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
Missouri Tech Corp. dishes $375K to Kansas City startups
Two Kansas City startups are among a dozen firms in Missouri that have received a total of $2.1 million from the Missouri Technology Corporation. Kansas City-based tech firms PopBookings and Moblico both nabbed matching funds — $300,000 and $75,000 respectively — from the MTC that will boost their operations. “We are supporting Missouri’s thriving innovation…
Science City merger to bolster local STEM education
Officials leading the merger of two non-profit science organizations hope their combined efforts will translate to more STEM professionals in Kansas City. A science museum, Union Station’s Science City is merging with Kansas City-based Science Pioneers to offer complementary science events, activities and programs. The merger — which will be complete July 1 — aims…
$10M earmarked for Kansas City tech talent development
Kansas City’s Full Employment Council is doubling down on its efforts to train techies. U.S. Deputy Secretary of Labor Chris Lu is visiting Kansas City Wednesday as part of the FEC’s announcement that it earned a $5 million grant to train young adults in IT, healthcare, financial services and advanced manufacturing. And thanks to matching…
North Kansas City to receive area’s largest coworking studio
North Kansas City will soon boast the metro’s largest coworking facility. The first shared workspace in North Kansas City, iWerx’s massive 33,000-square-feet facility is scheduled to open in July for entrepreneurs hoping to work in a community of innovators. iWerx also will house a business incubator that hopes foster entrepreneurial vibrancy in North Kansas City.…