Son Ends Seven-Month Silence to Make Case for SoftBank’s Future
By alexandreTech
Son Ends Seven-Month Silence to Make Case for SoftBank’s Future
SoftBank CEO, Masayoshi Son, recently broke his seven-month silence to make a case for the company’s future. The Japanese multinational conglomerate has been through a lot in recent times, and Son’s appearance in a conference call with investors was much anticipated.
Son’s presentation of SoftBank’s future plans brought a sense of relief, showing that the company isn’t in as bad shape as some had feared. In this article, we’ll take an in-depth look at what Son had to say about SoftBank’s plans moving forward.
The Impact of COVID-19
Like most businesses, SoftBank has not been immune to the pandemic’s effects. During his speech, Son admitted that the company had underestimated the coronavirus’ impact on its investments. The economic fallout from the pandemic has led to SoftBank losing billions of dollars in investments, including its stake in WeWork.
Despite this setback, Son has pledged to keep investing in tech startups, arguing that these companies are key to rebuilding the economy post-pandemic. He also pointed out that the pandemic has accelerated the need for digital transformation, which presents new investment opportunities for SoftBank.
Son’s resilience in the face of adversity shows that he’s not afraid to take risks. As he put it, “We don’t retreat in a downturn. We advance.”
The Importance of Vision Fund 2
Vision Fund 2 is SoftBank’s latest investment vehicle, dedicated to tech startups. According to Son, it’s a crucial part of SoftBank’s future plans. The fund has faced some setbacks, with investments in companies like Zume and Brandless failing to live up to expectations.
However, Son believes that the fund’s long-term prospects remain strong. He pointed out that many of the companies in Vision Fund 2 are well-positioned to benefit from the post-pandemic economy, such as those working in healthcare and e-commerce.
Son also acknowledged that SoftBank needs to improve its governance and management practices, particularly when it comes to Vision Fund 2. He announced that SoftBank would be setting up a new investment committee to oversee the fund’s operations, with himself as chairman.
The Future of SoftBank’s Portfolio Companies
SoftBank’s portfolio includes some of the most exciting tech startups in the world, including Uber, Slack, and DoorDash. Son’s presentation highlighted his belief that many of these companies are still undervalued and have significant room for growth.
One area of particular focus for SoftBank is the food delivery industry. With more people staying at home due to the pandemic, demand for food delivery services has skyrocketed. SoftBank has invested heavily in companies like DoorDash and Grab, which are both experiencing rapid growth.
Son also highlighted the importance of AI and machine learning in SoftBank’s future plans. He believes that these technologies will transform industries such as healthcare and education, leading to significant investment opportunities for SoftBank.
The Importance of Diversity
During his speech, Son emphasized the importance of diversity in technology. He admitted that SoftBank had not done enough to promote diversity, particularly when it comes to gender equality.
Son pledged to do better, announcing that SoftBank would be setting up a new program to promote women in leadership positions. He also highlighted the importance of investing in companies founded by women and people of color, stating that “we need to back entrepreneurs from all walks of life.”
This commitment to diversity is an important step forward for SoftBank, and one that will undoubtedly be welcomed by investors and employees alike.
Son’s appearance marked an important milestone for SoftBank, as he laid out the company’s plans for the future. Despite the setbacks caused by COVID-19, Son remains optimistic about SoftBank’s prospects, particularly when it comes to tech startups and emerging technologies.
His commitment to diversity is also a positive sign, showing that SoftBank is willing to address its shortcomings and strive for a more inclusive workplace. Overall, Son’s speech should give investors confidence in SoftBank’s ability to weather the storm and emerge stronger on the other side.
