The product lifecycle concept refers to the adoption of an innovation by end-customers, since the vertical axis can be measured in terms of sales. The Pebble story is an interesting one insofar as it takes place in a world where consumers can also be investors and the firm's performance so far has shown how the two domains of fund-raising and consumer marketing can overlap. By appealing to consumers in terms of fund-raising the firm is also hoping to validate its technology and appeal in a way that focusing on private equity may not necessarily have done.