Google has already released the Google Glass to developers earlier this year and consumers will soon be able to lay their hands on the latest gadget in 2014. However, the company may face competition from rivals, including LaForge Optical, who are already in the process of developing cheaper alternatives for Google Glass.

LaForge Optical, which was founded in March 2013, is developing a wearable glass technology, dubbed smartspecks, which will have similar features offered by the Google Glass. However, unlike the Google Glass, it cannot be used as a standalone device and all its data and intelligence will be stored in a user's smartphone.

"We designed the simplest most minimalist device that we could," said Corey Mack, CEO of LaForge Optical to VentureBeat. "Anyone who wants Google Glass ... in a more conventional form factor can have it. Additionally our lens technology allows for people who need prescription lenses (about 65 percent of the population) to be able to use our glasses."

The company also claims that it will deliver 80 percent of features what customers will expect from smart glasses, but with just 20 percent of the handling. The smartspecks will have all the electronic components such as the Bluetooth antenna and the battery built in.    

LaForge Optical's product will also work as prescription glasses and promises to offer customers excellent user experience and at the same time give a feel of an everyday glass to its user.

The company is still at the development stage of the product, but expects to take limited pre-orders for it very soon. LaForge also plans to tap Kickstarter to get extra funding from investors needed for the product to go in mass production.

Mack said the Google Glass rival will be very cheap and will be available for just $200 from the company's website but the price will go up to $400 when it hits Kickstarter.