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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 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.
What kind of business?
You need a realistic, marketable idea for a business venture that fills a need that currently is either unmet or not well satisfied. Therefore, the business must be original or have considerable original content that significantly improves upon existing ventures, and that evinces substantial promise for launch.
This is a competition for new ventures. Hence, your business cannot already be in existence. Exception: social ventures that start under the sponsorship of, or as divisions of, existing organizations are permitted , since that is a commmon practice for new social ventures.
Teams in the traditional business track must indicate how they intend to reach viability and profitability within reasonable time frames. Teams in the social venture track, whether non-profit, earned income, or for-profit businesses, must make clear the social needs that their primary mission addresses; they also must indicate how they plan to become viable enterprises within reasonable time frames. (Note: in the foregoing, "indicate" does not mean a substantial discussion -- that is the province of the business plan.)
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
1. Think about
The company
- The nature of the company. Is it a traditional for-profit enterprise or a social venture -- you must choose one
- The type of operation - manufacturing, retail, service, etc. - and where the business will be located
- The short term (2 year) and long term (5 year) business goals
The products or services
- The products or services offered and the key problems they address
- How your offerings are differentiated from what already exists, and the benefit they provide to the consumers or clients
- The need for patents or trademarks if any
The market and marketing strategy
- Your market niche and position
- Available directly relevant summary historical, current, and projected marketing data for your offerings, market niche, and industry
- Your target customers and how you will reach them. Why would potential customers or clients do business with you?
The competition
- Your current and potential competitors
- A brief assessment of their strengths and weaknesses in comparison to yours
The financing
- Capitalization requirements - the amount needed to launch your business plus working capital
The entrepreneurs
- Your relevant professional and educational background and those of any team members, concisely stated
2. Summarize your thoughts
- In writing, highlighting key points
3. Write the concept paper
- Follow the requirements noted below
- Put the paper aside for a day or two, then read it over
4. Rewrite the paper
- Strive to make it easy to read and as concise as possible, with points that follow logically
- Be positive but stay realistic
Submissions that do not comply with the following requirements will not be accepted
Content, Format, Page Limits
- Use a reasonable font size, nice spacing and margins -- a clean look.
- Use a cover page with your business name, team member (if any) names and affiliations (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 a single file submitted as an email attachment in doc or rtf format compatible with MS Word 2000 or later for the PC. Other forms of submission will not be accepted. Check your file for viruses. Contaminated files will be discarded, as will unreadable files.
Send the email with attachment to Professor Dumas (barry.dumas@baruch.cuny.edu). Use only the following subject line: your business name, track, and the words "Concept 09-10"
Example 1: Acme Enterprises, Traditional, Concept 09-10.
Example 2: Goodworks, Social, Concept 09-10
Papers are due no later than noon EDT on Tuesday, October 13. 2009, 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