In 2008, the Chicagoland Chamber of Commerce gave Pritzker its Entrepreneurial Champion Award for his efforts to promote economic development and job creation. The group includes a growing family of companies including pallet rental leader PECO Pallet and medical device maker Clinical Innovations. With his brother Tony, Pritzker co-founded Pritzker Group Private Capital, which owns and operates middle-market companies. He also co-founded Chicago Ventures and funded the start-up of Techstars Chicago and Built in Chicago. He played an important role in the creation of the Illinois Venture Capital Association and the Chicagoland Entrepreneurial Center. Pritzker served as chairman of ChicagoNEXT, Chicago Mayor Rahm Emanuel's council on innovation and technology, and he founded 1871, a nonprofit digital start-up incubator (named for the year of the Great Chicago Fire). He is an attorney and a member of the Illinois State Bar Association and the Chicago Bar Association. In 1993, he earned his Juris Doctor from Northwestern University Pritzker School of Law. He attended Milton Academy, a boarding school in Milton, Massachusetts, and graduated from Duke University with a Bachelor of Arts in political science. Pritzker was raised in Atherton, California. Pritzker has said that certain overseas trusts for which he was the designated beneficiary were set up by his grandfather and used only for charitable contributions, yielding no personal benefit to him. Pritzker's older siblings are Anthony Pritzker and former United States Secretary of Commerce Penny Pritzker. Sue Pritzker died in an accident at age 49 in 1982. Donald Pritzker was the president of Hyatt Hotels he died in 1972 of a heart attack at age 39.

The Pritzkers have consistently been near the top of the Forbes 'America's Richest Families' list since its 1982 inception. Pritzker's grandfather, Abe Pritzker, was a business lawyer. A member of the Pritzker family, a Jewish family prominent in business and philanthropy during the late 20th century, Pritzker is named after both of his father's brothers, Jay Pritzker and Robert Pritzker. He is the son of Donald Pritzker and Sue (Sandel) Pritzker. Pritzker was born in Palo Alto, California on January 19, 1965.

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