Oct 12, 2013 09:39 AM EDT By Staff Reporter, UniversityHerald Reporter

The race for space is now at the wrist.

As multiple companies seek to develop smart watches or perfect the versions already produced, the ones who achieve the most success will be those who maximize space, according to The Wall Street Journal's interview with Sony CEO Kazuo Hirai. Companies and consumers have yet to distinguish the perfect combination of size, style, and functionality for their smart watches, which makes the industry appealing for entrepreneurial minds.

"All of these discussions are still out there," said Hirai. "But that makes it an interesting space to be in and a lot of companies are looking at it."

Hirai and his company's practically-sized smart watch is already in the the race - thought that hasn't stopped the CEO from dreaming future possibilities for his product. Among other capabilities, Sony's watch (available for $129) notifies its wearer of phone calls, e-mails and updates on Twitter or Facebook, as per The Wall Street Journal.

He believes size will be the most important factor determining success.

 "I look at it like a real estate business because you have limited real estate to establish your beachfront, but if you do, then the barrier to entry is very high," said Hirai. "Once you're committed to a particular product then I don't know if you want to be switching all the time."

Sony's smart watch is slightly big for a regular watch but is noticeable smaller than Samsung's Galaxy Gear ($299), which attracted so-so reviews upon its release, The Wall Street Journal reported. One of the issues with "Gear" is that it requires purchase of a corresponding tablet. One day Samsung hopes to convert it to a stand-alone device, but for now it is being marketed as a combination buy. Sony's watch will also be a companion device, but it will link to a smartphone rather than a tablet.

"The jury is still out on what the consumer expects from a wrist device," Sony's CEO said.

Hirai also commented on the implications of new OLED screen technology that allows screen more flexibility.

"The challenge in that space is how foldable is foldable," he said. "From a consumer perspective they want it as small as possible. They want to fold it and put it in their back-pocket and it's got to be durable to withstand that."

"That's a bit of a technological and engineering challenge but it's obviously something that we're looking at," he said.

Apple, Inc. is also developing its own smart watch, and we know that company knows how to get mini. The aesthetically-inclined tech company has already trademarked the name iWatch in several countries, according to The Wall Street Journal.

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