Apr 18, 2012
I’ve written before about the dying traditional VC model. Dinosaurs wandering the earth demanding $100M companies, 10X return, 3-year business plans (complete with a carbon-dating analysis, thank yew), and pounds of spreadsheets. Could a “virus” finally kill them off for good?
And now this just in. Rejected By VCs, Pebble Watch Raises $3.8M on Kickstarter .
..Then he hit a roadblock. A big one. Migicovsky couldn’t raise more money. Few investors were interested in betting on a hardware startup, or dealing with the headaches that often come with manufacturing goods.So Migicovsky posted his watch on Kickstarter, a “crowd-funding” website where anyone can pledge money for creative projects that have yet to be completed.
26,000 people invested. Quickly. Small amounts. No flaming hoops. No endless meetings. No repetitive questions.
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