iWatch Marks Real Start of Tim Cook Era

You've probably already marked your calendars for Sept. 9, but I'll give you another good reason to do so. It's not just the day Apple will likely unveil the highly anticipated iPhone 6 and iWatch. It's also the day CEO Tim Cook will finally step out from Steve Jobs' very large shadow.

For the last couple of years, critics have complained that Apple has rested on its laurels by not truly innovating or debuting products in new categories. There's some merit to this criticism, but it's a mistake to conflate being the first-to-market with success. That's never been Apple's modus operandi. Apple reinvents categories. Steve Jobs did it with the iPhone and iPad, and now Cook will attempt to do the same with wearables.

This could very well be a make-or-break-moment for Apple's new leader, but Cook already has one thing in his favor: The competition isn't all that stiff.

Have you noticed the scads of mediocre smartwatches people are not wearing? I'm asked all the time about when these gadgets will take off, and I keep saying the same thing: Wait for the iWatch. While smartphone makers have been spitting out Android Wear devices with a swipe-happy UI only a masochist could love, Tim Cook and his charges have been putting the finishing touches on a device that promises to deliver a superior combination of form and function.

MORE: Why the iWatch Already Beats Android Wear

Just look at the hires Cook has made leading up to this moment. He scooped up former Yves Saint Laurent CEO Paul Deneve for "special projects," as well as former Burberry CEO Angela Ahrendts as head of retail. Plus, Apple has recruited fitness experts and designers from Nike. The underlying message is this: Cook understands that wearables are as much about fashion as they are about technology.

Although it's not expected to go on sale until early 2015, the iWatch will reportedly come in two sizes and sport a curved but very tough sapphire crystal display. It will also include all sorts of sensors to track your health and fitness. According to The New York Times, Apple has been working hard to ensure these sensors track your movements and vital signs (like heart rate and footsteps) "much more accurately than existing fitness devices."

This is a crucial point. Although Android Wear watches like the Samsung Gear Live and Moto 360 have heart-rate monitors, they're not really designed to keep tabs on that rate as you run. It's more for just casual monitoring. What's the point? Cook's Apple will demonstrate that smartwatches need to be just as smart while you're on the move.

Of course, the iWatch won't be perfect, just like any first-generation device. You'll probably have to charge it more than you'd like, and — based on what I'm hearing — it may not be affordable enough for the masses. It's also not clear how independent this device will be; the same Times report says the iWatch will rely heavily on "handoffs" with other Apple devices.

So why would Cook reveal the iWatch now if it won't be available in time for the holidays? Because a bigger-screen iPhone just won't be a big enough deal to keep both Apple fans — and investors — happy.

Apple needs to show how its ecosystem is growing, and that includes not just wearables but also mobile payments. In fact, the Wall Street Journal says the iWatch may be used as a digital wallet, thanks to a built-in NFC chip. More important, Cook's team has apparently brokered deals with American Express, MasterCard and Visa. Forget Google Wallet and the service formerly known as ISIS. You won't even need to whip out your phone to pay for stuff.

I'm not ignoring the fact that Cook has plenty of challenges in front of him. These include the recent celebrity photo hacking incident, which raises serious questions about iCloud security, as well as continued allegations of labor violations in China. How he responds to these challenges will help define his legacy.

Thus far, Cook's Apple seems more transparent and responsive. The CEO just promised security improvements, including push alerts for iCloud users and the broadening of two-factor authentication. Apple is also investigating claims the company hasn't been adequately protecting its workers.

Apple has a pretty stacked bench of talent, including design master Jony Ive. There's also the very charismatic Craig Federighi (aka Hair Force One), who's in charge of software development. In some ways, he's an even better showman than Steve Jobs during keynotes. But ultimately, this is Tim Cook's show now, and it's up to him to prove that a bold new era of innovation awaits.

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