Spaceship Capital – the ‘up and coming’ superannuation fund was meant to shake up the Australian super industry; targeting tech-savvy younger workers with its one core belief: Invest where the world is going (read: tech). Since 2016 it has enlisted customers into its new super fund with the promise of targeting investment into fast growing tech companies domestically and across the world.
It was announced this morning that Spaceship has withdrawn its application for a Registrable Superannuation Entity (RSE) licence. The very thing needed to run its own tech-focused super funds.
In short – Spaceship have had to delay plans because their CEO/co-founder Paul Bennetts has too centralised a role and too much formalised control over their customers’ results. In trying to create his vision he has reached a point where he needs to stand back and empower those around him.
Spaceship’s predicament reminds me of a recent conversation with a friend – he and his company had been developing a piece of software for the last 18 months. While finally the end was in sight, there was still a long list of work in front of them. The kicker – he said – “most of what is left I am doing for me, the customer result will largely be the same”.
Both Paul Bennetts and my friend have a vision they are pursuing.
Both are, however, adding additional time and cost to the end result due to what I call ‘The Ego Component’. – The parts held in by the vision holder that aren’t adding value to the customers of the end vision.
I am the first to put my hand up here and admit I’ve been as guilty of this as any of you.
But we can do better.
Counter-intuitively – our visions are best realised when we think not of what we achieve but what we can now offer and the improvements we help others make.