Inboard Shark Tank Net Worth 2023

Ryan, Dave, and Chris entered Lori and Kevin’s firm with the intention of receiving $750,000 for a 4% stake in exchange for suggesting an $18.75 million valuation.

Unfortunately, their offer was not accepted; instead Lori and Kevin opted to provide a loan of $750,000 at 9% interest plus an additional 4% equity. Inboard Technology’s 24 employees were laid off amid their negotiations and its website and customer service were shut down which ultimately led to its closure.

Despite this, there’s no indication that it was caused by the sharks’ involvement since their deal never successfully closed.

What is Inboard?

Inboard Technology has introduced the world’s first electric skateboard that features motors embedded within the wheels. The M1 skateboard has a sleek design, providing users with the familiar look and feel of a traditional skateboard.

The electric skateboard’s motors are situated within the wheels, unlike other electric boards that have exterior motors. This unique design eliminates the need for gears or belts, resulting in a more energy-efficient ride.

The small dual motors are concealed beneath the back wheels, connected to the wheels by free-spinning bearings. Consequently, the board experiences no resistance, allowing for smooth coasting, similar to a standard skateboard wheel.

The M1 electric skateboard measures 37 inches long and can support riders up to 250 pounds. It functions similarly to a standard skateboard but has a top speed of 24 mph and a range of up to 10 miles before requiring a 90-minute recharge.

The board is operated through a wireless remote control or a companion smartphone app. Inboard Technology was founded by Ryan Evans, Dave Evans, and Chris Harley, all of whom are entrepreneurs from Santa Cruz, California.

What happen to Inboard at the Shark Tank Pitch?

Inboard Technology sells electric boards for $1399, along with branded clothes, totes, and charging accessories.

They received significant financial support from a successful Kickstarter campaign, which raised $421,935 for equipment and molds. Currently, Inboard is fulfilling orders within a week, but they require more funding to scale up manufacturing.

During their Shark Tank appearance, Inboard’s founders, Ryan, Dave, and Chris, requested $750,000 in exchange for a 4% stake, valuing the company at $18.75 million. Kevin and Robert expressed interest and Kevin even took the board for a spin down the hallway.

However, Mark raised concerns about the company’s ability to scale and Lori asked if the board could travel uphill. The founders assured the Sharks that it could, and the motors also acted as brakes while charging the battery when traveling downhill.

Although some Sharks thought the product was too niche, Chris Sacca believed it was a viable mode of transportation.

Ultimately, Lori and Kevin offered separate deals, with Kevin providing a $750,000 loan at 8% interest with a 2.5% equity participation, and Lori offering a $750,000 loan at 8% interest in exchange for 3% equity. After negotiating, Kevin and Lori agreed to combine their offers, providing a $750,000 loan at 8% interest for 5% equity.

The founders initially requested a 4% stake, but Kevin and Lori would not go above 3% equity, even when presented with the option of a higher interest rate. In the end, the founders accepted the offer of a $750,000 loan at 8% interest for 5% equity.

Inboard After The Shark Tank Pitch

Lori and Kevin’s deal never reached completion. They had been selling the M1 product very successfully for a couple of years until a financial crisis arose. To diversify their business, the company tried to partner with a European firm to produce electric scooters.

This venture led to an investment of $8 million towards scooter development. However, when the planned sale fell through, creditors dissolved the corporation in 2019.

Inboard Net Worth

Ryan, Dave, and Chris enter the firm wanting $750,000 for a 4% stake, suggesting an $18.75 million valuation.

They accepted an offer from Lori and Kevin of $750,000 Loan At 8% Interest + 4% Equity.

Inboard Competitors

Inboard Skate’s top competitors are Boosted Inc., ZBoard, Hoverboard Technologies, Hendo Hover, E-GO, Razor, Skque Products, Scoot Rides Inc. and iWatMotion.

Inboard Shark Tank Summary:

ITEM	DETAILS
Founders	Ryan Evans, Dave Evans, and Chris Harley
Shark Tank Pitch	Asked for $750,000 for 4% stake, valued at $18.75 million
Offer from Sharks	$750,000 loan at 9% interest plus 4% equity from Lori Greiner and Kevin O’Leary
Inboard’s Fate	Failed to scale up, went bankrupt in 2019
Inboard Technology	Introduced the world’s first electric skateboard with motors embedded within the wheels
Key Features	Top speed of 24 mph, range of up to 10 miles, wireless remote control or a companion smartphone app
Competitors	Boosted Inc., ZBoard, Hoverboard Technologies, Hendo Hover, E-GO, Razor, Skque Products, Scoot Rides Inc. and iWatMotion

Inboard Shark Tank Updates

Inboard Technology is a company that makes innovative electric skateboards. In 2016, Ryan Evans, Dave Evans, and Chris Haley pitched their business on Shark Tank, asking for $750,000 for 4% equity.

They walked away with a deal with Lori Greiner and Kevin O’Leary, which was a $750,000 loan at 9% interest plus 4% equity. Their flagship product, the M1 Electric Skateboard, was designed to be more than an electric skate.

It was an entire ecosystem that encouraged third-party development, customization, and personalization. The board was designed to ride smoothly, whether powered or not, and could hit speeds up to 24mph. It came with in-wheel motors, integrated LED lights, and regenerative braking technology.

In 2019, Inboard Technology tried to pivot into electric scooters and tried to cut a deal with a European company. This caused them to sink $8 million into developing the scooters.

When the deal never materialized, creditors liquidated the company. There have been no recent updates on the status of Inboard Technology since then.

Inboard FAQS

What Is Inboard And How Does It Work?

Inboard Technology is a US-based company that develops and manufactures lightweight electric skateboards. The company’s electric skateboards use its own patented Manta Drive, which is an in-wheel direct drive motor assembly.

The skateboard also features swappable batteries, regenerative braking, LED lights, and is water-resistant. Inboard Technology is the first company to create a skateboard that uses motors inside the wheels. The skateboard can hit speeds up to 24mph and costs approximately $1,399.

The company has won the “Golden Computer for Innovation of the Year” award and raised $421,935 through Kickstarter.

However, the company faced financial difficulties after trying to pivot into electric scooters and investing $8 million into developing them, which led to the company being liquidated in 2019.

Who is the owner of Inboard?

Ryan Evans, Dave Evans, and Chris Harley of Santa Cruz, California, the three entrepreneurs behind Inboard Technology, proposed the firm on Shark Tank in December 2016.

They sought $750,000 in return for 4% equity.

What Was The Outcome Of The Inboard Shark Tank Pitch?

Inboard Technology appeared on Shark Tank in season 8, pitching their innovative electric skateboards. They asked for $750,000 for 4% equity, which would have valued the company at $18.75 million.

However, Lori Greiner and Kevin O’Leary opted to provide a loan of $750,000 at 9% interest plus an additional 4% equity. Inboard Technology’s 24 employees were laid off amid their negotiations, and its website and customer service were shut down, which ultimately led to its closure.

Despite this, Inboard Technology won $8 million in a new round of venture capital funding led by Upfront Ventures in 2022, one year after appearing on Shark Tank.

The company’s flagship product is the M1 electric skateboard, which has motors inside the wheels, integrated LED lights, and regenerative braking technology. The boards can reach speeds of up to 24mph and cost approximately $1,399.

Did inboard get a deal on Shark Tank?

On Shark Tank Season 8 Episode 10, Ryan Evans, David Evans, and Chris Harley accepted Lori Greiner and Kevin O’Leary’s offer of a $750,000 loan at 9% interest + 4% equity.

What Happened To Inboard After The Appearance At The Shark Tank?

After appearing on Shark Tank, Inboard Technology received a $750,000 loan at 9% interest over 36 months for 4% equity from Lori Greiner and Kevin O’Leary.

In 2017, the company won $8 million in a new round of venture capital funding led by Upfront Ventures.

However, the company later tried to pivot into electric scooters and invested $8 million into developing them, but the deal with a European company never materialized, leading to the company being liquidated in 2019.

The closure of the company led to the layoff of all 24 employees and the shutdown of its website and customer service.

Is inboard from shark tank still in business?

The business attempted a shift into electric scooters and struck a contract with a European manufacturer.

This resulted in the firm investing $8 million in the scooters’ development.

When the sale fell through, creditors decided to liquidate the firm in 2019.

Is inboard no longer in business?

The Verge has learnt that Inboard Technology, an electric skateboard business based in Santa Cruz, California, is collaborating with a liquidation firm to sell off its intellectual property and assets.

However, Evans stated that despite meeting those targets, the investors finally opted to force Inboard into liquidation.

Are inboard motors more expensive?

Weighing the advantages and disadvantages is challenging since individuals who appreciate inboard motors do so for a variety of important reasons.

They are significantly more expensive, and their size makes loading them onto a trailer more difficult, but they are also the most fuel-efficient option, as they are designed after automobile engines.

How much does an inboard cost?

A board from Inboard Technology will cost you $1399.00

What is the Inboard M1?

The Inboard M1 is an electric skateboard created by California-based start-up, Inboard Technology.

It is powered by a hub motor and battery mounted to the underside of the board, which can last for around 18 miles on a single charge.

It has a top speed of 24 mph and a range of up to 10 miles before the battery has to be recharged (it takes about 90 minutes to charge).

What is the Inboard M1’s maximum speed?

The M1 has a maximum speed of 24 mph.

What is the Inboard M1’s range?

The Inboard M1 has a range of up to 10 miles before it needs to be recharged.

Does the Inboard M1 come with a battery?

Yes. The Inboard M1 comes with a lithium-ion battery and charger.

How long does it take to charge the Inboard M1?

It takes around 90 minutes to fully recharge the M1.

How much weight can the Inboard M1 hold?

It can hold up to 1200 pounds.

Can they ride the Inboard M1 at night?

The M1 can ride in headlights but it is best to use a bike light especially on at night.

What wheels does the Inboard M1 come with?

It comes with a set of 60mm skateboard wheels, though they can upgrade to 78mm touring wheels.

Can they ride the M1 off road?

Inboard M1 is a street-legal electric skateboard so it can be ridden on the road, but it is not recommended to ride it off-road.