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
‘Economic eviction notice’: Property owners decry tax spike as ‘death sentence for small business’
Critic of tax office says Jackson County is betting most property owners hit with inflated bills are too intimidated to appeal State lawmakers could be Jackson County business owners’ last hope, said Ian Davis, testifying Wednesday in the Missouri state capitol about spiking property tax assessments that have seen entrepreneurs hit with increases of up…
South KC hub heats up with $100M+ cold storage investment; logistics site expected to bring 190 jobs
A strategic collaboration between Americold and CPKC underscores Kansas City’s growing role in advancing cross-border commerce and temperature-controlled logistics, officials said Tuesday, celebrating the grand opening of a 335,000-square-foot Import-Export Hub in South Kansas City. Americold’s new $100 million-plus facility is expected to create nearly 190 new jobs and serve as a hub for Canadian…
Innovation Fest pitch winner touts unexpected treat: growing his animal health startup in Kansas
Emmanuel Bijaoui’s first time in Kansas — for Tuesday’s Innovation Festival and onboarding for the incoming Plug and Play Topeka cohort — has left the Treat Therapeutics founder with a lasting impression of the region’s entrepreneurial ecosystem, he shared. “We always talk about the Animal Health Corridor,” he said after winning the festival’s BioKansas Startup…
‘Troost is not scary’: Kansas City equity walk highlights Black business revival
Editor’s note: This story was originally published by The Beacon, a member of the KC Media Collective, which also includes Startland News, KCUR 89.3, American Public Square, Kansas City PBS/Flatland, and Missouri Business Alert. Click here to read the original story from The Beacon, an online news outlet focused on local, in-depth journalism in the public interest.…