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> Can a company really not exist without growth? Or do they just don't want to?

Certainly not if you have investors who want competitive returns, unfortunately.

Or workers that got shares as compensation, at least until you grow enough for them to cash in.

> Can a company really not exist without growth? Or do they just don't want to?

This is the devil's bargain when you take VC money. You basically rule out the "small success" option. VC is a hit-driven business, so they will push you to go big. And neither they nor their LPs (whose money it really is) are in the business of owning small, modestly successful, privately held companies. You need to go public or get acquired by somebody who can provide a return to the LPs.

I think the problem was that Pebble had a very high headcount, and not enough money coming in to satisfy that. And, of course, VCs breathing down their neck.

No, I think this is impossible in tech. If you fall asleep at the wheel you'll get blackberryed/nokiaed. You can't run a lifestyle business in tech (unless you find a niche area with very little revenue)

Counter-examples abound.