Melinda Gates refuses to fund daughter's startup, despite $31 billion net worth
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She wants her daughter to learn and grow on her own
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Melinda says it's about making daughters stronger
Setbacks help women succeed, says Billie Jean King
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Melinda French Gates is worth around $30.8 billion, but she still refused to give money to her daughter's startup. She said this during the Power of Women's Sports Summit by E.l.f. Beauty, explaining her decision, as per the reports.'My daughter started a business this year,' Melinda said, 'but I didn't fund it—not because of my contacts or money.' She believes if it's a real business, others should invest in it, not just her as a parent, as per the report by Fortune.Melinda also said her daughter needs to learn how to deal with rejection and grow from it. This mindset matches what her ex-husband, Microsoft co-founder Bill Gates, has said before: He once said that his children would inherit less than 1% of his fortune.Melinda didn't name the daughter, but most likely it's Phoebe Gates, the youngest one, who is 22 years old. Phoebe Gates recently launched a fashion-tech startup called 'Phia' with her Stanford roommate, Sophia Kianni, according to the report by Fortune.Phia helps users compare clothing prices from over 40,000 websites to find the best deals. Earlier this year, Phoebe also said her parents didn't let her drop out of Stanford to start the company—unlike Bill Gates, who dropped out of Harvard.Melinda says this is not about being strict—it's about teaching daughters to be strong and independent in a world that's tough on women. She shared that successful women often go through difficult times and come out stronger, as per the report by Fortune.Melinda has been fighting for women's empowerment for over 20 years and says that female founders still have a harder time raising funds than men. She said, 'It's really hard for women to get business funding. You need courage and persistence to stay in the game', as mentioned in the reports.Tennis legend Billie Jean King, who was at the summit with Melinda, agreed and said setbacks help people grow. King also said she has banned the word 'failure' and replaced it with the idea of 'getting feedback', according to the report by Fortune.She believes feedback is more useful than fearing failure—and helps founders keep moving forward. According to global data, only 2.3% of venture capital went to female founders last year, proving how tough the startup world is for women, as stated in the reports.Melinda Gates said she wants her daughter to learn how real businesses work and grow through rejection without family money.Phoebe Gates co-founded 'Phia,' a fashion-tech platform that helps users compare clothing prices from over 40,000 websites.
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