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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.
But he couldnt even get a foot in the door, let alone secure any money for what he called the Pebble watch.
So he turned to Kickstarter, a site where ordinary people back creative projects. Backers could pledge $99 and were promised a Pebble watch in return.
Less than two hours after the project went up on the site, Mr. Migicovsky and his partners hit their goal of $100,000
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.Read full article>>