20VC: Snowflake CEO Frank Slootman on How To Narrow The Focus and Increase The Quality, Why Every CEO Should Feel Anxious, Why Performance Reviews are BS & How to Unleash the Best People in Your Business
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 17 January 2022
⏱️ 35 minutes
🧾️ Download transcript
Summary
Frank Slootman currently serves as Chairman and CEO at Snowflake and has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. Prior to Snowflake, Frank served as CEO and President of ServiceNow taking the company from around $100M in revenue, through an IPO, to $1.4B. Before ServiceNow, Frank served as President of the Backup Recovery Systems Division at EMC following the acquisition of Data Domain Corporation/Data Domain, Inc., where he served as the CEO and President, leading the company through an IPO to its acquisition by EMC for $2.4B. You must check out Frank's book, Amp It Up. It can already be pre-ordered here.
In Today’s Episode with Frank Slootman You Will Learn:
1.) Narrow the Focus, Increase the Quality:
- How does Frank determine what to focus on? What does the prioritisation process look like?
- What one question does Frank ask his team to ensure they are focused?
- What are the best answers? What are the worst? When should you change focus?
2.) When There is Doubt, There is No Doubt:
- What does Frank mean by this? What does it apply to? When is there nuance?
- How long does Frank give people who are underperforming? How does he communicate their underperformance to them directly but productively?
- What is the right way to fire someone? Why are performance reviews BS?
3.) Make The Good People Great:
- How does Frank get the very best out of his teams? How does he make the good great?
- How does he use compensation and equity structures to supercharge his teams?
- How does Frank set stretch targets that are both ambitious but also attainable?
4.) The Art of Leadership and Board Management:
- Why does Frank believe every CEO should be anxious?
- How has Frank changed as a leader over time?
- What is the biggest mistake founders make when it comes to board management?
- How can founders actively manage and control their board?
Item’s Mentioned In Today’s Episode with Frank Slootman
Frank’s Favourite Book: Courage Is Calling: Fortune Favours the Brave, The Speed of Trust: The One Thing that Changes Everything
Transcript
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| 0:00.0 | This is 20 VC with me, Harry Stebbings, and what a show we have for you today, an individual who's built three home run businesses consecutively, |
| 0:06.8 | one of the great entrepreneurs and executives of our time, and out with a book, Ampit Up. You can find it and pre a couple of days. Take it in chunks. Nope, one session. |
| 0:21.7 | It is incredible. |
| 0:22.7 | I really could not put this book down. |
| 0:24.9 | So I'm so thrilled to welcome Frank Slutman. |
| 0:27.2 | Frank currently serves as chairman and CEO at Snowflake |
| 0:30.2 | and has over 25 years of experience as an entrepreneur and exec in the enterprise software industry. |
| 0:35.5 | Prior to Snowflake, Frank served as CEO and president of |
| 0:38.3 | Service Now, taking the company from around 100 million in revenue through an IPO to $1.4 billion. |
| 0:44.4 | Before Service Now, Frank served as president of the backup recovery systems division at EMC, |
| 0:49.4 | following the acquisition of Data Domain Corporation, where he served as a CEO and president, |
| 0:54.1 | leading the company to |
| 0:55.0 | an IPO to its acquisition by EMC for $2.4 billion. And again, you must check out Frank's book. |
| 1:01.2 | This is the book of the year, I think. Amped It Up at amp it up.com, and you can pre-order it there. |
| 1:06.5 | I'd also have to say a huge thank you to Doug Leone and Mike Spicer for some amazing question |
| 1:10.6 | suggestions before this episode. I really did so appreciate that. But before we move into the episode |
| 1:15.5 | today, Harvard Management Company is constantly seeking out the next generation of great |
| 1:19.8 | investors and entrepreneurs. HMC has managed Harvard University's endowment for nearly 50 years |
| 1:25.3 | and was one of the first institutional investors in venture capital. |
| 1:28.8 | Their experience in long-term investment horizon makes them ideal partners to get world-changing |
| 1:33.7 | ideas on a path to viability and success. They work as a true partner providing insightful |
| 1:38.7 | perspectives to help managers succeed. I personally have had the pleasure of working with the |
... |
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