TL;DR: Eric Migicovsky’s "Not a Startup" Model Promotes Focused, Sustainable Business Growth
Eric Migicovsky, founder of Core Devices and Pebble, demonstrates a unique approach: rejecting traditional startup norms to focus on sustainability, profitability, and a dedicated audience. His strategy includes bootstrapped funding, small teams, built-to-order production, and open source software, all aimed at avoiding overextension and financial risk. This model encourages founders to prioritize restraint, meaningfully engage with their core market, and avoid scalability pressure.
• Launch products for niche audiences, only if there's proven demand (e.g., preorders).
• Use open source as a community-building tool for innovation.
• Maintain simplicity and reject unnecessary complexity to stay lean and purposeful.
Curious how this model contrasts with traditional startup practices? Explore lessons from startups like Luminar to refine your approach and build sustainably!
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When Pebble founder Eric Migicovsky unveiled his new company, Core Devices, at CES 2026, it wasn’t the hardware that caught my attention, but the declaration: “This is not a startup.” As someone who thrives in the intersection of startups, education, and deeptech, I instantly recognized the nuance of his approach. Migicovsky’s venture isn’t just a rejection of traditional startup models; it’s a strategic experiment that could rewrite the rules for founders, especially those seeking financial freedom and sustainability without sacrificing ambition.
Why does Eric Migicovsky insist Core Devices is ‘not a startup’?
Startups, as a concept, are typically laden with expectations: rapid growth, venture capital funding, and endless scalability. Core Devices, however, counters these norms with a radically different ethos. Migicovsky employs a small, self-funded team of five, manufactures devices only after they’re sold, and steers clear of venture capital. He emphasizes long-term profitability rather than exponential growth. According to him, “This is an old idea. We’re just bringing it back.” This calculated focus on simplicity stands in stark opposition to his earlier experience with Pebble, where overproduction and pivoting led to its sale to Fitbit in 2016.
- Team size: Just five employees.
- Funding: No venture capital, fully bootstrapped.
- Production model: Built-to-order to avoid inventory risks.
- Operating system: Leveraging open source for efficiency.
This approach doesn’t make Core Devices less ambitious. On the contrary, focusing on lean practices and a smaller, devoted audience aligns perfectly with long-term sustainability in hardware, a sector notorious for its high upfront costs and failure rate. I wonder how many founders will view this as a “blueprint” for a new wave of businesses post-2026?
How does the ‘not a startup’ approach challenge the traditional founder mantra?
As a five-time entrepreneur, I know how tempting it is to get carried away by the startup playbook, raising capital, scaling aggressively, and aiming for a massive exit. What Migicovsky demonstrates, though, is the value of restraint and niche focus. By deliberately rejecting venture capital and building only what people are willing to pre-order, he is questioning a deeply ingrained startup paradigm: that bigger is better and faster signifies success. But let’s be honest, how many startups implode under the pressure of growth they are not ready for?
In Europe, a continent already leaning toward sustainability and moderation (culturally and economically), Migicovsky’s “not a startup” playbook could resonate. It’s familiar to me as the essence of what I teach at Fe/male Switch: no wasted resources, and maximizing learning through real user interaction. Migicovsky’s focused decision-making sets a practical example for founders, especially in female entrepreneurship where burn rates and risk need balancing with execution.
What can founders learn from this bold model?
- Build for an audience like you: Migicovsky openly targets fellow “nerds” with his reimagined Pebble products, including the Pebble Time 2 smartwatch and Index 01 AI-powered smart ring. Don’t chase a broad audience at the expense of alienating your core users.
- Make preorders your fuel: Instead of risking capital on manufacturing, Core Devices ensures demand is validated first. Founders, apply this by securing commitments or pre-orders before scaling production.
- Value simplicity: The company’s new devices are fun, simple, and aren’t trying to replace smartphones or compete with complex wearables. As Migicovsky says, “I’m okay with a limited vision.” Avoid the trap of feature creep, keep your products purposeful.
- Open source equals opportunity: By open-sourcing PebbleOS, Core Devices attracts developers eager to customize and contribute innovative applications. Founders can similarly use open source as more than a tool, it’s a community-building mechanism.
- Embrace not fitting in: Lean teams and nontraditional funding models may seem risky, but they often grant the freedom to build slowly, test, and course-correct without external pressure.
As Migicovsky acknowledges, he’s learned as much from Pebble’s failures as he has from its successes. Founders should consider their own choice: growth at any cost or sustainable, focused operations?
Is Europe better suited to this model of entrepreneurship?
If you operate in Europe, you may already have the advantages necessary to follow this tempered path of sustainable growth. European markets inherently prioritize long-term stability, a fact reflected in their regulations and investor expectations. For example, ESG-driven (Environmental, Social, Governance) policies and grant funding prioritize companies driving ethical and sustainable values. As Migicovsky casually dismisses the need for VC, I can see European entrepreneurs doing the same with access to national initiatives and EU funds like those offered by the European Investment Fund.
- Nordic countries: Already leading in sustainability and innovation; a ripe market for ethically produced independent hardware.
- Germany and France: Support robust technical pivots through governmental R&D tax breaks and grants.
- Southern Europe: Emerging hubs like Lisbon offer highly cost-effective bases for R&D while reaching growing venture networks.
Europe, with its emphasis on impact funding and pragmatic entrepreneurship, may well become the breeding ground for a new breed of founder, one that values endurance over velocity.
Final thoughts: Should more founders declare “I’m not a startup”?
Eric Migicovsky’s declaration isn’t just a personal stance, it’s a cultural shift. Founders, especially those exploring niche markets or hardware, should consider the benefits of his deliberate, lean, and sustainable model. Most importantly, it’s a reminder to build with intention, for the users who truly need you, and without the pressure of the “startup” label. Ask yourself: Is funding worth the strings attached? Is growth necessary for validation? And perhaps, most crucially: Can I succeed by simply being essential to my core market?
I encourage entrepreneurs, especially women in tech, to view this model as a liberating option. With tools like preorders, open source, and frameworks like Fe/male Switch, you can avoid unnecessary risks and focus on what truly matters: building a business you love, with customers who love your product in return.
If you’re curious about how to adopt these practices for your venture, start exploring ESG-driven funding sites or reach out on Fe/male Switch where we guide founders on how to build their ventures sustainably.
FAQ on Core Devices and the ‘Not a Startup’ Approach
Why does Eric Migicovsky claim Core Devices isn’t a startup?
Eric Migicovsky rejects the conventional startup model, emphasizing sustainability, profitability, and simplicity. Core Devices focuses on a small team, no venture capital, and a built-to-order production model to avoid overproduction risks. Explore lessons from the Pebble Time 2 launch.
How does the Core Devices model differ from traditional startups?
Core Devices avoids high-risk scaling, choosing a lean team of five, self-funding, and open-sourcing its PebbleOS. By ensuring products are only manufactured post-sale, Migicovsky prioritizes simplicity and niche audiences. Discover startup reinvention strategies from a hardware founder.
What lessons did Migicovsky learn from Pebble’s early challenges?
Pebble’s overproduction and mission drift, like attempting health tracking, taught Migicovsky the value of restraint. With Core Devices, he aims to deliver fun, purposeful technology while avoiding unsustainable growth. Learn how founders handle challenging pivots.
Why is Core Devices built for niche audiences?
Migicovsky targets “nerds” who value customizable and straightforward gadgets. This focused audience ensures demand alignment and loyalty rather than chasing mass markets. Read about the benefits of identifying niche audiences.
How does open-sourcing PebbleOS benefit Core Devices?
Open-sourcing PebbleOS allows developers to enhance and build on the platform, fostering community-driven innovation and expanding applications. This positions Core Devices as a collaborative ecosystem. Explore how open source can transform startups.
How does the Core Devices model promote sustainability?
Avoiding venture capital and leveraging built-to-order production, Core Devices minimizes waste and financial risk, aligning with sustainability initiatives popular in European markets. See why ESG-driven entrepreneurship thrives in Europe.
What role does preordering play at Core Devices?
Preorders validate demand while ensuring no unnecessary inventory is produced. This approach reduces financial uncertainty and enhances customer-driven product design. Learn how preorders drive successful launches.
How is Eric Migicovsky redefining hardware entrepreneurship?
Migicovsky’s model focuses on manageable goals, direct-to-consumer sales, and high customer engagement. Core Devices’ lean strategy contrasts with venture-backed consumer tech norms. Understand why simplicity matters in hardware.
Are European markets aligned with Core Devices’ approach?
Yes, Europe’s emphasis on sustainability and moderated entrepreneurship provides fertile ground for Core Devices’ growth. National initiatives and EU funding further foster ethical business practices. Find Europe’s top startup ecosystems in 2026.
What mindset should founders adopt to replicate this model?
Founders should embrace restraint, validate demand early, and focus on niche users. Avoid rushing into high-growth ventures by balancing execution precision with sustainable strategies. Rewire for sustainability and confidence as a founder.
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the “gamepreneurship” methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the point of view of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.