I think you were right.
I remember when my Time2 Kickstarter refund came, I was seriously considering using that money to buy an Apple Watch. But I didn't like the plasticy look/feel of the base models, and wasn't prepared to spend twice as much to get one with the nice metal mesh strap. I then spent about half that money on three 2nd hand Russian mechanical watches on eBay, and that was the start of a small but very enjoyable collection and hobby.
Now I'd guess 70% of my friends have a modern smart watch on their wrist, while I'm usually rocking my (poorly faked) Yuri Gagarin Sturmanskie replica, or my Raketa Big Zero, or my Amphibia. And I've got half a dozen eBay alerts waiting for a few interesting mechanical watches I want to add to my collection...
Thanks for the valuable retrospective!
Could you expand a bit on the pros and cons of going smaller -vs- going bigger in that situation, and what motivated you to choose the way you did?
Also, do you feel the ambient culture/advice on that decision tried to push you in either direction?
We honestly thought that smartwatches were about to be a big thing for a lot of people and started scaling up. As I outlined in the post, we (poorly) tried to target a larger market segment and also scaled up our team. We were mostly right - smartwatches are objectively a major industry right now, but our strategy to do so was pretty bad. I don't think I would have changed anything, but looking back of course I see what would have been a more successful (but smaller) path.