History- Founded in 2011 by Sonny Vu, John Sculley and Sridhar Iyengar.
- Before Misfit, Vu and Iyengar were behind IBGStar (the first FDA approved
medical device for Iphone).
- Early-day invested by ex-Pepsi president and ex-Apple CEO Sculley.
- Headquartered in San Francisco. Engineer offices located in China and Vietnam.
Products - Shine (launched 2012)- Utilize sensor technology, tracking activity and monitor sleep.
- Funded through Indiegogo (goals reached within 10 hours, finished ~ $846k).
- Elegant design, persistent battery life (5-6 months) and waterproof.
- Positively received.
- Partnered with Victorias Secret, Swarovski.
- Named official tracker for Sochi and World Cup 2014.
- Fully waterproof.
- Partnered with Speedo to utilize swimming tracking.
- Shine 2 will be launched in 2016.
Products - Flash (launched 2014)- Similar to Shine, but made from plastic.
- Half the price.
- Lower water resistant (30m compared to Shiness 50).
- Mixed reviews.
Financial- Around $63M from 5 funding rounds. (7.6M, 15.2M, 40M from Series A/B/C)
- Revenue undisclosed, but shipped over 1M devices in Q4 2014.
- Huge market for growth (70M devices sold total in 2014 - $7B market).
- Recently acquired by Fossil Groups for $260M.
Secret Sauce- Fashion-oriented
- Doesnt greatly compromise activity tracking.
- High sustainability, access to cheap HR.
- We have to get the best talent at the best prices - Sonny.
- Accessible outside of US market. ( of revenue outside US, mostly China, Russia)- So far, decent marketing strategy.
Competitor+ Other tracker: Jawbone, Garmin, Mio
+ Smartwatches: Pebble, Samsung Gear.
+ Young and competitive market.
Thoughts+ Sustainable, steadily generate revenue.
+ Good direction, focus on wearables.
+ Depends on its parent companys partnership and marketing.
- Need to diversify products.
- Need to enhance UX.
- Solid competitors.
- Deal with counterfeit issue
Will continue to earn its share in the market!