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Smart Wheel Shark Tank Update

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“Smart Wheel” is a brand name for a product that claims to be the world’s 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 car’s existing steering wheel.

The device promises to improve a driver’s 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 drivers’ hand position.

A Glance at Smart wheel

IdeaReducing unnecessary distractions for teenagers while driving.
FoundersTJ Evarts, Jaiden Evarts, Bryeton Evarts, Paige Balcom, Emily Balcom, and Kate Balcom
Asked For$150,000 For 15%
Accepted Deal$100,000 for 30%
SharksRobert Herjavec and Mark Cuban
Business statusIn Business
Episode No.Season 4, Episode 16

Index:

Founder Story:

We have indeed come a long way in technology, but it’s also true that we have come up with young, enthusiastic, and innovative minds.  It’s very surprising to know that this innovation, which is invented for teenagers is also invented by teenagers.  

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.

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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 couldn’t agree on the same terms. The company decided to move further without the assistance of the sharks. There’s 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 weren’t happy. The company was also featured on MSNBC and today but this did not take the company any further. The company’s valuation during the pitch was $666,666.

What’s the net worth of Smart Wheel?

The Smart Wheel‘s 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 Evarts’s Linkedin page says that the company is active.

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FAQs:

What is Smart Wheel?

Smart Wheel” is a brand name for a product that claims to be the world’s 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 car’s existing steering wheel.

What's the net worth of Smart Wheel ?

The company’s net worth at the time of the pitch was $666,666 and has increased since then.

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