The Digest:
Melinda French Gates, with a $31 billion fortune, explains her decision to withhold financial support from her daughter Phoebe's AI-powered startup. In a conversation with tennis legend Billie Jean King at the Power of Women’s Sports Summit, French Gates revealed that her daughter, Phoebe, co-founded the platform Phia with a Stanford roommate. Despite her immense wealth, French Gates emphasized the importance of Phoebe navigating the tough startup world on her own, insisting that a successful business must stand independent of family wealth.
Key Points:
- French Gates refuses to fund her daughter Phoebe's startup despite it being worth $31 billion.
- Phoebe Gates launched Phia, an AI-powered fashion app, to compare clothing prices across 40,000 sites.
- French Gates emphasizes the need for Phoebe to learn rejection and independence in business.
- French Gates underscores the barriers women face in getting startup funding.
- Phoebe shares her belief in building a business that doesn’t rely on family money.
- Bill and Melinda Gates aim to raise their children without entitlement, prioritizing self-sufficiency.
- Despite French Gates' refusal, Kris Jenner has publicly backed the startup.
In a world where privilege often dictates success, French Gates offers a perspective rooted in hard lessons learned from struggle. She insists that for any business to be real, it must be able to stand on its own.
Sources: The Post
