Are you looking for a cheap but robust way to travel around your locality but are worried about the carbon footprint and want to go eco-friendly?
Do you want a transporting medium that easily fits into your ease of maneuvering and parking?
Sway Motorsports is here with a solution to all these problems with a three-wheeled electric scooter that will provide you with the apt amount of advantages and ease of maneuverability with innovative technology.
Sway Motorsports at a Glance:
| Idea | Three-wheeled electric scooters |
| Founders | Joe Wilcox |
| Asked For | $300,000 for 10% |
| Accepted Deal | $300,000 for 20% |
| Sharks | Mark Cuban |
| Business status | Out of Business |
| Episode No. | Season 6, Episode 29 |
Index:
What is Sway Motorsports?
Sway Motorsports manufactures three-wheeled electric scooters with the aim of sustainable commuting.
The one-of-a-kind scooters run on rechargeable lithium batteries with no-steer technology that allows the rider to sway in the direction that he wants to turn the scooter into.
The three-wheeled chassis of scooters provide greater stability, load-carrying capacity as well as greater braking capability than a normal two-wheel motorcycle.
The innovative design eliminates the need for drivers to keep their feet on the ground.
Founder Story:
Joe, the founder of the company was an industrial designer for NASA before starting and becoming the full-time CEO of Sway Motorsports. He also worked as a senior designer at IDEO.
Joe was inspired to design Sway because he wanted to solve the problem of local commuting along with greater load-carrying capacity, being parking friendly, and still being a stylish and feasible way of transportation.
Did Sway Motorsports get a deal on Shark Tank?
Joe Wilcox, the founder of Sway Motorsports entered the tank with an ask of $300,000 for 10% equity in his company.
He explained his aim to partner with an OEM manufacturer to create a dealer program by partnering with a distributor to manufacture and distribute the bike. At the time of the show, the company was still in the prototype stage.
He explained the price of his products to be around $7999 on his website and has already collected funds of around $450,000.
The scooters do not require any license for operating them. He says that he has pre-sold $350,000 worth of scooters and has patented his technology.
The sharks seem to be skeptical about the maintenance and practicality of the prototype that will be developed.
Only Shark Mark Cuban seems to be interested in investing in the company and gives them an offer of $300,000 for 20% equity and Joe accepts it sealing the deal.
What happened to Sway Motorsports after Shark Tank?
After the episode went on-air, the company managed to grab a lot of eyeballs and common folks were excited to buy the product.
According to the company’s claim, the scooters should have been released not a long time ago yet the website does not show the option of buying the scooters yet.
The Sway scooters were supposed to be released in the summer of 2016, yet they are not available on the website as of yet.
In 2017, Joe said that Sway was looking for a financial partner to aid their manufacturing process. Yet the company shut down in 2018.
In 2021, the website was still up but has been un-updated since 2017. As of 2023, the website is back but scooters are still unavailable.
Product Details:
- Sway Motorsports manufactures three-wheeled electric scooters.
- The scooters have no pedals or handlebars.
- The scooter is maneuvered using leaning and swaying instead of steering.
- It is powered by rechargeable lithium-ion batteries.
- The scooters have a range of 40-60 miles approximately with a top speed of 55-75 mph on a single charge.
- The scooters can be operated in snow, mud, and ice.
What is the Net Worth of Sway Motorsports?
Before entering into the Tank the company was in its prototyping stage and had $350,000 worth of pre-orders, so the initial net worth could not be determined.
After Joe sealed the deal with Mark Cuban, the valuation of the company was $1.5 million.
After the episode aired, the scooters should have been manufactured and delivered in the summer of 2016, yet the company encountered some major financial issues and is inactive since the start of 2018. The website is available but is still inactive.
Who are the main competitors of Sway Motorsports?
The main competitors of Sway Motorsports are:
- Melasta
- TAC Battery
- EBikeMarketplace
- Pluginelectricvehicles.com
Is Sway Motorsports still in business?
No, the company is now out of business since 2018. The company encountered some major issues on financial as well as manufacturing fronts and hence, is no longer available.
.
Social Links:
Do Share Your Thoughts:
Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.
Also, don’t forget to try our Android app 📱 which contains startup case studies and business book insights 📚 , verified business strategies, and no bullshit!!
Related Articles:
FAQs:
What is Sway Motorsports?
Sway Motorsports manufactures three-wheeled electric scooters with the aim of sustainable commuting. The company manufactures three-wheeled electric scooters.
What's the net worth of Sway Motorsports?
Before entering into the Tank the company was in its prototyping stage and had $350,000 worth of pre-orders, so the initial net worth could not be determined. After Joe sealed the deal with Mark Cuban, the valuation of the company was $1.5 million.
