Concept Stage companies are generally:

• Seeking feedback on the strength of their science or innovation– they may not yet have formed a company but intend to do so
   
• Led by a competent scientist or researcher, without a management team
   
• At a product development stage which is close to proof of concept stage 
   
• Companies with promising intellectual property (IP) with preliminary disclosures or patents filed
   
• Aware of a real market opportunity, but the specific characteristics need to be clarified
   
• Developing strategies for grants or funding through "friends and family"