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Summary:
Phoebe Gates launched Phia, a platform for price comparison shopping, with Sophia Kianni.
Bill Gates expressed relief that Phoebe didn't ask for funding for her business venture.
If asked, Bill would have kept her on a short leash and conducted business reviews.
Phoebe's startup journey began with $100,000 from Soma Capital and a $250,000 grant from Stanford.
She overcame initial rejections to secure $500,000 from angel investors.
Phoebe Gates and Her Entrepreneurial Venture
Phoebe Gates, daughter of Bill Gates, has made her mark in the e-commerce world by co-founding Phia, an online price comparison shopping platform, with her former roommate, Sophia Kianni. The app empowers shoppers to compare prices of new and used items across thousands of e-commerce sites, making it a significant player in the competitive online market.
Bill Gates' Thoughts on Funding
In a recent interview, Bill Gates expressed his relief that Phoebe did not seek his financial support for her business. He candidly shared his initial concerns when she announced her entrepreneurial plans, saying, “I thought, ‘Oh boy, she’s going to come and ask [for money].’” He acknowledged the challenges in the e-commerce sector, noting that many have tried to succeed in this space.
A Father’s Perspective
Bill mentioned that if Phoebe had requested funding, he would have kept her on a tight leash and conducted regular business reviews, a situation he described as potentially tricky. Fortunately for both, Phoebe opted to pursue her business independently, which Bill views positively.
Funding Journey
Phoebe and Kianni started their venture with $100,000 from Soma Capital and a $250,000 grant from a Stanford social entrepreneurship program. Despite facing several rejections, they ultimately secured an additional $500,000 from angel investors. Bill's ex-wife, Melinda, encouraged Phoebe to raise capital independently, viewing it as a valuable learning experience.
Insights from Notable Mentors
Phoebe has also sought advice from various mentors, including Kris Jenner and Sara Blakely, which has helped her navigate the complexities of starting a business. Bill admits that his advice is mostly limited to personnel issues since he doesn't align with the target audience of a shopping platform.
Sophia Kianni and Phoebe Gates in 2023. (John Lamparski/Getty)
Phoebe Gates in 2024. (TheStewartofNY/GC Images)
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