While still in college, Frank Piasecki founded the P-V Engineering Forum with a classmate, Harold Venzie. In 1943, Piasecki's group designed the PV-2, a single-seat, single-rotor helicopter that became the second successful helicopter to fly in the United States.

Piasecki was the PV-2's first pilot, by happenstance. He was sitting in the aircraft while testing its systems when the tether broke and the helicopter became airborne. Despite having only fourteen hours of flight time in fixed-wing aircraft and no experience in helicopters, Piasecki managed to bring the aircraft to a safe landing. Soon thereafter, he became the first person in the United States to qualify for a helicopter pilot's license. Piasecki remained the chief test pilot for the PV-2, as well as chief engineer and company president.

To promote the PV-2, Piasecki participated in a short film called, "An Air Flivver in Every Garage." The film featured Piasecki landing the helicopter in locations such as a gas station and a golf course. He kept the PV-2 until 1965, when he donated it to the Smithsonian Institution, where it is still on exhibit.