And by the way, data platforms have been extremely fragmented historically. 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. CEO Frank Slootman (second row, fourth from left) and the Snowflake team virtually rang the opening . Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. They're very lonely in their jobs. 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. But you dont achieve a $1.8 billion net worth by being a spendthrift. Engineers should have a very easy time discerning the talent, so. You speak the language, like we do, but there is something different about you." As young as I was, I mean, I was determined that that's where I wanted to be and certainly, not hardware because I saw another way for commoditization happening over there. Once you understand relationships, you can now predict them. But the problem with tape was, I mean, tape got lost, tape became unreadable. Right? So, it just started to happen, but I wanted to desperately be in software at that time. But predictably, we already talked about Dutch culture, that relationship between the American parent and the Dutch subsidiary didn't go so well. And that's all coming up right after this. 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. But one of those issues was that taken over from a founder CEO was really, really hard. Right? Now, amid an ongoing legal battle, its got to clean up a very public mess. It was very formative. We're driving change. Slootmans style of leadership is not gentle at all. 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." Of these, six were built: the Imperial Hotel and Annex, the Jiyu Gakuen School, the Aisaku Hayashi . 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. I don't have to go work on Monday. 5.9% of any company is a huge deal. They're very safe. Frank shares the secrets of his success, the leadership principles that guide him, and what hes learned along the way. But one day, and this was in March of 2019 and he said, "What would it take for you to take the helm?" They're kind of like-. I mean, it was a super crowded field, but we just crushed that entire field. I always talk about mission posture, which really means having a very, very intense visceral sense of what the company is trying to achieve. A compensation package he received upon joining Snowflake in April 2019 awards him a. While everything about Snowflake is hot in the market, were left asking who is at the helm of it all. Our headquarters is in Atlanta, Georgia. They want to know what good behavior is. 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. 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. Four banks would travel to a room next to the Bank of England twice a day in order to run an auction verbally. I'm just, I'm fighting that tide. Buyers and sellers can come together. Because now, now you're going to look people in the eye, and say, "Look, this is the way we're going to be. 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. Well, they knew now. And then being able to talk about it in an intelligent, really rich-considered manner. So like, "Look, I'm not going to be doing the same races over and over again." And of course, people chuckled because they recognized it. But now, and the influence of data science, we really have to interrogate data regardless of its silo boundaries. What kind of people fail here and why?" It's not that easy. I mean, what drove you to move on? I'm a proud US citizen, but at the same time, there's no negating my Dutch roots. Okay. 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. I always tell my own people, "Look, I'm a piece on the chessboard, okay? So, I did. to keep connected with us, please login with your personal info. What's the playbook?" 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. Can you explain how you overcame both to lead the company through its 2012 IPO? And that is our culture. Things will change in ways you cannot even imagine the ideas that happen. Look, I'm not a certain type of CEO. So not only is this CEO a winner on land; he also dominates the sea with his sailboatpretty impressive on any measure. Cloud-data warehouse Snowflake has been the talk of the town since it announced its intention of going public. I don't care for any of that. And that really allowed me to do this at 6:00 AM on weekdays and weekends and the holidays. And opinions, everybody's got one, but data doesn't lie. I mean, without the foresight of having read Amp It Up, our listeners might assume that a jump from into software would take you really the rest of the way in your career from your start in Europe, to Indiana, the Midwest, all the way to California. [22] In September 2019, it was ranked first on LinkedIn 's 2019 U.S. list of Top Startups. You can only sail so much, [crosstalk 00:31:19]. All of which is presented solely for informational and educational purposes. And of course, the appetite is insatiable for both technology and people that know how to make this future happen. Read More 10 Things You Didnt Know About Paul StovellContinue. The good thing is you dont have to actually sit in with Slootman to get his lessons. 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. And did you have a sense that the sector was really about to explode? Well, that's another thing I don't think about that. And it's like, "Well, why does that matter?" Who can solve what set of issues, right? The 61-year old Dutch executive's first CEO job was at an early-stage startup called Data Domain that made specialized storage hardware. And everybody was like, "Who's Data Domain? 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. Slootman received both his undergraduate and graduate degrees from the Erasmus University Rotterdam School of Economics. So it's a very important question because if I hire you, I can get you experience every day at the week. When you run companies, you need to narrow the plane of attack very, very quickly. Two years later, he was back at it again as chairman of enterprise software business ServiceNow, which he guided to a 2012 IPO. I use that expression a lot to say, "Look, data operations is going to become your core." They all do and for a good reason. 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. 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? Thanks for listening. So, this is not data warehousing, it's just one use case. So, it was an incredible trial by fire. For example, he made a few changes at Snowflake when he became CEO. right? We will talk to you next week. Did you always have your eyes set on a career in the US? I mean, it was just trying to stay alive. But let's focus on another dilemma that brought up in the book, Frank. He's a pretty good golfer. 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 mean, we have bumper stickers and people would at trade shows would stick them on tape libraries. Yeah, yeah. Not exactly like a year and a half, he'd been there for seven years. 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. In other words, as a leadership team, it's not just the CEO. But . The Last Of Us offers up its best episode yet, though this one diverges from the source material much more than the previous two. 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? Early days of ServiceNow was just jungle fighting. I mean, anecdotal observation has pretty much run its course. But backup recovery still largely dependent on tape and tape automation technology, so we created a tape. Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. Not all people are created equal in terms of their roles and their contributions in companies. 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. welcome back! 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. Leone took Luddy on a host of interviews. 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." And when you buy companies, it gets worse, right? And, how do you design single best data operations platform you possibly can?". Well, you think you're just going to turn it off? And by the way, for most people, that's a very difficult question. Between 2011 and 2017, Slootman was Chairman and CEO of ServiceNow - one of the world's leading SaaS . Reflects change since 5 pm ET of prior trading day. Frank has been involved in the business programming market for over 25 years as a business visionary and chief. I mean, you brought in some reinforcements when you started at Snowflake, including Michael Scarpelli, who was your CFO at Data Domain and ServiceNow. I'm buying aptitude and then I'm going to develop that with experience, right? And that is a common thread through all our companies. And I've never been able to equal that level of success with a marketing slogan. I mean, we had like 15X, the X of the next nearest competitor. I was just shot. Right? 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 it was really my wife who said, "No, no, we'll go. I don't know what, if you go back to those days. And the term BI had not even been invented back then. 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. 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. You need to sort your issues into, "What am I going to focus on?" Data has no opinion. [9] In June 2019, the company launched Snowflake Data Exchange. This is a very buoyant country. Everybody has access to talent. 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. He was saying during the pandemic, he's like demand was up 60% over here, down 100% over there. Here's your host, Josh King of Intercontinental Exchange. 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? Presiding is the worst word. The eight blocks of the street run from Broadway in the west to the East River in the east. Our show is produced by Pete Asch, with assistance from Stephan Capriles, Ian Wolf, and Ken Abel. 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. And I say, "Stop putting labels on yourself. 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, that's how aligned this is, okay? I was a huge fan coming here. A term that gets used a little bit too much in too many places. 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. It wasn't, and the company wasn't failing financially on its growth objectives. The liberalization of LNG is creating a global natural gas market, with freight acting as a virtual pipeline between continents. Now, you can manage LNG freight risk with ICE LNG freight futures contracts, which join our global natural gas complex. Our first thought was "not again" - he co-wrote Rise of The Data Cloud last year. Because they can't understand how spending categories can just explode overnight like that.
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