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HOUGHTON -- Within an hour, 11 teams pitched their business ideas to a panel of judges.

It's called an elevator pitch, a concept born during the "Dot-com" era.

On Monday, ideas ranged from late night fast-food restaurants to runway shows that involved more than just models wearing the latest designs.

"I'm the head of the company SYR+ISM, and fashion performances are a little more than fashion runway," says Finlandia student Pamela Kotila.  "It has more drama and elements like juggling, skits, or dance.  Fashion is the focus, though."

Teams like SYR+ISM, as well as individuals, put together three minute business pitches, packing as much information they could about their plans to make money, all while trying to catch the audience's interest.

According to Robert Mark, a Professor of Practice at Michigan Tech, the idea for the elevator pitch competition is nothing new; it originated in the late 1990s during the economic boom times.

"People were hoping to get their business plans reviewed and would literally wait in the offices by the elevator for the particular venture capitalist," states Mark, "and when he or she got in the elevator, they would jump in the elevator with them, and when the doors closed they would start making their pitch."

The students began preparing for the competition in September, and you would think that going on stage would of been the most agonizing part of the process, but for some, it was the months of preparation that was the toughest to get through.

"Preparation is always difficult," says MTU student Wayne Bell, "but once you get together with your friends and you go through it a couple of times, it's easy as cake."

The students were judged on how well they identified themselves, their company, and most importantly, how they're going to make money to sustain their business idea.

The winners of the competition received cash prizes, and Mark hopes that they'll put their winnings to continue developing their ideas.  Last year's winner started a company this past July called CPR Mattrass.