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
Kauffman Foundation offers $25K via ‘1 in a Million’ contest
Think your business is one in a million? The Ewing Marion Kauffman Foundation is offering 1 Million Cups presenters from the last year a chance to snag some cash — and this year they’ve bumped up the prize to $25,000. In its second year, the 1 in a Million competition is open to any firm…
Swanky downtown apartments to feature KC-made smart home tech
A $69 million office-to-apartment conversion project in Kansas City will soon feature new Internet-of-Things technology that its creators hope will become a model for the world of real estate. Amid a flood of development projects in downtown Kansas City, Sunflower Development Group and Block Real Estate Services are converting Traders on Grand — a 20-story…
KC startups nab first, second place in national contest
Two Kansas City startups recently reigned supreme in UPS’s inagural Midwest X-Port Challenge. Mobility Designed, a medical device company from Prairie Village, Kan. that is also a 2016 LaunchKC grant finalist, won first place. The startup has garnered international attention thanks a viral video featuring their futuristic crutches. Mobility Designed CEO Liliana Younger said that…
Striving to change KC culture, LiveKC launches app
Millennials now make up the largest portion of the working population. A generation growing up with fast-paced technology in hand, Kansas City will have to move quickly to keep ahead of the curve and to attract and retain young talent. In order to do that, the LiveKC initiative was born in order to make Kansas…