Pebble founder says his new company is ‘not a startup’

Eric Migicovsky, the visionary behind the original Pebble smartwatch, is taking a fresh approach with his new venture, Core Devices, which blends nostalgia with innovation. Unlike typical startups, Migicovsky emphasizes that his company is structured to be sustainable and profitable from the outset. Speaking at the Consumer Electronics Show in Las Vegas, he stated, "We’ve structured this entire business around being a sustainable, profitable, and hopefully, long-running enterprise, but not a startup." He believes while startups play a critical role in fostering innovation, Core Devices is focused on refining and relaunching existing ideas rather than introducing entirely new concepts. Reflecting on his previous experience with Pebble, which sold to Fitbit in 2016, Migicovsky shared lessons learned from the challenges faced during its operations. The original Pebble encountered significant hurdles, particularly a miscalculation in inventory leading to a disappointing sales year, despite achieving $82 million in revenue. This time, he aims to create products that resonate with a specific audience rather than trying to cater to everyone. The new Pebble smartwatches are designed for enthusiasts like himself, who appreciate a simple and functional device rather than a smartwatch that attempts to replace their phones. "I want a companion to my phone, rather than a replacement for my phone," he explained. Under the banner of Core Devices, the company has unveiled the Pebble Time 2 smartwatch and the Index 01, a $75 AI smart ring. With a lean team of just five people, Core Devices sells directly to consumers, avoiding the pitfalls of expansive operations from previous ventures. The foundation remains the Pebble OS, which Migicovsky successfully advocated to be open-sourced by Google, a critical factor for the rebooted smartwatch's viability. Currently, the company has seen promising pre-order numbers, with 25,000 for the smartwatches and 5,000 for the AI ring. Migicovsky is optimistic about future projects, hinting at more innovative products that will enhance everyday life, all while remaining true to the playful and casual ethos of the brand. The upcoming relaunch of the SDK for developers promises to further enrich the Pebble ecosystem, reinforcing the company's commitment to its community and sustainable growth.