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
Video: ‘Have you eaten?’ KC Pinoy adds food math to flavorful Filipino fare
Editor’s note: The following content about Chrissy Nucum’s KC Pinoy is sponsored by Mid-Continent Public Library but independently produced by Startland News. KC Pinoy food truck’s last customer of the day was aptly named: Lucky. “We’ve had a good enough day to break a hundred [dollar bill],” owner Chrissy Nucum told the diner at the…
Blue Hills incubator merging with mission-based urban core developer
A catalyst for change within the neighborhoods surrounding Prospect Avenue, the Blue Hills incubator is expected to continue serving entrepreneurs after merging with a leading development group in the urban core. The not-for-profit formed by combining the expertise of Blue Hills Community Services and Swope Community Builders aims to reclaim areas of Kansas City by…
Hungry Sprint Accelerator startups bite into corporate partnerships at Demo Day (Photos)
Winning a mother’s trust is a big deal, said Michael Moran, founder of MoPro, a high-protein, low-sugar Greek yogurt that was among the 2018 Sprint Accelerator cohort’s dairy-centric startups. But what’s perhaps even better than earning Mom’s blessing? Winning financial support from a key backer. Dairy Farmers of America announced a partnership with MoPro Tuesday…
Can KC founders replicate success with WeWork Creator Awards?
After two area founders snagged sizable cash prizes in past contests, a global coworking giant is re-igniting the WeWork Creator Awards competition to recognize entrepreneurs’ work. WeWork plans to dish out at least $238,000 and up to $634,000 in awards to the Eastern United States’ region, which includes Kansas City in this year’s contest parameters. WeWork…