âSmart Wheelâ is a brand name for a product that claims to be the worldâs first intelligent steering wheel for cars. It is essentially a steering wheel cover with embedded sensors and a computer chip that can be installed over a carâs existing steering wheel.
The device promises to improve a driverâs grip and control by vibrating to alert the driver when the hand position on the wheel is incorrect or when the vehicle deviates from its lane. It records the behavior and the positions of hands on the wheel.
Through its application on mobile, it sends its teachable comments to parents who can keep track of the driving of their teen kids. The smart wheel uses a combination of linear potentiometers and a proprietary algorithm to analyze driversâ hand position.
A Glance at Smart wheel
| Idea | Reducing unnecessary distractions for teenagers while driving. |
| Founders | TJ Evarts, Jaiden Evarts, Bryeton Evarts, Paige Balcom, Emily Balcom, and Kate Balcom |
| Asked For | $150,000 For 15% |
| Accepted Deal | $100,000 for 30% |
| Sharks | Robert Herjavec and Mark Cuban |
| Business status | In Business |
| Episode No. | Season 4, Episode 16 |
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Founder Story:
We have indeed come a long way in technology, but itâs also true that we have come up with young, enthusiastic, and innovative minds. Itâs very surprising to know that this innovation, which is invented for teenagers is also invented by teenagers. Â
TJ Evarts, Jaiden Evarts, Bryeton Evarts, Paige Balcom, Emily Balcom, and Kate Balcom are the founders of the company. They belong from Hampshire, and as teenagers themselves, they noticed the dangerous behavior around them and this lead them to choose and create this product.
Did Smart Wheel get a deal on Shark Tank?
Yes, the young enthusiasts did secure a deal on a shark tank with Robert and Mark. The founders asked for $100,000 for a 15% stake in their company. The product was not yet finalized when on Shark Tank and needed investors to continue with the production.
They had taken the test drive at MIT and also showcased it to Barack Obama. This somewhere impressed sharks. Kevin was not that satisfied with the functionality and Daymond had no experience with electronics. However, Robert offered $100,000 but for 30% equity with the contingency of a license agreement with a car manufacturer.
Mark was interested to join Robert, but with no specifications. In the end, Robert and Mark together offered the deal of $100,000 for 30% with no contingency and the deal was accepted by the founders.
What happened to Smart Wheel after Shark Tank?
Smart Wheel did get a deal on the shark tank, but it seemed like the sharks and the team couldnât agree on the same terms. The company decided to move further without the assistance of the sharks. Thereâs no reason mentioned for why the deal went off.
The company received crowdfunding in 2015 from an Indiegogo campaign, with the intent and hope of receiving $50,000 but could generate a little more than $2,000. But as they failed to produce and deliver the products the backers werenât happy. The company was also featured on MSNBC and today but this did not take the company any further. The companyâs valuation during the pitch was $666,666.
Whatâs the net worth of Smart Wheel?
The Smart Wheelâs net worth at the time of the pitch was $666,666, it was brought down to $333,333 after the deal, however, the net worth has increased since then.
Is Smart Wheel still in business?
Yes, Smart Wheel is still in business. Though the company has not been active on its social media pages, TJ Evartsâs Linkedin page says that the company is active.
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FAQs:
What is Smart Wheel?
Smart Wheelâ is a brand name for a product that claims to be the worldâs first intelligent steering wheel for cars. It is essentially a steering wheel cover with embedded sensors and a computer chip that can be installed over a carâs existing steering wheel.
What's the net worth of Smart Wheel ?
The companyâs net worth at the time of the pitch was $666,666 and has increased since then.
