The PETE Prize experience provides opportunities for students to build and extend their relationships with established venture capitalists through a series of clinics and workshops.
An FIT DTech Lab funded award which recognizes excellence in the development of fresh, insightful and creative ideas which are envisioned through execution focused business plans demonstrating innovative design-oriented thinking.
Passionate. Empathetic. Tenacious. Enthusiastic! Entrepreneurship is changing and so are the qualities exemplified by successful leaders. PETE exemplifies the core characteristics that can revolutionize business by challenging norms and putting forth brave new ideas. If you believe you have the power to make the world a better place by being an innovative leader, the PETE Prize is for you.
The PETE Prize is more than another award with an application you've seen before. Selected applicants participate in five months of clinics, workshops and knowledge sharing by established venture capitalists, industry leaders and mentors – an excellent learning experience for FIT students interested in entrepreneurship and leadership. Importantly, the PETE Prize allows applicants to form a team with respected student colleagues at your discretion, which has the benefit of allowing you to compete with a more robust skill set than one person may possess. (Although, you may compete as a team of one!)
In addition to a cash prize of $30,000, the winning business receives office space for one year and marketing, legal, financial, creative, and operational guidance on how to build and launch an innovative company.
April 15Applications are due. Ten (10) teams are chosen to compete in the initial round. Each person receives a $200 incentive.April - MayWorkshops and idea development. Three (3) teams are chosen to compete in the next round, Fellowship Program. Each person receives a $3,000 incentive to be utilized on a discretionary basis.June - AugustFellowship Program clinics and mentorship preparing the final pitch.SeptemberGrand Prize Winning Team is announced, receiving $30,000. Awards Ceremony and launch of the 1-year Entrepreneur's Incubator Program.
The PETE Prize competition begins with ten (10) teams that are initially chosen in the application round. These teams develop their business ideas while attending workshops. In June, ten (10) teams narrow to three (3) teams which participate in the Fellowship Program and ultimately compete as the grand prize contenders.
To form a strong and thriving company culture that is financially successful, it is mission critical that you understand and value people. Choosing your leadership team for PETE gives you the ability to craft a combination of critical skill sets - creative, marketing, finance & operations - and behavioral sets - passion, empathy, tenacity, enthusiasm - as you envision your business. As a leader who believes in people as the most important asset, selecting your team is the first step towards becoming a successful entrepreneur.
The Fellowship Program represents the second round of competition for the three (3) teams selected to continue developing their business in anticipation of competing for the grand prize. The program is an intensive set of clinics, interactions with business owners and mentors, pitch skill development and introduction to the Entrepreneurs Organization (EO), an organization for innovators and disruptors.
The evaluation criteria is a combination of the applicant's personal qualities (Passionate, Empathetic, Tenacious, Enthusiastic), optional video, experience and vision (personal and professional), in combination with the articulation of a business proposal. The proposal represents a for-profit business idea, distinctive in the demonstration of creativity and imaginative qualities. The idea includes a focus on art, business, design, mass communication and technology connected to the fashion industry and promotes FIT's core values of innovation, sustainability and diversity.
The PETE Prize is designed for agility. It is a part time commitment, as we know that the competitors are busy with part time jobs, academics and extra-curriculars. Structured learning sessions, workshops and clinics are scheduled in the early evening and, sometimes, on the weekend.
The PETE Prize is inspired by Peter G. Scotese, Chairman Emeritus of the FIT Board of Trustees, and a pioneering entrepreneur with distinguished professional accomplishments. Initial funding for the prize is provided by Edwin Goodman, former Chair of the FIT Board of Trustees, and a partner of Activate Venture Partners; an investment firm whose mission is to develop a new generation of venture capitalists who are postured to leave a lasting impact on industry. PETE Prize administration is by the FIT DTech Lab: https://dtech.fitnyc.edu/pete