Former Apple CEO John Sculley gave his take on the Apple Watch and Apple Pay in a recent interview with Forbes.
Sculley lauded Tim Cook’s success as CEO, but said he doesn’t think Apple takes enough risks.
“If you say who in Silicon Valley is willing to go out and take the big risks, change the game, you see people like Amazon and Google, Facebook, are willing to take big risks to go into entirely new industries than they were in before.”
Sculley said Apple will continue reaping insane profits even if they don’t innovate new products.
“The question is: is there anything on the horizon,” he said. “I’m not convinced yet that the Apple Watch is one of those items. Maybe I’ll be wrong. But it isn’t clear to me that it’s as big a deal as an iPhone, or an iPad, or an iPod.”
Keep in mind Wall Street expects Apple to sell in the neighbourhood of 24 million Apple Watches next year.
But despite Sculley’s negativity about the Apple Watch, he’s bullish about Apple Pay:
I think Apple Pay can be a fundamental creative leap. Look what AliPay is doing. So I’m very optimistic about Apple Pay. But realistically, even if you’re an optimist, it’s going to take several years to deploy that around the world. And no retailer wants to bet 100% of their future just on Apple.
At least some analysts share Sculley’s optimism about Apple Pay: Barclays published a note on Monday pointing to services as a growth area for Apple in the next few years when they raised their target to $US140, up from $US120 per share.
Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.