The Old Adage Doesn’t Fail
A wise old man once said, “if it ain’t broke, don’t fix it.” Why bother messing around with something if it was absolutely amazing the first time around? Many would believe that you ought to stick to what works!
The Pebble Technology team took that to heart when they designed their third-generation smartwatch. In February 2015, the company launched pre-orders for its new line of smartwatches, and the old adage couldn’t have been more on point. Casting orders on Kickstarter (the global crowdfunding platform), Pebble Technology not only did incredibly well but it obliterated Kickstarter crowdfunding records! To date, the top two Kickstarter projects (by total funds pledged) were Pebble’s second-generation smartwatch and the so-called “21st Century Cooler that’s actually Cooler.” The new Pebble Smartwatch not only beat itself but took over the “Cooler” to claim the title as the most funded Kickstarter campaign of all time; an astonishing eighteen million dollars pledged to date with seventy thousand backers, all while achieving thirty-six thousand per cent of their funding goal.
And yes, they did it while keeping to their roots. The new Pebble Watch includes many features customers enjoyed in the original—no surprises, nothing overly excessive or fancy, but instead just what works. The new Pebble has several recognizable features: always-on display, impeccable battery life (up to a week!), a daylight readable screen, water resistance, and tactile buttons. Though the team has kept to its roots, there are undoubtedly some new features that will also excite customers. New features, such as a colour e-paper display and microphone provide a fresh upgrade to the Pebble smartwatch lineup without ruining the integrity of what it represents: a practical, inexpensive, and durable product that does everything you need and nothing more.
Canadian Roots
So how did Pebble Technology get to where they are today? Don’t worry, we don’t have to look far! Born in Vancouver, BC, systems design engineer and founder, Eric Migicovsky, began building smartwatches alongside a group of friends while studying at the University of Waterloo. He was one of the first classes of students to come through the University of Waterloo’s accelerator network, Velocity, which is designed to help students with innovative business ideas.
Building the first prototype in his dorm, the first-generation product was called the InPulse. But like any successful entrepreneur, Migicovsky faced several setbacks with his product. Migicovsky was not able to raise enough funds through the Y Combinator business incubator program—the same program that has raised the likes of Dropbox, BufferBox, and Reddit. Furthermore, the InPulse was exclusive to BlackBerry’s platform—leaving out a giant market of Android and iOS users. “We didn’t build what people wanted,” says Migicovsky.
Devastated but unwilling to give up, in April 2012, Migicovsky and his team brought the new Pebble Watch to Kickstarter. Having reinvented it from the ground up, the Pebble worked on several platforms, had Bluetooth capability, and a longer battery life, amongst other changes. And that’s when things really started to fall in place; within only two hours of going live, the project had met its goal of one hundred thousand dollars and, by the end of it all, Pebble Technology raised over ten million dollars, backed by sixty-eight thousand people. At the time, it was the most funded Kickstarter campaign.
Competition: David Versus Goliath? Migicovsky Doesn’t Think So
There is no secret that the wearable devices market is becoming increasingly saturated. There are some hefty competitors out there; products include the classy Motorola Moto 360 Smartwatch and the recently released Apple Watch, which includes the Edition version priced at thirteen thousand dollars. One might wonder how Pebble Technology plans to compete against these tech giants.
Pebble Technology knows that it is still considered a “small fish.” In an American Public Media interview, Migicovsky conceded that Apple could buy Pebble Technology with its pocket change. Yet, Migicovsky repeatedly stated that he would never sell his company to Tim Cook, the current CEO of Apple. He further added that although there are obvious overlaps between the Pebble Watch and other smartwatches in the market, the Pebble targets a different consumer base. Pebble doesn’t target a customer base looking for a luxury product. Instead, Pebble consumers are those who don’t want a watch that makes life more complicated with even more notifications or having to charge their smartwatch every few days. They want a durable and practical watch without a hefty price tag; no fancy gimmicks and no compromises.
Though still a relatively small tech company, Pebble has also received its fair share of public criticism. Namely, some consumers questioned why Pebble decided to launch its recent smartwatch on Kickstarter, again. Unlike the first time around, Pebble now certainly has enough capital, consumer awareness, and resources to launch on its own; the crowdfunding platform is designed to help those who are just starting out to bring creative projects to life. Migicovsky stated that his team decided to return to Kickstarter to reward its loyal Kickstart fan base—loyal customers get neat rewards for supporting them the second time around such as “extra special engraving,” and easier product upgrades. It was also more efficient with regards to cost and shipping expediency for Pebble to launch on Kickstarter. Geez, is there anything these guys can’t do right?
Moving Forward
What’s next for Pebble Technology? Migicovsky hasn’t given the tech world many hints. If the new distributor tier in its recent Kickstarter is any indication, Pebble Technology wants its presence in stores. There is great benefit to having customers be able to physically see and play around with the product in retailers. Now that they have more capital, why be limited to only online purchases? Furthermore, Pebble could enter into various partnerships; wouldn’t it be cool if Pebble would sync with your car, television, or even your drone?
If one thing is clear, the future generation of Pebble smartwatches won’t be looking drastically different from previous ones. They also won’t carry a hefty price tag of thirteen thousand dollars and contain eighteen-karat gold. It might be bad news for Pebble if they try to enter into the luxury market and compete with the likes of Apple. Better to stick to what works and continue to provide its loyal customers exactly with what they’re looking for. Indeed, it’s what Pebble Technology has been doing since its inception.