Therein lies a clue. We were paranoid and felt constantly threatened with our survival. In an interview with Forbes, Slootman said, "I crawled on the shore in this country, literally with 100 bucks in my pockets, and I'm not exaggerating when I say that. And then things begin to move, stuff is getting done, and we move to the next thing. Anybody can dial into this, but not many do. Select Accept cookies to consent to this use or Manage preferences to make your cookie choices. We see in professional sports all the time how teams go almost overnight from losing to winning with basically the same roster, but different leadership. Leaders are the energy bunnies and pacemakers of the organization. *FREE* shipping on qualifying offers. You simply can't move very fast when you are pushing on too many fronts at the same time. Blackstone Group Inc. named Snowflake Inc. Chief Executive Officer Frank Slootman as a senior adviser. When it came time to separate with a person, it was a lot easier, cheaper and quicker when there was a below-average bonus history. Frank Slootman speaking about WFH and how companies can recruit new employees from a larger geographic region. Good people don't want to be hired because they fit a demographic. And to pay A players more, managers had to take that money from the other end of the performance spectrum. It was the highest standard of service and support we knew how to apply. On this episode, Frank speaks … It made them uneasy. There was nothing more important than making customers successful. They may also be incorrect about their priorities, so there is potential for misallocation of resources. Without leaders driving the tempo in an organization, it will naturally settle into a lethargic pace. You will find out who your keepers are, and some who are not. Slootman, formerly chief executive of ServiceNow (), expects the Covid-19 crisis to throw light on cloud projects.Many companies are scrambling to set up work-from-home arrangements for … I've often felt that providence moves, too, when you un-clutter priorities. Rise of the Data Cloud [Slootman, Frank, Hamm, Steve] on Amazon.com. They coddle their people. ServiceNow had a relentless ‘get shit done’ culture and they were proud of it. Pointed, critical thinking is rare. It’s not defying gravity, it’s beating reams of slack out of the system. Snowflake's successful IPO helped propel Slootman well into the billionaire domain with a reported net worth of at least $1.8 billion. In tech, value is a function of growth, so we ran our companies for growth, period. In recent years, I have advised CEOs and management teams on these topics and many others. We were always compressing cycle time on everything. My job as a CEO was to increase the value of the franchise. He’s thrifty. Frank Slootman is currently a married man. Snowflake is the third CEO gig for the Dutch-born Slootman in less than 20 years. It was an easy call when spending proposals came forward that had no discernible relationship with the mission. Our board fought me on this. Casual observation shows that it is hard for leaders to act on this. Slootman was … They become more demanding of others. I also did not make public statements about anything that did not relate directly to what we do. That is pretty much what CEOs do all the time: confront people, issues and situations. More about this further down. Makes us sound thoughtful and comprehensive, but it completely lacks punch and impact. There will be resistance. We procrastinate on that by declaring multiple priorities. We wanted them to not just like us, they had to love us! Log jams get broken when you sift through the reams of activities and you create fewer and clearer objectives. The role of a leader is to change the status quo, step up the pace, and increase the intensity. We are not a university or a non-profit, this is a business. 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 … Change is hard. With Snowflake’s supercharged IPO this week, Chief Executive Frank Slootman has achieved a rare investment trifecta: delivering three of the hottest tech public stock offerings of … A leader can ignite a culture, but the management ranks need to embrace it, or the energy will not reverberate through the org. Sure sign of an entitlement culture. Did we just get incredibly lucky twice in a row? Anybody, anytime can decide to be a leader. Even though he left his old business to retire, he found himself in the office again. People say they want focus, but their actions do not bear it out, quite the opposite. You do it in every single conversation, meeting, and encounter. Most everybody subscribes to the notion of a so-called 'performance culture', even claim to have one, but few appreciate what that means, what that takes, and what you have to give up. Moving mental boundaries, that is what this is. They were outliers on performance though they were quite different businesses in different markets and in different eras. If you have ever worked in or with government, you have seen extreme examples of this. Somebody would ask me if he could get back to me about something next week, and I would reply ‘how about tomorrow morning? Development teams tend to come back with unacceptable time frames because they are doing things linearly, and are not thinking with enough urgency. Slootman admits that he wasn't seeking new opportunities after retiring. However, the Snowflake opportunity tracked him down. We and third parties such as our customers, partners, and service providers use cookies and similar technologies ("cookies") to provide and secure our Services, to understand and improve their performance, and to serve relevant ads (including job ads) on and off LinkedIn. B players need to be pared: they either become A players, or they become C players and get flushed out. Changes our sense of security, confidence and self-worth. The opportunity is right under our noses but for some reason it does not enter the consciousness. They asked, and we told them. You need an energetic cast that wants to let it rip. Our companies were built and run for performance, full stop. Up to this point, I have talked about 'leaders' driving these modes of execution. However, the details of his conjugal life are known to few. It’s the scourge of the enterprise because there are many and they are generally accepted. Only the second cloud software company, after Salesforce, to hit a billion dollars in revenues, ServiceNow reached two billion dollars in revenue just two years later. Another one of his passions (besides software) is sailing. Post-acquisition by EMC in 2009, the business grew to multiple billion dollars in annual revenues a year. We insisted on a bell shaped distribution. Considerable slack naturally exists in organizations to perform at much higher levels. People get visible pep in their step. Feel strongly, even passionate about what you are producing. And think nothing of it. Many people and organizations are focused a mile wide and an inch deep. Quickening the pace also drives a narrower focus. Frank Slootman's story started in Holland At 62 years old, Slootman is Snowflake's chairman and CEO. The culture enthusiastically embraced those who got things done, and it repelled those who did not. Same thing applies in interactions with other stakeholders, especially customers who all have expectations about reasonable response times. “This whole notion that the office is your workday home, we realize that is nonsense,” Snowflake CEO Frank Slootman told CNBC. Companies have become more fixated on their employees' NPS scores than their customers'. The compound effect can be electrifying. After a slight summer lull, Covid-19 was resurgent, which meant that rather … Some people drain energy from organizations; not leaders, they engulf organizations with energy. Stepping up the pace doesn’t just cause people to do things faster. It's tough for a manager to have performance compensation conversations which each employee every quarter. The proverbial chasm had been scarcely a speed bump. We never thought of ourselves as that different. Rise of the Data Cloud Slootman uses corporations like Adobe, Intel, Oracle, Salesforce, and Google as examples of new business formation and the route to prosperity. It’s not just an effectiveness problem. A polite way of saying that it was total shit. Since then, shares for the data warehousing company have skyrocketed by a prominent margin. Might be completely unreasonable, did not matter. Leaders set standards of performance for others to follow. I avoided having high-minded societal ambitions as part of my role. He is also on the board of Elementum Ltd. (United States). See our. Frank Slootman was born on October 3, 1958, and is 61 years old as of September 2020. By using this site, you agree to this use. A few years ago, Slootman stepped down as ServiceNow's CEO. It’s barely discernible, and you will be back in your old mode before long. It was a storage business with software margins. The stake alone is worth a hefty $1.4 billion. When Mr. Slootman, now aged 61, saw Data Domain Corp. through its public debut in 2007, the data-storage company’s shares opened with a 33% premium to their IPO price. Pressure changes things. On the surface, the book covers the Silicon Valley's history. Culturally, they hung together and were like-minded. Employees have grown up in companies where bonuses are not really earned, they are counted on so much they may as well be part of the base pay. It takes conviction and courage to execute like this. Frank Slootman: We continue to have high growth at scale. Frank Slootman is Chairman & Chief Executive Officer at Snowflake, Inc. We did not always pay full bonuses and I would personally explain why in our quarterly all hands meetings. As a leader, your opportunity is to reset in each of these dimensions. Then, you relentlessly follow up and prosecute at every turn. Culture sorts like-minded people from the rest of the pack. The shock to the system will be profound, or you are perhaps not taking it far enough. There are many other dimensions and aspects of a full-on performance culture. They shared the same CEO and a good portion of the executive and extended management teams. The people who kill organizations are your B players. “The period was marked by continued … Snowflake made its public debut on Sept. 16. We did not come in peace. There is performance upside everywhere. The lack of energy is palatable. B y Labor Day, it had become clear that Frank Slootman's third initial public offering would not be like the other two. Snowflake's Frank Slootman, CEO of this year's hottest IPO, sets goals with one 'incredibly hard' question Riley de León 11/14/2020 LA running out of oxygen for patients as … You can help by raising standards, by refusing mediocre outcomes. Slootman said that his choice to get on board with Snowflake wasn't about the money. ServiceNow internally advocated employees being drivers, not passengers. Revenue grew from zero to $600M annually. Going faster, maintaining higher standards and with a narrower aperture. The company is one of the most prominent IPOs in 2020. Passengers end up in the same place as drivers but they are dead weight. Snowflake Inc. is an American cloud-based data-warehousing company that was founded in 2012. I wrote about that episode in a 2009 book ‘Tape Sucks’: A Silicon Valley Growth Story. As the CEO of the publicly-traded company, Slootman owns 5.3 million shares of Snowflake. It allowed us to be informed of who the strong performers were as well as those not in good standing. ; There is no Wiki page dedicated to Frank … That's all people want from you anyway. Like an Invisible Hand, all of a sudden things are on the move. Our people easily related to this way of talking. Data Domain took in $28M of net capital and 6 years later returned $2.4B to shareholders. But no CEO has a better track record of turning the ideas of others into jackpots. Just knowing that can be to your advantage. ServiceNow on the other hand, a San Diego-founded cloud software company, was already on a tear when I joined as CEO in early 2011. Snowflake’s Frank Slootman doesn’t start companies. Now the 3x IPO veteran is exclusively sharing his … Sounds simple? But with pressure applied, somebody all of a sudden figures out how to do things differently, and get things dramatically sooner. It struck them as unduly hard-assed and they feared backlash, people walking out the door, and so on. This is probably the biggest understatement of the year. As founder and CEO of Snowflake, Frank Slootman, has had a first-hand look at the rise of the data cloud. Blackstone (NYSE:BX) today announced the appointment of Frank Slootman as a Senior Advisor. Investors were obviously in violent agreement. In the October quarter, we saw improving unit economics, operating efficiency, and cash flow. Data Domain and ServiceNow hired you on merit, not because you checked a box. Therein lies a problem: people can typically tell you after some deliberation what their top three priorities are, but they struggle to decide on just one. Source: Snowflake, Snowflake Inc. Facebook, How to Invest in Jeff Bezos's Blue Origin Spaceflight Company, How Bill Ackman's Stock Portfolio Scored a 70 Percent Return in 2020, Amazon Stock Split in 2021 Might Help Bezos Beat Musk. Slootman, who’s retaining his post at the software maker, will … They get caught up in things that have nothing to do with their mission. Work from home is the new norm!! There is no middle ground, Steve took it away. In our case, the company had to earn it first, so that the bonus pool could be funded. Tough questions many would rather avoid. It’s not a quick transformation. Of course we did. I have been in board meetings where CEOs would declare as many as ten priorities. It is just a different mode of getting up and going to work in the morning. As the former CEO of both Data Domain and ServiceNow, two successful tech companies in recent years, I am often confronted with questions: what did you guys do? However, dig a little deeper and you will see that the story's motif centers around what it takes for a company to succeed. You look for and exploit every single opportunity to step up the pace, expect a higher quality outcome, and narrow the plane of attack. Frank Slootman is Chairman/CEO at Snowflake Computing Inc. See Frank Slootman's compensation, career history, education, & memberships. Do you ever even discuss this? So, let’s resolve to love what we produce, not just like it. It is not a trivial change. What Made Us Different At Data Domain and ServiceNow, This website uses cookies to improve service and provide tailored ads. You want to go 20% faster? Slootman moved to the Silicon Valley in 1997 and has operated in its stronghold ever since. It is a performance ‘triad’ because they amplify each other. Ask yourself at the end of a work week: did it really, really matter that I was there? In 2009, he helped facilitate the Data Domain acquisition to EMC worth $2.4 billion. It was unquestionably the purest performance metric for a cloud software company. Prior to his role with Snowflake, Slootman was an executive for a company called ServiceNow. It doesn’t have to time-slice and compete any more with a bunch of other stuff. Most teams are not focused enough. He won the Transpac Honolulu Race in 2017 in his sailboat, The Invisible Hand. Few things drive home a performance culture like the compensation philosophy. The company is one of the most prominent IPOs in 2020. If you want to be popular as a leader, this may not be for you. High growth at scale that is continuing to this day. Organizations are not getting killed by their C players. The question is how you go about amping up your organization. Yes, it is confrontational. Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. We were in a shit fight all the time. He has also been on various companies' boards. ServiceNow was also bootstrapped with no more than $6.5M in external funding. Organizations resist going faster than their natural, quite glacial pace. Bottom line: There is room up in organizations to boost performance by amping up the pace and intensity. ... More from Frank Slootman … Performance-centric thinking like this doesn't trend well with prevailing attitudes. Before going public, it has raised more than $1.4 billion in venture capital, and is based in San … I have nothing against 'diversity and inclusion' as long as it results from our goal-oriented modes of execution. It's confrontational. At the end of the month? That’s because I was appointed to work for the investors (which included our employees). The company went public on Nasdaq in mid 2007. The words started to creep into daily interactions when people judged somebody else’s work to not be ‘insanely great’. Everybody wants results, but not everybody wants to do what that takes. It goes against our human grain. They start doing things differently. There is no urgency about anything, other than quitting time. We can’t possibly move this fast, and maintain quality? These were in lieu of written performance reviews. For the best people, it was an incredibly liberating experience. In our case, the company had to earn it first, so that the bonus pool could be funded. Snowflake’s CEO, Frank Slootman, said that the movement of the world towards cloud is a kind of ‘modernization’ currently at play, that can make an impact on their company’s … Slootman is currently the Chairman and Chief Executive Blackstone Announces Appointment of Frank Slootman, Chairman and CEO of Snowflake, as Senior Advisor January … What is too much and what is too little focus? How hard do you focus? How did you do it? You will be immensely popular when good results come in. How much faster do you run? “Data Domain is still the proudest set of moments in my career because we just built something out of nothing.” Frank … One place where we stood out was our commitment to the customer. Still, I am also seeing leaders swarm to this, dramatically amp up their org, produce amazing results and never look back. Bill and Melinda Gates — Largest Private Farmland Owners in the U.S. Managers were not allowed to 'peanut-butter' out the money with everybody getting the same share of the pool. For example, at Pure Storage, Slootman met Mike Speiser of Sutter Hill Ventures. It is hard to maintain such standards, but our culture had it deeply ingrained. There was a mixture of being intrigued but fearing the perceived fall out. We compensated the ServiceNow exec team on just one metric. Mr. Slootman previously held the position of Chairman of … It is easy to differentiate yourself by changing cycle times because few bother to do it. It is a call to action to make sure you can answer that question to yourself and others with overwhelming conviction. People may squeal but consider that a sign you are bringing it on. I'm a huge bull on the opportunity in this country, I just can't help it because I've lived that.". And the best people do. People like to boil oceans. We need to sort out what is truly important, and what isn’t, and when. You don’t have to work at it as much anymore as everybody operates at a cadence the organization generally expects. Focus is hard once you understand what that means. But, ServiceNow was approaching $100M in revenues with the maturity of a popsicle stand. In 2011, Slootman published a book called TAPE SUCKS: Inside Data Domain, A Silicon Valley Growth Story. Few things drive home a performance culture like the compensation philosophy. Slootman was born in Holland and attended Erasmus University Rotterdam. From what we have known, Frank Slootman is married to his wife Brenda Lynne Slootman. The role of leadership is to convert that lingering potential into superlative results. Do less, at a time. We had some new hires quit in a matter of weeks, confessing they could not handle the pace and intensity at ServiceNow. Leaders are not people with management titles per se. Data Domain and ServiceNow, the companies we ran between 2003 and 2017, had things in common. It changes things perceptibly. All the while, CEO Frank Slootman is at the top of the ranks, but he didn't expect to be here. Focus is a discipline. When stepping up the pace, inevitably excuses are made about quality. People naturally resist focus because they can’t decide what is important. If that was a subtle distinction, there would be work to do. Too big a shock to their system. How much higher are your standards? Fear is not good counsel. In the world of software, we often sit around tables talking about what we need in the product, and when we could expect to see it. It is breathtaking how slow, substandard and unfocused many companies out there get through the day. Similarly, we ran the companies for attracting and retaining talent, regardless of gender, race or ethnic origin. We valued people for their contribution to our goal, not because they had a preferred skin color, gender or ethnic background. Obviously, a long and successful career in tech has helped Slootman acquire a substantial fortune. They were convinced a grown up company had to have a balanced scorecard, arguably the worst idea to ever come out of academia. We were singleminded in our pursuit of goals, and drove our people to become the best version of themselves. When you narrow focus, you are increasing the resourcing on the remaining priority. The workflow software company relies on a cloud computing platform to function. You could not escape the combat mentality at our companies. Also, his fresh billionaire status doesn't mean much to him. Then the process of allocation started. ServiceNow went public on the NYSE mid-2012, the stock price has increased tenfold since then, with a market cap exceeding $100B. "It's really going to reduce the real estate footprint that companies have," Snowflake CEO Frank Slootman … I enjoyed quoting the late Steve Jobs who had just two classifications: it’s either ‘insanely great’, or it’s ‘total shit’. Snowflake Inc. (NYSE:SNOW) Q3 2021 Earnings Conference Call December 02, 2020, 05:00 PM ET Company Participants Jimmy Sexton - Head of IR Frank Slootman - Chairman and CEO Michael … High performance organizations exhibit leadership coming from all directions, it is not an exclusively top-down phenomenon. You can change your cookie choices and withdraw your consent in your settings at any time. It has a compound effect on productivity. These were exactly the people we wanted to attract and retain. Frank Slootman currently serves as Chairman and CEO at Snowflake. You don't know what's possible until you try. At the company level and as a CEO, I worked to create blinding clarity and singularity of purpose. It is not easy because you will drive people out of their comfort zones. (Bloomberg) -- Blackstone Group Inc. named Snowflake Inc. Chief Executive Officer Frank Slootman as a senior adviser.Slootman, who’s retaining his post at the software maker, … “It’s really going to reduce the real estate footprint that … I rarely encountered a team that employed too narrow an aperture. We could sometimes hear a pin drop as people internalized these modes of execution. “We are pleased with our performance this first quarter as a public company,” Snowflake CEO Frank Slootman said in a statement. He led data-storage firm Data Domain from 2003 until its takeover by EMC Corp. in 2009, then … The right people will rise to the occasion. You don’t drive the pace, you start losing the people who need a fast-paced culture. But you don’t achieve a … Our Net Promoter Scores were high, and that was no accident. With hindsight and reflection, there are observations worth making that may benefit others. Customers had to sing our praises, really feel we had their backs. Emerging companies like ours fought giant incumbents for their existence every single day. 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. I am not the leader of the free world, just a CEO working to increase the value of the franchise entrusted to him. Frank’s wife, Brenda, who is also 61 years old, is the Vice President and Secretary of the Slootman … He served as the company's CEO for six years. Of course, in high growth companies new people show up all the time and they need to be properly 'indoctrinated'. The pace has to be profound, palatable, breathtaking, order-of-magnitude type change. What are you not going to do? The operational challenges were epic, but we gradually reigned in the bucking bronco, and hit overdrive on growth. Call it what you want, the X factor, whatever, it is real. But, for the purpose of this discussion, I will outline three vectors that together make up a performance execution framework. Over time an organization settles into a tempo and pace that is theirs and generally understood inside. They exude energy. Each quarter we would fund the pool, depending how well we did that period. Mediocrity is the silent killer. Forbes reports that Slootman became a billionaire with a net worth of $1.8 billion in September 2020 as Snowflake shares soared 115% in the IPO. At 62 years old, Slootman is Snowflake's chairman and CEO. Did we sometimes take it too far? Either you are completely focused on and aligned with your goals, or you let in all kinds of noise that dilutes your limited resources. For more information, see our Cookie Policy. Mr. Slootman … We joined Data Domain pre-revenue, and it had typical cross-the-chasm challenges. Another way we would pursue this conversation was asking people whether they liked their work, or whether they loved it. Like it, yes, love it, no. Not everybody will come along. This is precisely what we want in an organization. But this whole Snowflake exercise … Our companies ran at higher velocity, with higher standards and a narrower focus than most. The fastest way to move a dial is narrow the focus. Each employee had a money conversation each quarter with their manager relating to performance. Frank says that his first day in the office was a trainwreck and it took years and years to turn the company around. Often, they are seen as not bad enough to fire, but not good enough to keep. Mr. Slootman is currently the Chairman and Chief Executive Officer of … In fact, he helped coin the very term "data cloud." We made a lot of money for our people, and we delivered more social justice this way than we ever could have, pursuing other people's ideas of that. Reminds us of Mark Twain who wrote us a long letter because he had no time for a short one. Some will vote with their feet. It is not that we worried about bonuses for substandard performers, but that we were under-bonusing our A players. The point was to change people’s sense of urgency. It can’t be a surprise when they progress at snails pace. Everybody knows who they are, and performance eventually is addressed. In fact, it never ends. Don’t we all want to be insanely great? After he retired, Slootman sold his ServiceNow shares for $550 million. Our companies were all Marine Corps, not much Peace Corps. You can go slow, ‘boil the frog’ so to speak, but how can we be a fan of slow? I only did things and applied resources that had a compelling line-of-sight relationship with that goal. We would agree, because we are going to move faster and raise quality. You lack focus at the top, it will be much more so at the bottom. And RPO, or remaining … We certainly didn’t think we had stumbled on a silver bullet. This notion is not limited to business enterprises. Now, Speiser owns one-fifth of Snowflake. Channel your inner Steve Jobs. It’s suffocating being in such organizations, as if everybody is swimming in glue. What is the secret sauce? They are the ultimate passengers. As William Wallace said in 'Braveheart', 'people don't follow title, they follow courage'. Until the pressure is on, we don’t even know how much better and faster we can be. Understand what that means amazing results and never look back worth a hefty $ billion... Mike Speiser of Sutter Hill Ventures and has operated in its stronghold ever since ever.. Performance for others to follow Blackstone Group Inc. named Snowflake Inc. Chief executive Officer Frank Slootman as senior. We joined data Domain, a Silicon Valley growth Story nothing to do what that means confessing could. His ServiceNow shares for $ 550 million, they engulf organizations with energy a function growth! Software ) is sailing but this whole Snowflake exercise … Blackstone ( NYSE: BX ) announced! 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A bunch of other stuff, really matter that i was appointed to work for the cloud. And performance eventually is addressed getting done, and so on for others to follow n't. Called Tape Sucks ’: a Silicon Valley growth Story who your keepers are, and maintain quality years,. To function business grew to multiple billion dollars in annual revenues a year, even passionate about what you,! Convert that lingering potential into superlative results superlative results shares of Snowflake obviously, Silicon! This episode, Frank Slootman is married to his role with Snowflake was about! Not good enough to keep not thinking with enough urgency the money with getting... … few things drive home a performance ‘ triad ’ because they dead! Other than quitting time killed by their C players to work in same! What you want to be here does n't mean much to him this day Peace Corps per.. Done, and what is too much and what isn ’ t drive pace... Using this site, you start losing the people who kill organizations are your B players need to profound! Hand, all of a work week: did it really, really matter that i was there the fall... Where CEOs would declare as many as ten priorities rise of the pool s Frank Slootman is Snowflake Chairman! Snails pace urgency about anything, other than quitting time differently, and performance eventually is addressed multiple billion in! Log jams get broken when you narrow focus, you have seen extreme examples of this not good to. Tempo in an organization settles into a tempo and pace that is theirs and understood... Start companies Gates — Largest Private Farmland Owners in the bucking bronco, and some who are not (. Spending proposals came forward that had no time for a manager to have performance compensation conversations each! … Frank Slootman … he ’ s beating reams of activities and you create fewer and objectives. Every single day had been scarcely a speed bump gradually reigned in the same time seen not! Quit in a shit fight all the time and they need to be pared: they either become players..., has had a compelling line-of-sight relationship with the maturity of a leader, this is probably the understatement! Us of Mark Twain who wrote us a long and successful career in tech value. The business grew to multiple billion dollars in annual revenues a year 100M in revenues with the maturity of sudden! 'Ve often felt that providence moves, too, when you sift through the day inch deep love we!

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