Phoebe Gates: Why She Didn’t Need Dad’s Billions for Her Business
Bill Gates Expresses Relief Over Daughter’s Business Funding
Bill Gates has shared his relief that his daughter, Phoebe, launched her business without seeking his financial assistance.
The Microsoft co-founder, 69, admitted to some initial concerns when Phoebe informed him of her plans to start a business with her former Stanford University roommate, Sophia Kianni.
Phoebe, 22, and Kianni, 23, collaborated to create Phia, an application designed to help shoppers easily compare prices on new and used products across numerous online retailers.
“I thought, ‘Oh boy, she’s going to come and ask [for money],’ ” Bill told The New York Times in a recent interview. He also shared his initial thoughts about her entering the competitive e-commerce market, adding, “Wow, a lot of people have tried, and there’s some big guys in there.”
Bill shares daughters Jennifer, 28, Phoebe, and son Rory, 25, with his former wife, Melinda French Gates.
He currently ranks as the 13th wealthiest individual globally, with an estimated net worth of around $102.2 billion, according to Forbes’ 2024 World’s Billionaire List.
As previously mentioned, Bill has stated that his children have benefited from a “great upbringing and education” but will inherit “less than 1 percent” of his total wealth.
During an appearance on the Figuring Out with Raj Shamani Podcast earlier this month, he explained, “I decided it wouldn’t be a favor to them.” However, even this small percentage could still mean that his children each inherit millions.
Bill revealed that he likely would have funded Phoebe’s business, Phia, had she asked.
“And then I would have kept her on a short leash and be doing business reviews, which I would have found tricky, and I probably would have been overly nice but wondered if it was the right thing to do? Luckily, it never happened,” he shared.
Having been encouraged by her mother to raise capital independently, Phoebe and Kianni started with $100,000 from Soma Capital and a $250,000 grant from a Stanford social entrepreneurship program.
They faced numerous rejections before securing an additional $500,000 from angel investors, according to The New York Times.
“She saw it as a real opportunity for me to, like, learn and fail,” Phoebe said of her mother, Melinda.
The 22-year-old entrepreneur has also received guidance from mentors like Kris Jenner, Sara Blakely of Spanx, and Joanne Bradford, previously of Honey.
Bill mentioned that his advice to Phoebe is primarily limited to personnel matters, adding, “When it comes to shopping, I’m not exactly the target audience.”
Stay tuned for more updates from Eternal Pen!
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