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
CNBC: Kansas City is a top place to affordably ‘live large’
Kansas City was once again nationally recognized as a locale in which residents can live well on a base salary that’s comparatively low to coastal cities. CNBC named Kansas City No. 9 on its list of 12 cities “where you can live large on $60,000.” “The best places are likely the ones where you can…
Listen: Madison Flitch founder carves a furniture firm with KC stories ingrained
Editor’s note: In partnership with the KC Greats podcast, hosted by Scott Parman, Startland News hopes to offer its audience more avenues to learn about entrepreneurs in Kansas City. Opinions expressed in this commentary are the author’s alone. In this episode, Parman chats with Madison Flitch founder John Pryor, who shares the story of bootstrapping his…
Meet the Kauffman Foundation’s newest board member
The Ewing Marion Kauffman Foundation has added a new member to its high-caliber board of trustees. The foundation announced Thursday that Esther L. George — the current president and CEO of the Federal Reserve Bank of Kansas City — will serve on its board. As a member of the board, George will support the foundation’s…
15 local companies selected for latest ScaleUP cohort
ScaleUp Kansas City announced Thursday the 15 entrepreneurs that were selected to the program’s latest cohort. Since its launch in 2015, 62 local business owners have graduated from the four-month program, which offers immersive training for companies looking to scale. “ScaleUP! KC has been — and continues to be — such a critical program for…