Creating and tweaky concepts and ideas from which to launch the projects themselves. Concepts can be ideas, art, etc.
At least, that's how I'd describe it.
EDIT: http://en.wikipedia.org/wiki/Conceptual_thinking - "Conceptual thinking is problem solving or thinking based on the cognitive process of conceptualization, [which] is a process of independent analysis in the creative search for new ideas or solutions, which takes as its starting point that none of the accepted constraints of “today’s reality” need necessarily to apply to or to shape the future. Thus it does not accept received wisdom, the status quo nor inertia as necessary determinants of every bit of the future."