After raising $375k (all amounts in USD) in seed funding from several high-profile Silicon Valley angel investors for an innovative e-paper display “Pebble” watch that enables users to interact with their Android or iOS device through a wrist interface, inventor-entrepreneur Eric Migicovsky required an additional $100k for tooling equipment to move from his pro- totype to a small production run. Despite having production experience with a previous watch he created for the Blackberry, experience raising seed capital, pedigree through his affiliation with a high-profile incubator (Y-Combinator), and being located in a region with a high concentration of angel investors, he could not find a willing backer. On April 11, 2012, he turned to crowdfunding, with the goal of raising capital in small amounts from many people through the Kickstarter online platform. He thus launched a campaign to raise $100k, promising contributors a watch for every $120 (approximately) they pledged. To his surprise, he raised the required capital in two hours. After 37 days, he closed his campaign, having raised more than $10M from 68,929 people and committed to producing 85,000 watches with expected delivery by September that year