Entrepreneur in Residence Citibank
Duration: 12 to18 months Right to hire with client
Location: LIC New York
They need resources that are entrepreneurs…people who have started their own starts up because they will then know what it will take to support the starts ups within Citibank. They will understand LEAN methodology, the VC process, what it takes to hire and build a team, extensive product management backgrounds who are customer focused and are capable of functioning in a fast paced environment by rolling up their sleeves.
Citibank’s Venture’s programme is a strategic growth initiative building lean startups inside Citibank. These startups span consumer bank, credit cards and mortgages, all the way into our institutional clients group (ICG), corporate and investment banks, and our trade and treasury services. The potential for huge transformation of all kinds of financial services is at the heart of what we do.
With over 200 internal teams already accelerated through the programme, we are now looking for additional Entrepreneurs in Residence (EIRs) to join our existing team of 14 EIRs across New York, London, and Singapore. (Client Venture’s is headquartered in California with offices in New York and London.)
The role of the EIR was popularized in Eric Ries’s The Lean Startup, and many of the principles of that book are central to the way the programme operates today. All candidates will be expected to know the strengths and weaknesses of lean startup at a deep level, and to be able to apply the theory and hands-on tactics of lean startup with their teams.
A Citibank EIR works across a number of internal, multi-disciplinary teams of varying seniority, helping take ideas from genesis to launch, and beyond. The programme is structured around well-defined stages of progress modelled on real-world startup stages and VC investments.
Almost always coming from a startup background, Citibank EIRs apply what they have learned as founders and early-stage employees at startups, and help “bring the outside in” to Citibank.
Our EIRs have a unique mix of skills, experience, soft skills, and domain expertise that they bring to each of the projects in their portfolio. They have worked in tech and startups for the past 15+ years.
On the experience side we look for EiRS who have founded, or co-founded, at least one startup; have hands-on product management; have experienced VC pitches on either side of the table; have a background in VC or financial services; and who have agency or consulting background. We find the best results come when this experience is paired with mentoring and/or teaching know-how, and great communication skills including public speaking and running outstanding workshops.
In terms of skills, we look for our EiRs to have strengths in customer development ; running design sprints; business modeling; stakeholder management; analytics and research; operations and strategy; negotiation and deal structuring, as well as the hands-on ability to operate at all levels in a (mainly) tech startup.
On a day to day basis, the EIRs are expected to help the teams rapidly learn and internalize how startups think and behave, and provide teaching and support to areas that are unfamiliar and intimidating to our founders.
Above all our EIRs are credible yet humble leaders, bringing what it takes to support their teams; operating in a lot of uncertainty; and at pace. They have outstanding written, verbal and general communication skills. They are great listeners. They are equally comfortable with their sleeves rolled up or in a board room, taking responsibility for increasing the quality, outcomes and deliverables of their teams as they progress through the client’s EIR programme.
The system incorporates the principles of corporate innovation, Lean Startup Methodology, Design Thinking and Agile, including a disciplined Venture Capital-style portfolio management model in order to launch New-to-Client and New-to-World businesses, products and services.