FitBit takes the extra step to go public

FitBit+takes+the+extra+step+to+go+public

FitBit Inc. filed for initial public offering (IPO) on May 7 as it aims to raise stock investments over $100 million.

FitBit Inc. specializes in wearable technology that revolves around maintaining a healthy and fit lifestyle. FitBit Flex, FitBit Charge, and most recently, FitBit Surge are some of the products in FitBit’s line of technology. In the past year, FitBit has sold over 11 million devices of varying models, bringing it revenue of $745 million. The capabilities of the newest model include counting steps, keeping track of sleep activity, monitoring exercises and calories burned and behaving as a normal watch. Besides just monitoring activity throughout your day, FitBit inspires people to gain confidence and work towards their fitness goals. Since its inception in 2007, FitBit has faced rapid growth as as a startup and has attracted consumers with its uniquely tailored exercise programs.

FitBit’s immediate competitors in the market would be Apple Watch, Samsung and Microsoft who all have developed different models of wearable technology. Apple, for instance, already has ideas about how the Apple Watch can be used for fitness as well as extend the capabilities of a normal smartwatch using a bluetooth connection.

“I don’t think the FitBit will exactly get attention from the market because there are so many other competing watches, so I think the Apple Watch will get more attention,” Albert Pun (10) said.

On the other hand, due to its specific use, FitBit might appeal to a different population interested in fitness.

“I think that FitBit will target a very specific audience because there are a lot of people who enjoy fitness, and they want something specific for that. It will come at a cheaper price too,” Andrew Gu (10) said. “In addition, its probably more durable and able to endure certain conditions unlike the Apple Watch for example.”

FitBit will continue its development of wearable technology as it raises investments for future growth.