CIBC: Internalizing Open Innovation
In early 2017, the vice-president, Enterprise Innovation, at Canadian Imperial Bank of Commerce (CIBC), one of Canada's leading banks, encountered roadblocks in partnering with a fintech firm as part of the bank's open innovation strategy. The vice-president wondered how she could leverage the learnings from her experience with onboarding the fintech firm to better manage future open innovation projects at the bank. Streamlining the onboarding process was a priority, as was dealing with internal pushback. The vice-president thought about the role of the facilitator in this process, and whether she should pursue an enterprise innovation lab within the bank.