The countdown is on at fledgling start-up and technology-focused superannuation product-provider Spaceship, as chief executive Paul Bennetts attempts to convert his waitlist of 22,000 into a $1 billion fund.
Touring around multiple start-up hubs this month, Bennetts told an audience at an Appster event that after officially registering as a superannuation product-provider on January 9, Spaceship had built a customer base of thousands and was ready to invest where the world is heading.
Bursting onto the start-up funding scene in July last year, Spaceship pitched a different portfolio offering. Issued through the Tidswell Master Superannuation Plan, Spaceship whose promoter is a corporate authorised representative of Grosvenor Pirie Management, will offer members with a strong appetite for growth - a single, high-risk investment product, Spaceship GrowthX, with technology investments at its core.
Spaceship hopes to invest 35% of all members' portfolios in technology companies such as Google, Facebook, and Uber, while providing a small offsetting allocation to defensive assets such as fixed interest securities and cash although according to its product disclosure statement, Spaceship will seek to diversify through exposure to index funds and exchange-traded-funds.
Once matured, Spaceship hopes they can invest 15% of member's portfolios in the next billion dollar company before it goes public.
Spaceship has announced its fees at 1.8%, slightly trimmer than other new products on the market.
Across social media, Spaceship's growth hacker Anna Cheng, a marketing professional who specialises in start-ups, has reached out to key "influencers", hoping to take advantage of their extensive list of followers.
So far the product-provider has picked up a number of key figures including Atlassian co-founder Mike Cannon-Brookes, early investor in Salesforce Simon Clausen, and founder of Aconex Leigh Jasper, who have boasted about transferring their superannuation accounts to Spaceship on their personal Twitter accounts or in personalised testimonials.
As a retail product, Spaceship GrowthX will not have access to the workplace default MySuper option, meaning that members will have to actively transfer their funds into Spaceship and away from their employer's default fund.
According to Spaceship's PDS, the product-provider does not have their own stance on ethical investing but rather relies under the policies of underlying investment managers. When probed on the issue, Bennetts said that the benefit of investing the technology companies is that their founders are usually the ones pushing the ethical investment agenda.
So what's next for Spaceship? While the product-provider is running behind its scheduled launch date, they recently told The Australian that they're fully on course to present their offering to members at the Myriad Festival held in Queensland at the end of March 2017.
Bennetts says he sees Spaceship as a complete financial brand, backed by data driven advice and strong customer communication.
"I want people to be talking about superannuation in that pub, that would be wonderful," Bennetts said. "We have more interaction with our electricity statement than we do with our superannuation and I think that's a problem."