What did that initial scaling up to that point and then the public exit experience teach you about why being acquired was the right choice for Data Domain? And there were many, many players in that segment, by the way. 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. 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. Data has no opinion. We tried to, we wanted to get into primary storage. I mean, it gets rid of you. 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? 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. Here's why this makes sense while looking at some options. They just said, "Look, let's re-envision, re-imagine based on the platform realities that we now have, which was the Public Cloud. After all, he has experience on his side. It's really a company production, by the way. [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]. [22] In September 2019, it was ranked first on LinkedIn 's 2019 U.S. list of Top Startups. Make the connection to a global natural gas market at ICE, get started with ICE LNG freight futures today. And Brett Favre was that way. And obviously that is not the best way to go about things because that's just one man's opinion against another, right? That's where we're at right now. Slootman applies this philosophy in the workplace as well. The founder brings you in to scale up the company, but finds it difficult to step aside. So in other words, I did not accept the Snowflake role until, Mike said, "I'm coming along.". I can just blow a year on doing some other stuff that's interesting." Strong personalities will just dictate culture in certain business units, in certain geographies and so on. I always tell my own people, "Look, I'm a piece on the chessboard, okay? Slootman said diversity comes second when making . It is data operations from the most transactional to the most analytical and everything in between, so. Now, I might be a big piece on the chessboard as the CEO of the company, but that's really how you want to think about it. The liberalization of LNG is creating a global natural gas market, with freight acting as a virtual pipeline between continents. While everything about Snowflake is hot in the market, were left asking who is at the helm of it all. 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. I use that expression a lot to say, "Look, data operations is going to become your core." Data Domain went public in 2007, but two years later acquired by EMC, in my home state of Massachusetts. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Every week there was a new bid. But as I got into retirement, the whole experience of retirement changes in the beginning, it's very euphoric, right? Others might say that hes completely brash. You come with aptitude. What attracted you to the space? 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. There's no doubt that the successes that we have had, our function of the combination of our respective orientations in how we come at the world. 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? For example, he made a few changes at Snowflake when he became CEO. He's like, "How do we run a supply chain?" Our show is produced by Pete Asch, with assistance from Stephan Capriles, Ian Wolf, and Ken Abel. Creative Commons Attribution-ShareAlike. You ever noticed that NFL quarterbacks just can't leave the stage. One of the worst, worst in the English language for me. It was just a beautiful thing when a company has massive scale and distribution, what a good product that gets entered into that context can do in a short period of time was mesmerizing. And now, I feel like I'm being haunted, by this Dutch thing, this cloud that's hanging over me." It is a future state that we're all working on right now. But if you're performing at Tom Brady's level, you have no reason to step aside. Are you just going to look the other way or are you going to call it out? He's a pretty good golfer. So, we started to wind down a little bit. 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. But this was quickly set aside because Frank appears to walk the walk. Because they can't understand how spending categories can just explode overnight like that. I mean, we were crawling the bottom in the early days, so we had a product that had marginal product market fit. Listen to this episode from This Week in Startups on Spotify. I mean, you're not going to get excited, "Well, we want to grow 100% this year." And now, welcome inside the ICE House. 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. Look, I'm not a certain type of CEO. And the product was insanely fast, completely automated. 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. Frank Slootman currently serves as Chairman and CEO at Snowflake. 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. No, we're talking about stuff that's not working well. But the issue with the acquisition, by the way, I've never sold a company in my life other than that one, so I'm not prone to selling at all. 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? In other words, wants to call it out, wants to prosecute it because you can see good behavior, bad behavior around you all day long. These days, a lot of folks take it for granted, but Wall Street has a fascinating history. Let's go." Some portions of the proceeding conversation may have been edited for the purpose of length or clarity. So, we won a lot of outraces. You need to be invested in the moment, in the present, rather than I'm thinking about my next move. And people really want to be led in that manner. Well, the number one bit of advice I would have is make sure you're close to the drive train. And we publish the data transparently on our site, so anyone can come and see what actually happened in the auction. You cannot sell your way through a crappy product, okay? 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. A term that gets used a little bit too much in too many places. A compensation package he received upon joining Snowflake in April 2019 awards him a. Thanks so much for joining us inside the Ice House. 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. The. It was doubling. When I was at Data Domain, hell, we were 15 people when I joined there. You're finding the best sailors in the world and all of that. I mean, it's hard to believe at this day and age that things were that way back then, but they were. ICE is the first exchange to list LNG freight futures contracts underpinned by the price assessments of spark commodities. He published a book in 2011 called Tape Sucks. We're going to nuke an entire industry out of existence. It will be fine. It wasn't long before top VCs weighed in. At 61 years old, Slootman has created quite the reputation for himself. Right? Those are really good conversation, good questions to have because each organization is different. Yeah, in some areas it's easier than others, and in sales, we can just look at what people have done the past. 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. In short, money talks, and Slootmans got it in his hands and in his mouth. 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. You want to be that person, okay? Welcome, Frank, inside the Ice House. 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. Reflects change since 5 pm ET of prior trading day. We just never backed off of it. This article "Frank Slootman" is from Wikipedia. He cancelled the luxurious annual employee ski trip to Tahoe. 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. 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. ICE is home to global natural gas markets benchmarks in Henry Hub, MBP, TTF, and JKM. They're very safe. Snowflake CEO Frank Slootman on moving the needle, win-first culture & managing burnout | E1689. Because now you're buying somebody else's culture. Well, that's another thing I don't think about that. Between 2011 and 2017, Slootman was Chairman and CEO of ServiceNow - one of the world's leading SaaS . As the gold auction and also, the LBMA gold price is the world's price for gold, particularly gold, which is delivered in London. At 61 years old, Slootman has created quite the reputation for himself. I always become the CEO that the situation mandates and dictates. And that is our culture. 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. Now, it was actually pretty interesting because this was sort of a forerunner of a data analytics, business intelligence type of company. It's very hard. And a lot of people shy away from that because it's incredibly high anxiety to live in that world, but you want to suppress that reflex. 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.
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