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
Scarcity of women, parents in startups offers research opportunity
It’s no secret that — like any business — an entrepreneurial ecosystem is disadvantaged without a diverse set of players. But hurdles such as late night meetings and male-dominated culture at startups create barriers to entry for two specific groups: women and parents. That’s why researchers at the Ewing Marion Kauffman Foundation are taking another…
KC, Chattanooga tap into gigabit speeds for film contest
Ready your cameras, Kansas City. You’re serving as lead videographer in a community film contest that engages creative types and leverages the area’s high-speed, gigabit Internet. Kansas City has partnered with the City of Chattanooga, Tenn., for the “Capture: A Community Filmmaking Project,” a 48-hour project calling on citizens and film professionals to create short,…
Digital Sandbox welcomes six new startups
Digital Sandbox KC recently accepted six area companies into its incubator program that assists businesses with specific projects. The organization, whose mission is to develop businesses and help them secure additional funding, welcomed companies ranging from food service and technology to education and health. Digital Sandbox invests up to $25,000 in its program’s companies. “The…