Melinda French Gates says she refuses to give her 22-year-old daughter money for the shopping business.
His estimated net worth is $30.7 billion, and Melinda French Gates can easily bankroll his daughter’s business without sweating. However, at a recent summit, the billionaire philanthropist confirmed that she was not funding the new venture.
Gates didn’t say which of the two daughters she was referring to, but 22-year-old Phoebe Gates recently launched Phia, an AI-powered shopping app. Barge.
“I won’t put money in that,” Gates told the host. Amanda Davis *Power of the Women’s Sports Summit presented by London’s Elf Beauty.
Gates says that by lowering financial support, she will have the opportunity for her daughter to test and validate business ideas with real investors and customers. If it’s “real business,” Gates says, the venture will ultimately feel people willing to support it.
Phia is already attracted to outside the capital. According to geekwirethe startup has raised $850,000, including $100,000 from Soma Capital and $250,000 from Stanford Social Entrepreneurship Grant, and $500,000 from angel investors such as Kris Jenner and Desiree Gruber.
Phoebe Gates and her co-founder Sofia Kiani also secured a podcast deal to promote the venture. Her journey offers valuable lessons to anyone looking to start a business.
Despite the flashy headlines, most startups fail. According to the end, about 90% of the total will collapse. Founders Forum Group42% failed because they were unable to meet the market demand.
In other words, the odds stack up against you, and the most common pitfall is building up what no one wants to pay.
To avoid this trap, find a relatively inexpensive and quick way to validate your business ideas. Sellers ideas to angel investors and industry experts to see if you’re going to bet real money on the success of your venture.
Better yet, look for customer payments to validate your business ideas before sinking too much of your money.
Read more: Do you want an extra $1,300,000 when you retire? Dave Ramsey says This seven-stage plan “work every time” to kill debt and become rich in America. – And it can do that
According to Small and Medium Enterprise ManagementApproximately 14% of small business owners relied on friends and family to provide funding in 2023.