I would consider "elite" in this context to be taking in the students most likely to actually succeed. Accepted into Ivy League schools, high ACT/SAT/GPA, volunteer experience. The business part is just that they are wanting to study business.

It is basically life coaching, getting the best students possible and giving them a leg up on their competition (peers in program). I believe a few weeks would give them a considerable leg up which could lead to greater success manifesting itself as higher GPA, better internships, early leadership experience etc. Plus, joining a network of other elite students could lead to substantial value.