“Ask anyone our age where their super is and they have no idea,” Spaceship cofounder and CIO (and Millennial) Paul Bennetts tell Collective Hub. “Then ask what companies they own in their super accounts and they get worried. We should know what companies we own with our super.”
In an increasingly unforgiving environment for Australian city-dwelling Millennials (ahem, exorbitant housing prices), Paul predicts that super will be the next “biggest investment” for that generation.
And considering the other big investment and near obsession for the average Millennial is having the latest tech, it only makes sense to combine the two.
Spaceship, a new Australian start-up launching later this year, gives members the opportunity to invest their superannuation in pioneering and innovative companies, rather than stock standard options often pedalled by other super funds.
“At Spaceship, we believe your super should be invested in where the world is going, not where it’s been,” Paul explains. “Apple, Google, Microsoft, Amazon and Facebook are all now among the most valuable companies in the world. They generated over $90bn of profit between them in 2015. Locally, Atlassian is as big as Qantas. Our world has changed, yet most super funds continue to invest heavily in the big four banks and mining stocks.”
That’s where Spaceship lifts off. By giving users the opportunity to invest in companies pushing into new technological and financial stratospheres, Spaceship brings super out of the antiquated and into the now.
It was last year over a beer that Dave Kuhn, a former product developer at 3wks and start-up founder (an artificial intelligence platform for customer service teams, Chorus, is one of his creations) and Andrew Sellen, a former marketing exec at Australian Ethical Super, threw around the idea of starting a forward-thinking super fund. Now, with fellow cofounders Paul and Kaushik Sen, who’s worked in tech development roles at companies like ING, ANZ and AMP, along with big name investors including fellow Millennial, entrepreneur extraordinaire and Atlassian founder Mike Cannon-Brookes, Spaceship is ready to launch. Considering the start-up managed to secure $1.6 million dollars worth of funding in just three days, we’re expecting big things.
“Technology has been the key differentiator and enabler for businesses over the last three decades and will continue to be going forward. Our super should be invested in where the world is going, not where it’s been. That’s why we started Spaceship. We’ve built a diversified super portfolio with this thesis at its core.”
The mobile-only super fund will also be AI-operated and do away with paper forms, using only digital channels to get the job done.