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
Smart City update: Living Lab set to launch, TV show may highlight KC innovation
Bob Bennett, chief innovation officer at the City of Kansas City, Mo., said Kansas City has championed itself as a leader in big data and smart city tech for years now. But now the city is reaching an inflection point to leverage the data at a significant scale, he said. “The bottom line is that…
From homelessness to national TV, Fishing Caddy founder to appear on ABC
The Fishing Caddy has reeled in a big opportunity with a national television show that will feature its device making anglers’ pursuits a bit easier. On July 16, Fishing Caddy founder Joe Pippins will hop on Steve Harvey’s Funderdome, an ABC show in which inventors compete for cash to help accelerate their businesses. The Fishing Caddy…
Events Preview: Summer in the Sand, Second Fridays
There are a plethora of entrepreneurial events hosted in Kansas City on a weekly basis. Whether you’re an entrepreneur, investor, supporter, or curious community member — we recommend these upcoming events for you. Are you hosting a relevant community event? Feel free to add it to the FWD/KC calendar for increased exposure. Once your event…
Eyeing area talent gap, Code the Block to teach tech skills to underserved KC youth
A new organization seeks to strengthen Kansas City’s tech talent pipeline by bringing computer science education to underserved youth. Co-founded by David Persley and Joe Wilkinson in 2016, Code the Block is an after-school program targeting high school students in Kansas City. Persley, a Teach for America alum, and Wilkinson, a former business analyst with…