You’re a contestant in a company-sponsored “Shark Tank.” Now what?
Citizens Bank began a monthly pitch competition in Dec 2019, a la Shark Tank, with a goal of making 10–20 investments / year. Imagine: you’re one of six finalists from across the company…
Hierarchy and function are not relevant. Your idea was first pitched via the virtual portal, and then selected for a 10-minute virtual pitch, along with 5 other employees. You connect with them as you prep, sharing tips along the way.
Your judges are senior leaders representing different functions, to ensure diverse perspectives and cross-enterprise feasibility — you may know several, and they’re about to get to know you via hearing your creativity and business acumen.
Not only do you build camaraderie with your fellow (and former) “contestants” and get to know the “sharks” a bit, but your voice is actively being elevated. You are literally being given a microphone in front of people who can give the green light.
Your idea is selected, because you crushed the pitch. Hearing “yes, go” made dissecting nuances and collaborating with your peers and manager to create a scalable solution worth the prep time — and who knew you and X had Y in common?
You’re a “founder” now, and have 8–12 weeks to build out your idea for further consideration. The sharks are around to help, though the business line where the idea would sit ultimately accepts or rejects the implementation.
Let’s say the business said “not right now.” Not no… but hold off. You receive feedback on why a delay is needed: X part of the idea needs to be unraveled further. You get detailed feedback, and the idea stays alive for investment.
“Radical collaboration,” as Citizens VP of Innovation Ryan Sherman calls it, spreads across the bank — and you were a part of it.
