When smartwatches started becoming prevalent, the chairman of Rolex was asked how they may influence the watch business. To which he replied, “I don’t know. I’m not in the watch business.”
When is a tool more than a tool? When it moves beyond purpose and into meaning:
- Purpose gives value: This tool has utility and reason for existing. Tools with purpose are economically selected and preserved for their utility.
- Meaning has value: This tool has value beyond utility alone. Tools with meaning are pursued and sentimentally preserved for what they represent.
A $6 Casio keeps better time than a $30,000 Rolex. Only one was designed to keep time.