The youngest daughter of philanthropist Melinda French Gates and Microsoft co-founder Bill Gates, Phoebe Gates, says she wants her AI firm to be successful without depending on her family's riches, power, or last name.
The 23-year-old business owner just secured $35 million for Phia, an AI shopping assistant, increasing the startup's valuation to over $185 million. But according to Fortune, Gates stated that her main goal is to create a business that stands on its own two feet. Phoebe made these remarks while talking in a podcast.
"My primary motivation is to build something generational that has no ties to my privilege or my last name," Gates reportedly stated on Yahoo Finance's Opening Bid Unfiltered podcast.
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As the daughter of one of the most well-known computer entrepreneurs in the world, Gates acknowledged that she felt pressure to succeed.
She stated, "I have a chip on my shoulder," and that her objective is "not only proving myself, but building something novel and unique that consumers actually love."
Gates claims that neither Melinda Gates nor Bill Gates has made any investments in the business. Rather, Phia has depended on outside investors such as Khosla Ventures, Kleiner Perkins, and Notable Capital.
Gates and Sophia Kianni, a former roommate at Stanford University, co-founded the New York-based company Phia. The firm runs an AI-driven shopping assistant that connects to web browsers and facilitates price comparison between retail and resale platforms.
"A young woman who is working hard is our target customer," Gates previously told Fortune. "She's shopping like a genius, but she doesn't want to waste her time doing it."
Gates claims to have benefited from her parents' guidance even though she has refrained from accepting money from them. "From my dad I've really learned that your team is the core of what you're building. You can't do anything without an incredible team," she stated.
Gates says she wants execution, not inheritance, to drive the company's long-term success, despite having grown up with exceptional privilege.
Phoebe said her focus in constructing something new, while adding that she wants to "make something worthwhile".
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