Summary:
Melinda French Gates refuses to fund her daughter's startup, valuing independence and resilience over financial support.
Phoebe Gates co-founded Phia, an AI-powered fashion app that compares prices across 40,000 sites.
French Gates emphasizes the challenges women face in securing business funding and the importance of perseverance.
The Gates family's philosophy discourages reliance on inheritance, with Bill Gates stating their children will inherit "less than 1%" of his fortune.
Phoebe and her co-founder also host "The Burnouts" podcast, sharing insights into the entrepreneurial journey.
Melinda French Gates, with a staggering net worth of $31 billion, has made a surprising decision regarding her daughter's entrepreneurial ambitions. Despite her vast wealth, she has chosen not to financially support her daughter's startup, emphasizing the importance of independence and resilience in the business world.
A Lesson in Independence
During the Power of Women’s Sports Summit, French Gates shared her perspective on her daughter's venture into the startup ecosystem. "I have a daughter who just started a business this year," she mentioned. "She got capitalized, not because of my contacts, not because of me. I wouldn’t put money into it." This statement underscores her belief in the value of earning success through one's own efforts.
Phoebe Gates' AI-Powered Fashion App
While French Gates did not name her daughter, it's known that Phoebe Gates, her youngest, co-founded Phia, an AI-powered fashion app, with her Stanford roommate, Sophia Kianni. Phia stands out by comparing clothing prices across 40,000 sites to help users snag the best deals. Despite the potential for family backing, Phoebe has expressed her desire for the app to stand on its own merits.
The Challenges for Women in Business
French Gates highlighted the difficulties women face in securing funding for their ventures. "It is very, very hard to get your business funded if you’re a woman," she said, pointing out the necessity of courage and perseverance in the entrepreneurial journey.
A Family Philosophy
This approach isn't new for the Gates family. Bill Gates has previously stated that their children would inherit "less than 1%" of his fortune, reinforcing the family's emphasis on self-made success. Phoebe's startup journey, supported by figures like Kris Jenner but not her mother, reflects this philosophy.
Beyond Funding: The Burnouts Podcast
Adding to her entrepreneurial endeavors, Phoebe and Kianni launched "The Burnouts" podcast on Alex Cooper’s Unwell Network. The podcast offers a candid look at the realities of starting a business, further showcasing their commitment to transparency and learning in the entrepreneurial space.
Comments