Concept 120 Print E-mail

The ELI Institute’s Concept 120 program is a semesterly business plan contest that emphasizes the elevator pitch. Students develop their ideas and sales pitch as if they were in front of a potential investor or business client – the bulk of the contest depends on the contestants’ ability to sell an idea. Students must first submit a 2-page concept paper. The concept paper is a brief focused overview of the business to be presented. It has enough detail to show the market potential of the business idea but does not go into the depth of a business plan. This contest is for undergraduate, graduate, and professional students across all disciplines at Howard University.


When developing the concept paper, the student must think about several points:

  1. THE IDEA/CONCEPT: Describe the idea. Indicate whether the idea is related to manufacturing, retail, or service. (50%)
  2. THE PRODUCT OR SERVICE: 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. (10 %)
  3. THE MARKETING PLAN: Define your market. Provide a summary of historical, current, and projected marketing data for your product, services, market niche and industry. Identify your target consumers and how you will reach them. Include information about potential consumers, the competition, advertising, and promotions. (25%)
  4. FINANCING: Estimate how much funding needed to launch your idea/concept (15%)
  5. FOR BONUS POINTS: Describe how your idea will impact the community on a potential local, national, and or global level. (10 %)

FORMAT OF THE CONCEPT PAPER: Students must use 12-point font size. Use a cover page that includes your name, business name if applicable, classification, major, telephone number, and email address. TWO pages maximum, including everything except the cover page. Papers exceeding the maximum will be disqualified.

JUDGING CRITERIA: The concept paper will be judged based on creativity, conciseness, originality, soundness/feasibility of idea, and content. Each of the four criterions will be weighted as outlined in the descriptions. The student could earn up to 10 EXTRA points to their final score depending on whether the idea has a potential community impact. The students with the highest points will be selected to present their ideas as if they are in an elevator going to the 40th floor. Presenting students will only have 120 seconds (2 minutes) to explain their ideas. Visual aids, such as PowerPoint, may be used during the presentation.

AWARDS: The 1st place winner will receive a $500 CASH PRIZE, the 2nd place winner will receive a $350 CASH PRIZE, and the 3rd place winner will receive a $150 CASH PRIZE.