Sprint parent company to invest $50B in U.S. startups
December 7, 2016 | Bobby Burch
The billionaire behind Sprint’s parent company plans to unload some serious investment capital in American startups.
After a meeting with President-elect Donald Trump, SoftBank CEO Masayoshi Son announced that he plans to invest $50 billion in U.S. startups that will create tens of thousands of jobs in the next four years, according to the Associated Press. SoftBank purchased a majority of Overland Park-based Sprint in 2013 for $22 billion.
“We are going to invest $50 billion in the U.S. and commit to create 50,000 new jobs,” Son said. “We (will) invest into the new startup companies in the United States.”
While Trump appeared to take credit for the announcement, the prospective capital derives from a previously announced $100 billion fund. SoftBank in October announced that it partnered with a Saudi Arabian wealth fund to launch a $100 billion tech fund. The Wall Street Journal reports that SoftBank has poured more than $45 billion into tech investments alongside co-investors over the past two years. SoftBank owns more than 235 companies and more than 100 affiliates.
Son’s meeting with Trump sets the stage for what could be another attempt by SoftBank to acquire T-Mobile and merge it with Sprint. U.S. regulators thwarted that attempt in 2015, however, a Trump administration may be more open to the idea.
2016 Startups to Watch
stats here
Related Posts on Startland News
Procrastinating? Eat the frog, don’t chase the squirrels
On the metal wall in front of my desk, I’ve magnetically fastened a famous recommendation from Mark Twain. “Eat a live frog first thing in the morning and nothing worse will happen to you the rest of the day,” the humorist from Missouri wrote. Though it can become an aspiration rather than a rule,…
KCultivator Q&A: ‘Fashionpreneur’ Jordan Williams on starting with nothing but his smile
Editor’s note: KCultivators is a lighthearted profile series to highlight people who are meaningfully enriching Kansas City’s entrepreneurial ecosystem. Check out our features on Plexpod founder Gerald Smith, innovation coach Diana Kander, Victor & Penny’s Erin McGrane, SEED Law’s Adrienne Haynes, Code Koalas’ Robert Manigold, Prep-KC CEO Susan Wally and community builder Donald Carter. Jordan…
KC designers put streetwear innovation, culture on Kritiq runway (Photos)
Fashion entrepreneurs at Sunday night’s Kritiq fashion show shared many of the same struggles on their ways to the runway, Mark Launiu said. “One of our designers here was asked, ‘What’s your inspiration?’ And I think a lot of us can relate,” said Launiu, co-founder at MADE Urban Apparel and lead organizer of the event.…
Tax bill guts historic tax credits used to rehab Westport Commons, Kemper, lofts
Plexpod Westport Commons wouldn’t exist without the historic tax credits used to make the massive renovation and preservation project financially feasible, said developer Butch Rigby. A GOP-led tax reform bill introduced this month to simplify the tax code, however, would eliminate the Reagan-era tax credit program, which provides a 20 percent federal tax credit for…