Melinda French Gates has explained why she decided not to financially support her daughter’s new business, saying she wants her children to succeed without depending on family wealth.
Even though Melinda is worth $31 billion and is known for her charity work, she said she won’t invest in her daughter’s company. She wants to make sure her daughter earns success on her own.
During a recent event, Melinda shared that one of her daughters launched a business this year. She made it clear the daughter got funding without any help from her or her connections.
She didn’t mention the daughter’s name, but it’s believed to be Phoebe Gates, her youngest child, who started an AI fashion app called Phia with her friend from Stanford, Sophia Kianni.
Phia is an app that helps users find cheaper clothes online by comparing prices across 40,000 websites.
Melinda noted how difficult it is for women to get funding for new businesses. She said it’s important to learn how to stay strong and keep trying in the business world.
For years, Melinda has supported causes that focus on women’s rights. She was also a co-chair of the Bill and Melinda Gates Foundation for nearly 25 years.
Still, she believes it’s important that her daughter goes through the hard parts of building a company, including being told “no.”
Melinda told her daughter that if the business is really good, then others will be willing to invest. If not, rejection is part of learning and growing.
Phoebe, who is 22 years old, doesn’t seem upset that her mother didn’t fund the project. She said she wants Phia to succeed without relying on family money.
According to Phoebe, her goal is to create a company that can succeed on its own. While she knows she comes from a wealthy family, she wants her app to prove itself in the market.
This is not the first time the Gates family has spoken about not handing down their full fortune to their children.
Bill Gates has previously said that each of his children – Jennifer, Rory, and Phoebe – will inherit less than 1% of his wealth.
Even though Melinda didn’t invest in Phia, the company still received support. Kris Jenner, the mother of Kim Kardashian, publicly said she is backing the startup.
