CIBC: Internalizing Open Innovation
(10 pages of text)
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.
This case can be used in undergraduate, graduate, and executive education programs. Through the case, students have an opportunity to step into the protagonist’s shoes and develop an action plan for managing open innovation in a large commercial bank. This will enable them to do the following:
- Understand the strategic underpinnings of open innovation.
- Realize the relevance of open innovation for a large commercial bank.
- Examine the managerial dilemmas in internalizing open innovation.
- Develop a plan of action, based on interim learnings, for the head of Enterprise Innovation at CIBC.
Finance and Insurance
Canada, Large, 2017
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