Pebble Founder Asserts New Venture Isn’t a Startup
Eric Migicovsky, the founder of Pebble, is launching a new venture that he insists is not a startup. Under the banner of Core Devices, this venture focuses on sustainable and profitable business practices. The company is preparing to reboot the Pebble smartwatch brand alongside an AI ring, marking a significant departure from traditional startup culture.
Pebble’s New Direction
During the Consumer Electronics Show in Las Vegas last week, Migicovsky emphasized that this new initiative aims to create a long-term enterprise. His approach is defined by a small team and a strategy that prioritizes sales over pre-manufactured inventory.
Insights from Past Experiences
Migicovsky reflects on his previous experiences with Pebble, which was sold to Fitbit in 2016 for approximately $40 million. Fitbit later became part of Google through a $2.1 billion acquisition. Through these transitions, Migicovsky learned crucial lessons on the challenges of hardware manufacturing.
- In 2015, Pebble projected sales of $102 million but only reached $82 million.
- This led to excess inventory and financial setbacks, forcing layoffs and a search for an exit strategy.
Migicovsky acknowledges losing clarity on his original vision for Pebble, which initially resonated well with consumers and was supported by a successful Kickstarter campaign. He intends to regain this focus in the new iteration.
Target Audience and Product Focus
The new Pebble smartwatches will appeal to a niche audience. Migicovsky describes potential customers as “a bit of a nerd,” not fitness enthusiasts or those seeking smartwatch replacements for their phones. He envisions a playful design, akin to a Swatch rather than a luxury timepiece.
Under Core Devices, the company has announced:
- Pebble Time 2 smartwatch
- Pebble Round 2
- Index 01, a $75 AI smart ring
Lean Operations
Core Devices operates with just five people, directly selling its products to consumers via its website. This lean model marks a substantial shift from the previous team of 180 at Pebble.
An essential component of this reboot is PebbleOS, the operating system originally open-sourced by Google. Thanks to the Pebble community and some fortunate networking, Migicovsky secured the open-source status, which was instrumental for the new devices.
Market Reception and Future Plans
So far, the new venture has seen strong market interest, with 25,000 preorders for the smartwatches and approximately 5,000 for the AI ring. While initial shipping timelines extend to six months, plans are in place to expedite this to just weeks.
The Pebble App Store currently hosts 15,000 watch faces and apps, providing a valuable ecosystem for users. Additionally, a Software Development Kit (SDK) will soon be relaunched for developers, indicating a robust future for Pebble’s offerings.
Migicovsky hints at more innovative products that align with personal preferences and aim to enhance daily life. This ambitious direction promises to create engaging, simple, and fun hardware that stands out in the market.
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