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
Uber exec with KC ties resigns to explore Kansas politics
An Uber executive with strong ties to Kansas City has announced his resignation and return to Kansas. Uber announced Tuesday that Brian McClendon, vice president of maps and business platforms at Uber, would be stepping down from his post as he explores a life in Kansas politics. A University of Kansas graduate, McClendon in January…
Vetrepreneur event Purple Connection taking flight in KC
An event connecting veteran entrepreneurs is making waves in Kansas City. Led by the Veteran Leadership Network and other local organizations, the next the Purple Connection will be held April 12 at the GRID Collaborative Workspaces. Community organizer Jesse Beaudin said this is the third iteration of the event series, and he was surprised by…
Kauffman honoree examines impact of accelerators on an ecosystem
Over the years, Kansas City has found itself home to several business accelerator programs. From BetaBlox to the Sprint Accelerator, these programs have increased the vibrancy of the area entrepreneurial community in many ways. But recently Kansas Citians had the chance to learn first hand just how much their local network of accelerators have helped…
Events Preview: Innovation Exchange, 1 Billion Bits
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 an event relevant to Kansas City’s entrepreneurial community? Add it to the FWD/KC calendar for increased exposure. Once your…