Why Bill Gates Chose Not to Fund Daughter Phoebe’s Business.
Billionaire Bill Gates recently shared why he didn't step in to fund his daughter Phoebe’s new business despite his fortune. The Microsoft co-founder admitted that when Phoebe, 22, launched her e-commerce startup, Phia, with entrepreneur Sophia Kianni, his first thought was, "Oh, boy." Although Gates is worth $108 billion, he refrained from offering financial support.
“I probably would have helped,” Bill Gates said, "but she luckily never asked." He explained that if Phoebe had asked for funding, he would have found it difficult to keep her business reviews impartial. “I would have kept her on a short leash, and I probably would have been overly nice, but wondered if it was the right thing to do."
Phoebe launched Phia, which uses artificial intelligence to help eco-conscious shoppers find the best deals online. The startup was founded with a mission to help consumers find sustainable shopping options while promoting eco-friendly habits. However, while Bill Gates refrained from funding the project, he did offer advice to his daughter, but only on matters of personnel.
Gates' ex-wife, Melinda, also refrained from stepping in. According to Phoebe, Melinda took a backseat approach, recognizing that allowing Phoebe to fail and learn on her own was a valuable opportunity. “She saw it as a real opportunity for that,” Phoebe reflected.
Phoebe Gates, a Stanford University graduate, opened up about her insecurities around starting the business, acknowledging that as a "nepo baby" born into wealth and privilege, she felt a strong urge to prove herself. Phoebe stated, “I felt a desire to prove [myself].”
Bill Gates has long been vocal about how he plans to distribute his wealth. In a podcast earlier this month, he revealed that his children will inherit less than 1 percent of his massive fortune. “I want to give them a chance to have their own earnings and success, be significant and not overshadowed by the incredible luck and good fortune I had,” he explained.
Bill Gates' parenting approach, where he allows his children to carve their own paths and learn from their successes and failures, is admirable. By encouraging his kids to try and succeed on their own, Gates fosters independence and personal growth. His method offers a valuable lesson in trusting children to find their own way rather than shielding them from challenges. It’s refreshing to see a billionaire parent prioritizing his children's development over simply handing them wealth.
