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Start-ups look to the crowd
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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 couldn’t 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.
But he couldn’t 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.
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