One year you are a major success story in the tech business, twelve months later no one wants to know your name. Unfortunately, I have seen my fair share of tech businesses come and go.
Innovative companies have a very difficult time sustaining themselves. If your company is that trendy, you have to constantly come up with new ideas in order to stay ahead of the competition and/or keep customers interested.
Such is the case with Pebble Technology Corporation, manufacturers of smart watches. The company just announced it is shutting down and selling its intellectual property to Fitbit. This is shocking, considering Pebble was the darling of the crowdfunding industry.
The company attracted $20,338,986 in Kickstarter funds with 78,471 backers. All Pebble really wanted to raise was $500,000. Pebble became a celebrity company in just a few short weeks. Every other company which needed to raise money since then wanted to model itself after Pebble.
Pebble’s popularity ran out when other manufacturers, with big brand names, entered the smart watch market. One such company is Apple. To make matters worse, the smart watch market didn’t take off as everyone expected.
The demise of Pebble was first reported in the Los Angeles Times. Read it here.