Source: New York Times
When Eric Migicovsky, an engineer, wanted to develop a line of wristwatches that could display information from an iPhone — like caller ID and text messages — he went the traditional route of asking venture capitalists to finance his company.
“By that night, we were at $600,000,” said Mr. Migicovsky, who is 25 and a recent engineering graduate of the University of Waterloo. “We went out for a beer to celebrate, went home and slept, and when we woke up, we were at a million dollars.”
As of Friday afternoon, nearly 50,000 people had pledged close to $7 million — and there is still two weeks left before the fund-raising window closes. (As of Sunday afternoon, the total had passed $7 million.)
Pebble is the latest — and by far the largest — example of how Kickstarter, a scrappy start-up sprouted in the New York living room of its founders three years ago, is transforming the way people build businesses.