When the Princeton Entrepreneurship Advisory Committee (PEAC) was first founded it as tasked with finding innovative ways to bring out the best in entrepreneurship from the University. Having clearly understood there mandate they came up with various suggestions one of them, including The Alumni Entrepreneurs Fund (AEF). PEAC had already in their mandate defined entrepreneurship as “the initiation of transformation through risk-taking actions and value-creating organizations” this definition was further strengthened by the belief around Princeton on the power of liberal arts and the impact they have on entrepreneurship. By building on this strength, it was possible for the Princeton Entrepreneurship Advisory Committee to achieve their set mandate.
Having identified all the above, they turned to some of their strongest entrepreneurial minds led by Peter Briger. He is an alumnus of the school class of ’86. As one of the most successful individuals from the school as confirmed by Forbes magazine when they named him among the top 400 business professionals in America the committee was sure not only would he be willing to help but his insight would help propel the young entrepreneurs to new levels. Peter Briger was quick to act and impressed by the initiative came together with Gordon Ritter and funded the pilot program. The Alumni Entrepreneurs Fund was to give 100,000 to creative ideas that were approved by a six-member team that would be tasked with reviewing the proposals sent by the participating teams.
This team would then get personalized support and attached to various entrepreneurs who have already been successful in the industry. The level of success expected from the program is expected to propel Princeton and the country at large to greater heights. The committee has been very grateful to Peter Briger as he has been one of the most consistent and vocal voices in support of the initiative and contributed a lot of personal resources to it. Peter Briger continues to be grateful to Princeton for pricking his business interest as he undertook his B.A there. He later moved to Goldman Sachs &CO where he would work for 15 years, attaining partner status midway through his stay there. He would then move to Fortress Investment Group in 2002. This would see his business star shine even brighter as he climbed the corporate ladder quite fast. In 2006 he would be elected to join the board of directors followed quickly by an offer to become co-chairman of the board in 2009.