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
How the Mighty Handle evolved from an idea to a hit product
Startland News and the Kansas City Star have partnered to publish content as part of the Star’s new special section, “Spirit.” This story will appear in the Star’s Oct. 23 Sunday edition. Not all innovation is high tech. And while the development of any particular technology is distinct, there remain consistent principles of how to…
The Sprint Accelerator returns in 2017 with new approach
In less that 24 hours, Kansas City has learned that it will have a new pair of major accelerator programs in 2017. The Sprint Accelerator announced Thursday morning that, while it’s retained its name, the program has undergone a significant evolution that hopes to foster meaningful partnerships between startups and Kansas City corporations. Among a…
Techstars to launch new accelerator program in Kansas City
Accelerator guru group Techstars announced Wednesday that it’s launching a new program in Kansas City after leading the Sprint Accelerator for three years with Sprint. Lesa Mitchell, a former vice president of innovation and networks for the Ewing Marion Kauffman Foundation, will serve as the managing director of the Kansas City accelerator. “We’re excited to…
Kauffman Fellows hosting hundreds of global VCs in Kansas City homecoming
More than 200 investors and entrepreneurs from around the globe will soon converge in Kansas City as part of one of the most highly-esteemed venture capital organizations in the world. Now in its 21st year, the Kauffman Fellows program will reunite top-tier investors that hail from five continents for a reunion summit on Oct. 24…