PETE Prize

What is the PETE Prize?

The PETE Prize for Entrepreneurs is an FIT DTech Lab, jury-selected merit award competition. The award recognizes excellence in the development of fresh, insightful and creative concepts. We celebrate ideas that can be successfully translated into execution focused business plans and those which leverage innovative, design-oriented thinking.

PETE exemplifies the core characteristics (passion, empathy, tenacity, enthusiasm) that can revolutionize business by challenging norms and putting forth brave new ideas. If you believe you have the vision to make the world a better place by being an innovative leader, the PETE Prize is for you.

Why should I apply?

The PETE Prize is an award which starts with the business concept you have been dreaming about, with the opportunity to learn how to build the components for a revenue generating company. Selected applicants participate in several months of workshops, knowledge sharing and business development guidance by established venture capitalists, industry leaders and academic experts. The competition is an excellent learning experience for FIT students and alumni which culminates in $30k seed funding and a 1-year innovation incubator including mentorship and office space at the Brooklyn Navy Yard to establish a base of operations for the grand prize winner's enterprise launch.

What do I win?

The PETE Prize Grand Prize winning team receives:

• $30K seed funding
• 1-year of office space (@ Brooklyn Navy Yard)
• Innovation Incubator
• Business development advisory and mentorship
• Press and media opportunities

Who is eligible?

• Students must be enrolled at FIT as a full time or part time student in an undergraduate (Associates/Bachelor's) or graduate program, and be scheduled to graduate in Fall '24 or Spring '25. Alumni who graduated in Spring '24, Fall '23, Spring '23 and Fall '22 are eligible to apply.
• Pursuing an FIT degree in Fall '25, at any level, may not be pursued concurrent with the PETE Prize innovation incubator, which begins in Fall '25. For example, AAS graduates from Fall '24/Spring '25 who will be pursuing a bachelor's degree in Fall '25, are ineligible to apply. Bachelor's graduates from Fall '24/Spring '25 beginning a graduate school program in Fall '25 are also ineligible.
• Eligible business concept proposals are for-profit only and focus on the creative industries, promoting FIT’s core values of innovation, sustainability and diversity. Start-up business entities are eligible to apply as a for-profit venture if the company has historically generated less than $10,000 in funding and/or revenue.
• International students are eligible to apply, provided PETE Prize eligibility requirements are satisfied and all visas and applicable international procedural requirements are in compliance.