A Canadian entrepreneur’s smartwatch, which works alongside a user’s smartphone, has won $2 million worth of orders through an Internet-based funding venture that offers cash-starved companies a way to both test their ideas and raise funds. Eric Migicovsky initially sought $10,000 over a five-week period through Kickstarter (www.kickstarter.com), a website set up to encourage small-scale funding for innovative projects. In just three days, the project has brought in $2.1 million, amounting to orders for almost 17,000 watches at a starting price of $115 each. Bulk orders are cheaper.

Migicovsky, who has been working on smartwatches for three years, moved his company, Pebble Technology, from Research In Motion Inc’s hometown of Waterloo, Ontario, to Google’s hometown of Mountain View, California, in June.

He said Pebble Technology decided to go directly to customers after failing to raise interest among Silicon Valley investors.                            –Reuters