Melinda French Gates says she refuses to give her 22-year-old daughter any money for her shopping business — here’s why

With an estimated $ 30.7 billion, Melinda French Gates can easily transfer her daughter’s business without breaking sweat. But at a modern summit, the improved billionaire confirmed that it does not finance the new project.

Gates did not say any of her two daughters referring to, but the 22 -year -old Vibi Gates has recently launched phia, a shopping application that works for Amnesty International, according to The Verge.

“I will not put the money in it,” Gates told the host that the host Amanda Davis is at the top of the women’s sport force presented by the beauty dwarf in London.

By curbing her financial support, Gates says her daughter gets an opportunity to test and idea of working with real investors and customers. If it is a “real work”, Gates will find that the project will eventually find people ready to support it.

Via has already attracted the capital. According to Geekwire, startup 850,000 dollars, including $ 100,000 from Soma Capital, and a $ 250,000 social entrepreneurship grant and $ 500,000 from owners such as Chris Jenner and Dizziri Gropper.

PHOEBE Gates and its co -founder, Sofia Kayani, also secured the Podcasts deal to promote the project. Her journey offers some valuable lessons to anyone looking to start a business.

Despite the delightful headlines, most startups fail. Nearly 90 % ultimately collapse, according to the founding group group, with 42 % failure because they were unable to fulfill the demand in the market.

In other words, the possibilities are stacked against you, and the most common is to build something that no one wants.

To avoid this trap, try to find relatively cheap and fast ways to verify the correct idea of your business. Put an idea for owners or industry experts to see if they are betting on real money on the success of the project.

Better, I am looking to pay customers to verify the correct idea of your business before you drown a lot of your money in it.

Read more: Do you want an additional amount of $ 1,300,000 upon retirement? Dave Ramsey says that this 7-step plan “works every time” to kill debts, rich in America-and that “anyone” can do this

According to small business administration, about 14 % of small business owners relied on friends and family for financing in 2023.