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Frank Slootman

👤 Person
540 total appearances

Appearances Over Time

Podcast Appearances

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

Oh, I think it's taken me a couple of years because I went through a bit of a cycle in 21 when I joined. It was, let's get deals done. There's a lot of pace to it. That was kind of fun. And what I figured out really quickly was- How long did it take before you did your first deal? Probably too quickly. I did my first deal in about two months.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

Oh, I think it's taken me a couple of years because I went through a bit of a cycle in 21 when I joined. It was, let's get deals done. There's a lot of pace to it. That was kind of fun. And what I figured out really quickly was- How long did it take before you did your first deal? Probably too quickly. I did my first deal in about two months.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

Oh, I think it's taken me a couple of years because I went through a bit of a cycle in 21 when I joined. It was, let's get deals done. There's a lot of pace to it. That was kind of fun. And what I figured out really quickly was- How long did it take before you did your first deal? Probably too quickly. I did my first deal in about two months.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

I think you have to be careful. Every opportunity is worth diligencing on its own. And you've got to be able to underwrite what you think the value is going to be. The biggest risk factor is something starts slowing down before you expect it to. So you make the investment. You think you've modeled it out.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

I think you have to be careful. Every opportunity is worth diligencing on its own. And you've got to be able to underwrite what you think the value is going to be. The biggest risk factor is something starts slowing down before you expect it to. So you make the investment. You think you've modeled it out.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

I think you have to be careful. Every opportunity is worth diligencing on its own. And you've got to be able to underwrite what you think the value is going to be. The biggest risk factor is something starts slowing down before you expect it to. So you make the investment. You think you've modeled it out.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

It's going to go from X to Y to Z. And we usually even take a haircut on that model from whatever the company tells us. And for whatever reason, it slows down too fast. And then we don't get to the kind of return multiples we want. Again, enter Dave Schneider. My job is to help you make sure you're hitting and beating your revenue goals.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

It's going to go from X to Y to Z. And we usually even take a haircut on that model from whatever the company tells us. And for whatever reason, it slows down too fast. And then we don't get to the kind of return multiples we want. Again, enter Dave Schneider. My job is to help you make sure you're hitting and beating your revenue goals.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

It's going to go from X to Y to Z. And we usually even take a haircut on that model from whatever the company tells us. And for whatever reason, it slows down too fast. And then we don't get to the kind of return multiples we want. Again, enter Dave Schneider. My job is to help you make sure you're hitting and beating your revenue goals.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

Again, if you're a Series B or a Series C founder, the opportunity is right now, pick the right investor for this stage of your company that's going to make a difference in your business.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

Again, if you're a Series B or a Series C founder, the opportunity is right now, pick the right investor for this stage of your company that's going to make a difference in your business.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

Again, if you're a Series B or a Series C founder, the opportunity is right now, pick the right investor for this stage of your company that's going to make a difference in your business.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

First, do they know their customer? And who are their customers? If you are a business selling to other young technology companies and that's your source of revenue, I'm going to discount some of your future opportunity just from day one.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

First, do they know their customer? And who are their customers? If you are a business selling to other young technology companies and that's your source of revenue, I'm going to discount some of your future opportunity just from day one.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

First, do they know their customer? And who are their customers? If you are a business selling to other young technology companies and that's your source of revenue, I'm going to discount some of your future opportunity just from day one.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

If you had shown me proof of selling to the large enterprise or a combination of size customers, I'm going to believe that we can sell to other like-sized companies in the future. And the smaller companies are more susceptible to the waves of the market, especially with venture funding being hot or cold at any one point in time.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

If you had shown me proof of selling to the large enterprise or a combination of size customers, I'm going to believe that we can sell to other like-sized companies in the future. And the smaller companies are more susceptible to the waves of the market, especially with venture funding being hot or cold at any one point in time.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

If you had shown me proof of selling to the large enterprise or a combination of size customers, I'm going to believe that we can sell to other like-sized companies in the future. And the smaller companies are more susceptible to the waves of the market, especially with venture funding being hot or cold at any one point in time.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

If you started winning in pharmaceutical and banking and others, other big verticals, I think it starts to get more applicable and it stretches out more. Who are your customers, the source and quality of the revenue? Have you been through a renewal cycle yet? Is a big question that a lot of investors miss. I'm looking for, have they gone through a renewal cycle? What happened?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"

If you started winning in pharmaceutical and banking and others, other big verticals, I think it starts to get more applicable and it stretches out more. Who are your customers, the source and quality of the revenue? Have you been through a renewal cycle yet? Is a big question that a lot of investors miss. I'm looking for, have they gone through a renewal cycle? What happened?