The CEO of Snowflake, Frank Slootman, has reiterated the corporate’s ambitions to climb to the top of the information storage and analytics market.
Talking in the course of the opening keynote at Snowflake Summit 2022, Slootman instructed the viewers the agency has grown over the previous couple of years from “mainly a popsicle stand” to a enterprise with revenues in extra of $1.3 billion.
“Snowflake has had the quickest development to $1 billion income within the historical past of software program. And if I’ve something to say about it, it will likely be the quickest to succeed in $2 billion as properly,” he stated. “Velocity is vital, that’s the character of issues, so we’ll maintain the pedal down.”
Constructing an ecosystem
Established in 2012, Snowflake first introduced its product to market roughly eight years in the past with the target of “disrupting analytics” with a brand new tackle working databases within the cloud. However the mission has change into extra formidable since then.
At present, Snowflake is making an attempt to construct an entire ecosystem for the storage and processing of enterprise information and the event of data-driven functions, able to difficult the most important gamers throughout the information stack.
The corporate’s development has been significantly sharp because it grew to become the topic of the world’s largest ever software program IPO in 2020, benefiting from the acceleration of the shift to the cloud caused by the pandemic.
In that point, Snowflake has grown in dimension to roughly 3,000 workers and has collected amongst its clients greater than half of the Fortune 500 and 1 / 4 of the World 2,000.
Extra from Snowflake Summit
Within the subsequent section of its improvement, as described by Slootman and founder Benoit Dageville, Snowflake will shift in the direction of a platform model whereby clients develop and monetize their apps and machine studying merchandise atop the Knowledge Cloud.
On this new state of affairs, the Snowflake worth proposition extends past the standard of its personal providers to embody the innovation on show elsewhere in its ecosystem.
Snowflake can also be within the technique of verticalizing its resolution, in an effort to extra successfully handle the particular wants of consumers throughout core industries like retail, healthcare, monetary providers and extra.
Nonetheless, as the corporate seeks to take care of its “velocity” and scale to additional heights, Snowflake might want to guarantee it doesn’t relinquish the benefit that has allowed it to muscle right into a market during which giants like AWS, Google Cloud, Oracle and IBM additionally play.
Snowflake has been in a position to collect momentum thanks partly to its potential to start out from a clear slate, a privilege unavailable to the most important incumbents, who should discover methods to innovate on prime of an rigid legacy basis.
Requested by TechRadar Professional how the corporate will guard in opposition to these similar issues because it continues to broaden, Dageville paused for a second to contemplate. “We’re very cautious,” he quipped. “As a result of when you get messy, you may by no means get easy.”
“One distinct attribute of our cloud is that we determined to create one single product; your entire information stack in a single product. And this is essential.”
Disclaimer: Our flights and lodging for Snowflake Summit 2022 have been funded by Snowflake, however the group had no editorial management over the content material of this text.