Bill Gates, the tech billionaire and co-founder of Microsoft, has expressed his views on his youngest daughter Phoebe Gates’ entrepreneurial aspirations. In a recent interview, he revealed that he would have likely helped fund her business venture if she had asked, but he’s relieved she didn’t. Phoebe, 22, co-founded Phia, an online price comparison shopping platform, with her former Stanford University roommate, Sophia Kianni, 23.
When Bill first heard about Phoebe’s plan to enter the competitive e-commerce space, he had initial concerns. “I thought, ‘Oh boy, she’s going to come and ask [for money],'” he recalled. Despite his apprehensions, Bill admitted that he would have probably assisted Phoebe financially if she had requested it.
However, he acknowledged that his support would have come with certain conditions. “I would have kept her on a short leash and been doing business reviews, which I would have found tricky,” he said. “Luckily, it never happened.”
Phoebe and Kianni launched Phia with an initial $100,000 from Soma Capital and a $250,000 grant from Stanford’s social entrepreneurship program.
Bill Gates on Phoebe’s independence
They secured an additional $500,000 from angel investors, despite early rejections. Melinda Gates, Phoebe’s mother, encouraged her to raise capital independently, seeing it as a valuable learning experience.
Bill’s involvement in Phia has been minimal, limited to offering advice on personnel issues. “When it comes to shopping, I’m not exactly the target audience,” he admitted. Phoebe’s entrepreneurial journey highlights the Gates family’s approach to raising their children with an emphasis on independence and self-sufficiency.
Bill Gates has publicly stated that his children will inherit only a fraction of his fortune, believing that excessive wealth is not a favor to them. This stance is further evident in Phoebe’s revelation on her podcast, “The Burnouts,” where she shared that her parents were “really cautious” when she expressed her desire to drop out of college to start a business. “They were very much like, ‘You need to finish your degree; you don’t just get to drop out and do a company,'” she said.
“Which is so funny because my dad literally did that, and that’s the reason I’m able to go to Stanford or have my tuition paid.”
Phoebe’s successful launch of Phia, a tool designed to help shoppers compare prices across thousands of e-commerce sites, demonstrates her ability to innovate and grow independently. As the youngest of three children born to Bill and Melinda French Gates, Phoebe’s journey underscores the importance the Gates family places on their children completing their education and pursuing their dreams on their own terms.
Photo by; Adetola Afolabi on Unsplash