I don't think this validates this space at all. If your only exit strategy is to get acquired by a big 5 you're already in trouble.
Hardware is pretty freaking hard. Just look at recent examples of public hardware companies: FitBit / GoPro. Both doing like crap, struggling to maintain their grab on the market and looking for acquirers.
Honestly, I think this is a very unattractive sector, at least in this side of the world. Most serious hardware contenders are and will keep coming from China (DJI, Xiaomi, Yi, etc).
Business is hard, whether it's hardware or software. I think a lot of software-based companies wish they were "doing like crap" the way Fitbit is -- navigating through a couple years of unprofitability using a large pile of cash gained through years of profit.
Disclaimer: I work for Fitbit but speak only for myself.
I've generally been impressed of FitBit's business savvy. They get hw well (keep BOM/per-unit costs under control). It was particularly instructive to see the fate that befell Pebble (glad that fitbit hired a lot of those folks, etc.).
Hardware is pretty freaking hard. Just look at recent examples of public hardware companies: FitBit / GoPro. Both doing like crap, struggling to maintain their grab on the market and looking for acquirers.
Honestly, I think this is a very unattractive sector, at least in this side of the world. Most serious hardware contenders are and will keep coming from China (DJI, Xiaomi, Yi, etc).