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
Report: Tech drives nearly a 10th of Kansas City’s economy (and those employers are hiring)
Advocates tout KC for top-tier tech talent; a new report affirms its status as an emerging market with potential for big impact A combination of economic stability, depth and skill of talent, and operational efficiency creates conditions for companies to grow and succeed in Kansas City, said Kara Lowe, detailing new data that suggests the…
InvestMidwest back in KC ahead of World Cup rush; four new leaders join board roster
A powerhouse quartet of venture experts are on board for the next wave of InvestMidwest impact, said Claire Kinlaw, announcing plans for the two-day summit’s bounce back to Kansas City this spring as organizers push to boost deal flow in a region outside the startup-dense coasts. New to InvestMidwest’s board as planning gets under way…
Fan favorite vote: AltCap Your Biz launches crowd-sourced contest as pitch event nears
One of 10 finalists in a popular fall pitch event for small businesses is expected to win $5,000 based solely on community votes, leaders at AltCap announced Friday, launching this year’s voting portal ahead of mid-November competition at Union Station. “The Fan Favorite Contest invites the community to discover amazing local businesses, to learn about…