Unless you’re not much into tech, you’ve probably heard of GoPro, Inc. (Nasdaq: GRPR), a young firm gaining fame for its wearable high-definition cameras designed for extreme action video photography.

The stock has taken investors on a rough ride recently, falling more than 20% below its early October peak of about $94. Still, the price is up nearly 140% since GoPro’s June 26 initial public offering.

While analysts project fast growth for GoPro in the next few years and the stock could still have lots more upside, it’s not the only choice for investors seeking profits from the growing popularity of wearable video cameras. In fact, I’ve got my eye on another such company, a recent startup based in Florida that has some unique offerings of its own.

#-ad_banner-#Now, I don’t see this simply as a GoPro knockoff. GoPro is geared mainly toward the action enthusiast, and its small video cameras can be mounted in several ways — like to a helmet, a pair of goggles or a remote-controlled aircraft — to get shots that would be impossible or unsafe to attempt otherwise.

This other firm’s cameras are even smaller, maybe roughly half the size of GoPro’s depending on the product. They can be headmounted (held firmly above the ear at eye level with a headband), worn like a necklace or mounted on an armband. The can also be clipped directly to an ear, pair of glasses or a hat. From what I’ve seen online, I’d say they’re generally more fashionable and less obtrusive than GoPro, desirable qualities since the goal is for people to wear them constantly.

The premise behind LifeLogger Technologies Corp. (OTC: LOGG) is that people recall remarkably little of their lives. What’s more, the things they do remember are often foggy and incomplete.

LifeLogger’s solution is to enable people to record their daily lives in full detail, either with a LifeLogger camera or with Android and IOS-based mobile devices. All of these devices are expected to be compatible with LifeLogger’s cloud-based platform, where users can store and access streaming audio and video they’ve created. To facilitate organization and recall, entries can be marked with smart tags based on proprietary software designed to recognize things like signs, voices and faces. Users can also add so-called geo-tags that enable them to search their library by geographic region.

Although LifeLogger’s SEC filings tend to describe the company’s products more in personal terms — i.e., for use in capturing important moments like holidays, birthdays or a child’s first steps —   management foresees professional and educational uses, too. For instance, sales professionals could record interactions with customers for later review as a way to improve selling techniques. Students might find the technology particularly convenient for keeping detailed records of classroom lectures.

Since its debut on the over-the-counter market in February, LifeLogger’s stock has been very volatile, ranging in price from around $0.10-to-$1.10. Shares currently trade for about $0.46.

As those prices suggest, LifeLogger is a tiny company. Indeed, it has a market value of just $37.3 million, and its products aren’t fully developed yet. Management is currently hoping a circuit board redesign will be completed by the end of the year and large-scale production will get underway soon after, perhaps sometime in the first quarter of next year.

The sooner the better because LifeLogger is vulnerable financially. It has generated $272,000 of revenue so far this year, though mainly from consulting work for another company. Based on management’s estimates, substantial product revenues aren’t likely until well into 2015.

Bottom-line losses haven’t been huge, but as a development-stage company LifeLogger is typically in the red. For instance, it posted operating losses of nearly $18,000 in the third quarter and more than $66,000 in the first three quarters combined.

The company finished last year with virtually no cash, but holds nearly $250,000 now because it recently issued additional shares of common stock. That’ll help, but more capital infusions will be necessary soon. As management states in the firm’s third-quarter report: “We do not have sufficient resources to effectuate all aspects of our business plan. We expect to incur a minimum of $971,000 in expenses during the next twelve months of operations.”

To meet these expenses, LifeLogger will likely have to take on debt, issue more equity or enter into a strategic arrangement with a third party, management says.

Risks To Consider: Besides being in its infancy and having a very uncertain future, LifeLogger is developing products that could raise privacy issues, both for users and subjects. Exactly how that will play out remains to be seen. Plus, there’s already various forms of competition. In January, for example, Sony Corp. (NYSE: SNE) introduced the Core, an activity tracker that’s worn on the wrist and connects to a smartphone app actually called LifeLogger.

Action To Take –> At this point in LifeLogger’s development, I wouldn’t dare venture a guess about future profits. That might be appropriate if the company can survive the next 12 months, start getting its products to market and begin seeing some decent revenue. If it can get over that hump, GoPro-like stock performance could be in the cards. In the meantime, I’d suggest establishing only a very small position in LifeLogger, if any at all, keep close tabs on the stock and watch for the signs of improvement I’ve described.

LifeLogger has the potential to be the next big thing in wearable technology — although it has many hurdles to jump before then. Our premium newsletter, Game-Changing Stocks, is devoted to highlighting companies exactly like LifeLogger. In fact, we just released our newest report, “The Hottest Investment Opportunities For 2015.” To learn more about the next big thing and how to invest in it, click here.