A Candid Look at Bill Gates’ Role (or Lack Thereof) in Phoebe Gates’ Business Venture Phia
In a recent interview with The New York Times, Bill Gates opened up about his youngest daughter Phoebe’s business venture, Phia, an online price comparison shopping platform co-founded by Phoebe and her former Stanford University roommate, Sophia Kianni. The 22-year-old Phoebe, along with Kianni, launched Phia with the mission to help shoppers easily compare prices for new and used items across thousands of e-commerce sites.
While Bill Gates, currently one of the richest individuals on Earth with a net worth of $102.2 billion, admitted that he would have likely helped fund Phoebe’s startup if asked, he also expressed a certain relief that she didn’t. In the interview, he shared that when Phoebe first told him about her plans to dive into the competitive e-commerce space, his first thought was, “Oh boy, she’s going to come and ask [for money].”
Gates confessed, “I thought, ‘Wow, a lot of people have tried, and there’s some big guys in there.’” Despite his concerns about the crowded market, he expressed a deep admiration for Phoebe’s initiative and determination to build something of her own.
“I would have kept her on a short leash and be doing business reviews,” Gates said with a chuckle, admitting that he might have found it tricky to manage such an involvement in her venture. “I probably would have been overly nice but wondered if it was the right thing to do? Luckily, it never happened.”
In contrast to the financial safety net that his wealth could have provided, Phoebe took a more independent route to funding her business. She and Kianni initially raised $100,000 from Soma Capital and a $250,000 grant from Stanford’s social entrepreneurship program. They faced several rejections before eventually securing $500,000 from angel investors. Throughout the process, Phoebe’s mother, Melinda French Gates, encouraged her to raise capital independently and allowed her to “learn and fail” on her own.
Bill Gates has always been a firm believer in giving his children the space to chart their own paths. In a previous interview, he revealed that his children would inherit less than 1 percent of his total wealth, a decision rooted in his desire to ensure that they build their own success.
Phoebe, who has also received mentorship from notable figures such as Kris Jenner, Spanx founder Sara Blakely, and Joanne Bradford, former president of Honey, has navigated the early stages of Phia with a sharp entrepreneurial focus. While Bill’s involvement in the business is limited—offering advice primarily on personnel matters—he maintains that when it comes to shopping, he’s not exactly the target audience.
“I decided it wouldn’t be a favor to them,” Bill explained during an appearance on the Figuring Out with Raj Shamani podcast, referring to his decision not to leave a large inheritance for his children. Despite this, Phoebe and her siblings will still likely inherit substantial wealth, even if it doesn’t represent a majority of Bill’s fortune.
Bill Gates’ reflections on Phoebe’s entrepreneurial journey highlight his belief in the value of independence and learning through experience. With Phoebe’s venture making waves in the e-commerce industry, it’s clear that she has the potential to thrive in her own right—without relying on her father’s financial backing.
