I hope that this message finds you well.
It’s been quite some time that some of you hear from the Bracelet.
I’m trying to answer all the inbox received via Facebook and I can understand that some of you are circonspect, interrogative and even nervous about our delay.
In fact, as you all know, you backed a project that was and is still in development. We are the first one to try to make a product like the Cicret Bracelet work. It means that we are the first one to face unexpected and premiered issues coming from the industrial design, the software, the components such as the pico projector we’re using… It’s not an excuse, but it’s the true reason why our product is not yet on the market. You may also be aware that the average percentage of start-ups that passe the « three years of existence » stage is less than 10%. Unfortunately, that has nothing to do with the great voluntee, the unlimited energy and non stop time you spend on it: so many great entrepreneur can’t manage to maintain their company floating. But, whatever the issues, whatever the challenges, whatever the comments, we’re still here.
There’s also a point all of you have to keep in mind: even if we had the chance to reach our target via our donation campaign, its purpose was only to let us complete the POC2 – which we did last year. We made it with a design office based in Singapore and with really few man power. I know that $600k is a huge number for an individual, but it’s quite a small amount for a company to allow it to run with full time employees. For instance, even if I’m running it for almost three years, I never get any salary from it. I prefer to focus on my engineers and the completion of each phase of our development.
I’m not complaining and I’m still committed to this project. But I want you to understand that, as a contrary to a « normal » company, with the ambition we have, we never had the opportunity to get a full team working on it 24/7 with enough fuel in tank to pursue without interruption.
In the mean time, that’s also why I decided to stop our donation campaign last year: the idea was to consider its purpose achieved and use a more « conventional » way, via VC and private equity. When we reached the 100% of our crowdfunding, we could have continued – as many projects on Kickstarter, for example – and keep receiving donations, but I decided to stop it to focus on a more traditional way of raising money. Of course, even if I don’t spend my time on it, I read the messages and comments saying that it’s a fraud, that it’s a fake… I obviously can’t see myself as a crook trying to get any dollar available from my potential donors. And I have an advice for everyone: if you have any question, always prefer to ask me directly than reading articles, streaming videos of people who never contacted us and made their own investigation without taking the time to solicit us. As you can see, when we’re not speaking about private info, we’re opened to exchange whatever our interlocutor is skeptic or enthusiastic. And we’re continuing to answer, to give updates and to take our responsibilities.
The situation as of today is as it is: the donations have been spent and are not lost as we’re still continuing to develop. If we manage to bring the Bracelet on the market, the discount system will still apply.
To jump back on the financial side, we used the donations received to achieve the POC2 and pursue our development the last 18 months. As stated in the Terms & Conditions all our donors signed before donating, we won’t be refunding the donations as they were help to the development and were use for it.
As explained, we’re now at the fundraising stage as it requires biggest amounts than the donation campaign and are processing it. I will let you know once it’s completed. I have good faith in it and we have a good challenge here: we have more demand than offer and are solicited by an important number of interested investors.
On the technical side, as we’re focused now on POC3, we already passed what is called the Feasibility Study. We sourced the components we’ll need for the final product, we know with who we’re going to do it and we constantly improve the software development, which is key here.
For some of you who didn’t see the video of the POC2, here’s a link: https://vimeo.com/211164894
Let’s be really clear: it’s a prototype and it’s not intended to be the final product. It’s only a miniaturized version of the previous generation and, even if it’s not recognizable by the Great Public, it’s a great improvement, especially in terms of software.
We brought this prototype with us in Las Vegas last January for the CES and it made a great impression in front of engineers who could shell it. Of course, it’s always easier to exchange information with companies and people with whom we are under Non Disclosure Agreement. I can’t make you all sign it and I apologize if you’re sometime frustrated about the lack of details. But that’s inherent to our activity and asset, especially our patents.
Speaking about timeline, there may be a misunderstanding from the beginning as some of you had the feeling that we were more advanced than we really are. That can come from the Youtube concept video we posted few years ago. But, as written, it was purely a concept and the first idea was to see if there was a potential market for a new product that wasn’t develop by any company and, of course, even put on retailing.
If you ask me about when the Bracelet will be put available, I won’t give you a date. I learned many things the past months and one of them is to be really cautious with the agenda. The only thing I can assure you
Now, I’m confident on our future because I know the great team working with us. We have committed people, knowledgeable who share the same vision and already brought products on the market. It’s only a question of time and making sure not to make the same mistake twice.
There’re also the whole Community, donors or not, who support us and give us the strength to move forward. More than showing that there’s a market, it’s an amazing source of enthusiasm and will to make it happened.
I can assure you that we are doing our best to achieve the Bracelet.