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Writing and Submitting a Concept Paper
What is a concept paper?
A concept paper is a brief, focused overview of the business you would like to develop. It has just enough detail to show the market potential of the business idea but does not go into the depth of a business plan.
The concept paper is the sole basis upon which the judges decide whether the business opportunity is worth pursuing, hence qualifying for round two.
How are concept papers judged?
Each concept paper is evaluated in the context of three criteria:
- Does it demonstrate a solid business opportunity with strong potential for success, expansion, and replication?
- Does it show a good understanding of what is being attempted and what will be required to follow through?
- Is it well-written, succinct, and easy to understand?
Keep in mind that the judges will be reviewing a great many concept papers. They will be impressed by a well articulated, complete, concise statement, but will not be impressed by excess verbiage or unnecessary graphics.
How should a concept paper be developed? Think, summarize, write, rewrite.
First, think about:
The company
- Describe the nature of the company. Indicate whether it is a traditional for-profit enterprise or a social venture -- you must choose one
- Indicate the type of operation - manufacturing, retail, service - and where the business will be located
- State the short term (2 year) and long term (5 year) business goals
The products or services
- Clearly explain the products or services offered and the key problems they address
- Describe how your products or services are differentiated from what already exists, and the benefit they provide to the consumers
- Note the need for patents or trademarks if applicable
The market and marketing strategy
- Define your market
- Provide summary historical, current, and projected marketing data for your products, services, market niche, and industry
- Identify your target customers and show how you will reach them. Explain why potential customers should do business with you.
The competition
- Indicate who your competitors are - current and potential
- Briefly assess your competitors' strengths and weaknesses, and compare them to yours
The financing
- Note your capitalization requirements - the amount needed to launch your business plus working capital
The entrepreneurs
- Concisely state your professional and educational background and those of any team members
Next summarize your thoughts in writing, highlighting key points.
Then write the concept paper according to the format noted below.
Put the paper aside for a day or two, then read it over and rewrite it. Strive to make it easy to read, as concise as possible, with points that follow logically.
Be succinct, stay focused, express your ideas clearly without extraneous verbiage, be positive but stay realistic.
Format:
- Average font size, nice spacing and margins -- a clean look
- Use a cover page with the business name, team member names (indicate who is the team leader/contact person and include his/her email address)
- Two pages maximum, including everything except the cover page. Papers exceeding the maximum will not be accepted.
Submission requirements and procedure
Your concept paper must be submitted as an email attachment in doc or rtf format compatible with MS Word 2000 or later for the PC. Check your file for viruses. Contaminated files will be discarded, as will unreadable files.
Send to Professor Dumas (barry.dumas@baruch.cuny.edu) using only the following subject line: your business name, track, and the words "Concept 08-09"
Example 1: MyBusNm, Traditional, Concept 08-09.
Example 2: TheBusNm, Social, Concept 08-09
Papers are due no later than noon EDT on Thursday, October 2. 2008, as indicated in the email header. Late submissions will not be accepted
All submitters and team members must have registered for the competition on the Web site: http://zicklin.baruch.cuny.edu/bcec/college/registration