right? Our guest today, Frank Slootman is chairman and CEO of Snowflake. It's like it's full of feedback. 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. Frank Slootman - Narrow the Focus, Increase the Quality - [In And that's exactly what we did. At some point, we were going to get stunted in our growth. 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. Everyone's watching. I don't know if you've watched any of the first couple seasons of Ted Lasso, but on a team of great characters, the Dutchman is the one guy, straight faced, no bullshit throughout the whole game. 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. And you can take it or leave it and try it on for size and see if you like it." The founder brings you in to scale up the company, but finds it difficult to step aside. So, she talked me into it because I was on the verge of saying, "Look, I'm not going back there." And then I change myself to become that flavor of CEO. Slootman has become somewhat of a business hero for many people, myself included. And when you're burned out, you don't regenerate anymore. 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. Yeah, there's no doubt. 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. But you mentioned this earlier, it isn't really what happened. We are people that basically see everything that's wrong all day, and we always see a room up from where things are. I speak with a fat accent and like, "What are we going to do with you, pal?" Right? The nascent liquidity of spot LNG freight markets, and the volatility of time charter rates has boosted demand for risk management tools. Slootman recently spoke at the CNBC. This article "Frank Slootman" is from Wikipedia. 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. No, we're talking about stuff that's not working well. I need to know what that is. And that is our culture. And Mike was still the CEO at ServiceNow at that time. ICE is home to global natural gas markets benchmarks in Henry Hub, MBP, TTF, and JKM. Things will change in ways you cannot even imagine the ideas that happen. 10 Things You Didnt Know about Loggi CEO Fabien Mendez, 10 Things You Didnt Know about Mark Nelson, 10 Things You Did Not Know About Thoughtspot CEO Sudheesh Nair, 10 Things You Didnt Know About Guy Nirpaz, 10 Things You Didnt Know About Paul Stovell, How Ali Wong Achieved a Net Worth of $3 Million, Eight Reasons to go to French Polynesias Marquesas Islands, How Lisa Rinna Achieved a Net Worth of $10 Million, 20 Cities with The Worst Weather in Europe. It's hard to get off of that. Snowflake, the cloud-based data-warehousing company, has been on fire in 2020, with veteran tech CEO Frank Slootman at the center of its success. The dream drivers that have made the NYSE an indispensable institution of global growth for over 225 years. They want to know what bad behavior is. I always tell my own people, "Look, I'm a piece on the chessboard, okay? JP Morgan paid $175 million for a startup it believes it was conned into buying. A term that gets used a little bit too much in too many places. We had this very high profile bidding war between the EMC and NetApp at that time. But it's not what it really is, so it wasn't an enormous surprise to me to come here. I'm a miserable golfer, but somewhere along, the 18 holes, he's like, "I'll do it, but don't leave me again." You come with aptitude. So, it just started to happen, but I wanted to desperately be in software at that time. And Americans always think that there's an easy answer to these questions. If you want to know more about this CEO, this might be the book to read. Welcome back. And I said, "Why not?" 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. It's you're in this job for a reason. But 233 years later, American, Dutch and British interests are inexorably intertwined. Engineers should have a very easy time discerning the talent, so. 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. Everything in our world starts with technology, starts with architecture, okay? 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. I mean, it's like when people start to roll their eyes. By the close of. 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. Insurance companies historically have not been because they are data companies by their essence, right? [23] 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." That is the X factor in companies, but it starts with weaponizing the mission. Now, for us, it's a data Cloud. We were entertainment for Wall Street for a six-week period. You have to have data to partial reality, right? In other words, swarm to it instead of distance yourself from it. CEO Frank Slootman (second row, fourth from left) and the Snowflake team virtually rang the opening . The company is a fintech firm that helps companies automate their deployments with unique software solutions for business. Because, if I can't explain it, then I can't predict it. Another Dutch trend setter with the Winfrey title is Frank Slootman, the chairman and CEO of Snowflake. 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? 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. We just never backed off of it. I mean, what drove you to move on? And how that allowed him to grow Snowflake into the biggest software IPO ever, and how. Look, I'm not a certain type of CEO. I mean, that's how I felt at that time, like I had no more to give. We'll do something good with it. And by the way, the inverse of that is what are you not good at? 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. The eight blocks of the street run from Broadway in the west to the East River in the east. This is a country that's very aspirational. Tej, Read More 10 Things You Didnt Know about Tej VirkContinue. See what you can do with it" to data driving operations directly, right? 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. So, we came up with this war cry that said, "Tape sucks, move on." Brady is a great example, but Joe Montana was that way and they all craved that energy, that excitement, that intensity, they can't let it go. We don't preside, okay? Check out the subtleties of his Wikipedia below. And fortunately, the temperament that is in you, it's going to re-manifest itself sooner or later. And historically, people have tried to answer these questions anecdotally. The consequences of your action are like right there. And then of course, Michael Dell found just as attractive to bring EMC into Dell. 951 Chicago Ave., Oak Park, IL 60302. Here's your host, Josh King of Intercontinental Exchange.

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