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EDA/IP  

Crowdfunding expedites IoT projects time to market

Posted: 22 May 2015     Print Version  Bookmark and Share

Keywords:Pebble  IoT  crowdfunding  wearable 

The caginess of many consumers may be due to fashion preferences and lack of clear use cases, said Emotiv CEO and Founder Tan Le. Emotiv's wearable EEG headset was designed for research, marketing and health monitoring. "These devices require you to fit them on your head in a very particular way in order for signals to be robust. Because of some of those inherent limitations, we still have to push the needle further in terms of awareness, especially in terms of use cases."

After working on hardware for seven years, Migicovsky said he's learned the basic lessons of making lightweight, durable products at a fast pace and only recently did he learn that less may be more.

"As [users] added more and more capabilities to their watch they didn't use all of them. A lot of people look at a smartwatch like a smartphone and say we can copy and paste things from the smartphone, but it doesn't work," he said.

In addition, designers can't optimise smartwatches for the many options sensors offer, the Pebble founder said. "It's not our place to do that," he said. "We'd much prefer to see a platform evolve where people using a smart setup with Pebble that would have the best sensors for going on a run or hike or sail," he added.

Migicovsky said he's been asked for years whether larger companies may see the success of crowdfunding campaigns and make copycat devices. He said he isn't worried about Apple, Google, or Facebook entering the smartwatch space. "I think what's spectacular is that Apple did come through and build something in the same space that we're working on, which is immense validation of the quest we've been on. Also there's a lot to learn and it took seven years. For people worried about competition, there's only so much worrying you can do in one day."

Crowdfunding isn't at risk of being overtaken by those with more traditional product pipelines. Indiegogo's Song said his crowdsourcing platform is like Netflix because it aims to serve a variety of customers with different preferences.

Indiegogo CEO Rubin described four key components of crowdfunding success: products that do well use data to prove the necessity or success of the product; using a video in a campaign results in 114 per cent more success; projects that are updated every five days make four times as much money; and campaigns are likely to be more successful if the first 30 per cent of funders come from friends, colleagues and existing consumers.

- Jessica Lipsky
  EE Times


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