GeoOrbital Shark Tank Update | GeoOrbital after Shark Tank
What is GeoOrbital?
The GeoOrbital wheel is a revolutionary new product that makes older bike systems seem obsolete. It is a convenient and easy-to-use wheel that saves time, energy, and effort for the rider.
To use it, simply replace the front wheel of your bike with a GeoOrbital wheel and attach the rechargeable battery to the handlebar.
The battery can provide a range of around 12 kilometers on a single charge.
The company was founded by former SpaceX engineer Dakota Decker and Cambridge resident Michael Burtov, who came up with the concept for the electric wheel in 2014. The name “GeoOrbital” is derived from the orbital wheel, which does not have a central hub.
Who is the founder of GeoOrbital?
GeoOrbital was founded in 2014 by Michael Burtov, who came up with the idea for the company after watching the movie Tron and noticing the amount of wasted space within bike wheels.
He developed an electric wheel system that can replace the standard wheel on almost any bike, initially offering two sizes.
The wheel has a top speed of 20 mph and a battery range of 12 miles, which can be extended to 30 miles with pedaling.
In 2016, the company made its debut on Kickstarter and raised $75,000 in just 78 minutes.
This campaign attracted media attention and the company also received $150,000 in funding from angel investors.
A successful Kickstarter campaign in May and June 2016 raised $1,261,222 in pledges for pre-orders of 1600 wheels.
What Happened to GeoOrbital at Shark Tank pitch?
Michael and Dakota, the creators of the GeoOrbital wheel, an electric bike wheel that can be added to any standard bike, pitch their product to the Shark Tank investors seeking $500,000 in exchange for 5% equity shares of their company valued at $10 million.
They showcase the product to the Sharks and reveal that they have already sold almost $200,000 worth of the product through their Kickstarter campaign.
The Sharks question the readiness of the product to ship and its cost compared to a standard electric bike.
Despite the interest of Kevin and Chris Sacca, the Sharks ultimately decide not to invest, citing issues with design and distribution as reasons for their decision. Michael and Dakota exit the pitch without a deal.
What Happened to GeoOrbital after Shark Tank?
Despite not securing a deal on Shark Tank, Michael and Dakota did not let their disappointment hold them back.
They began selling on Amazon and at Brookstone stores after their episode aired and built a large following on social media.
They are currently working on a wheel for public safety, specifically for police enforcement and have received recognition for their innovation, winning a Gold Edison Award for Performance Technology in 2018.
They are now offering shares in their company in exchange for a $100 investment to fund the acquisition of more merchandise in 2021.
Their business has been successful, shipping to over 50 countries and generating over $1.8 million in revenue from the sales of over 2,000 GeoOrbital wheels.
Competitors of GeoOrbital
The major competitors of GeoOrbital are; Cowboy, Bikemap, Bike-ID, VanMoof Smart Series, Calamus E-Bikes, Rayvolt eXXite X One Ebike, Triumph Trekker GT and Helyx Bike.
Net Worth of GeoOrbital
The firm was valued at $10 million during the pitch and has since made $1.8 million in sales. The company’s net worth has increased in 2021.
What is GeoOrbital?
GeoOrbital is a new innovative invention that makes every existing bike system look old and outdated. It is a wheel that allows its user to ride his/her bicycle with ease and comfort, saving time, effort and energy.
Who is the founder?
Michael Burtov is the founder of the company.
What is his offer on Shark Tank?
Michael was looking for $500,000 for 5% equity shares of his company, valuation $10 million.
Did he get the deal?
No, however, GeoOrbital has successfully funded their product from Kickstarter.
Is GeoOrbital still in business?
Yes, they are still in business and selling GeoOrbital Electric Bikes on Amazon and other online sites.
Who is GeoOrbital competition?
GeoOrbital takes its competition from almost every existing bike system. The major competitors are; Cowboy, Bikemap, Bike-ID, VanMoof Smart Series, Calamus E-Bikes, Rayvolt eXXite X One Ebike, Triumph Trekker GT and Helyx Bike.
Where is GeoOrbital located?
GeoOrbital is a startup based in Los Angeles, California and it started its operations in 2014.
What does GeoOrbital do?
GeoOrbital Mission Statement
To make every electric bike better; to make our lives easier and to change the way we live with our bicycles.
How do I contact?
The firm’s website is the only means of contact and purchasing.
What are GeoOrbital products?
GeoOrbital has one product and it is a bicycle wheel. It helps the user to pedal his/her bicycle easily and comfortably.
How do I order?
Visit the firm’s website and place an order.
Where can I buy GeoOrbital?
Visit the firm’s website and order. Customers can also find GeoOrbital on Amazon.com, eBay, Walmart and other online sites.
How do I pay?
Pay for the order by either credit card or PayPal.
What are the benefits of using GeoOrbital?
It is a water-proof electric wheel that attaches to any standard bike to make it look more futuristic. It has an attractive design and futuristic features and it saves time, energy and effort.
It also comes in several colors with different appealing shapes and prints.
How long will it take to ship?
If the product is in stock and ready to ship, it will be shipped within a week of ordering. If it is out of stock, it will take three weeks to make the order complete.
Is GeoOrbital profitable?
Yes, it is profitable and is expected to be more than $1.8 million within two years.
What else has GeoOrbital done?
They have released their other products such as Smart Helmet, Smart Bike System, Smart GPS Tracker system and Smart Bluetooth headphones.
What is the net worth of Michael Burtov?
Michael Burtov has a net worth of $1.8 million.