Why Do Startups Fail? Because Hardware is Hard

Few venture-capital investors have forgotten the story of Pebble: In 2012, after every VC firm on Sand Hill Road had passed on investing, the smartwatch startup raised more than $10 million on crowdfunding site Kickstarter. It was an unheard-of amount for a crowdfunding campaign, and the resulting hype made Pebble an internet sensation. Then the …

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