Inboard Technology, a prominent electric scooter and skateboard company founded in 2014 by Chris Harley, David Evans, and Ryan Evans, gained significant attention when they appeared on Season 08 of Shark Tank. Their net worth at that time was reported to be $25 million.
During their appearance on the show, Inboard Technology struck a deal with Kevin O’Leary and Lori Greiner, securing a $750,000 loan at a 10% interest rate and 3% equity. This partnership was expected to propel the company towards even greater success. However, Inboard Technology sadly went out of business in 2019 for undisclosed reasons, leaving their future uncertain.
Today, as of November 2023, Inboard Technologies is no longer available in the market, marking the end of their journey.
Key Takeaways:
- Inboard Technology’s net worth reached $25 million after their appearance on Shark Tank.
- They made a deal with Kevin O’Leary and Lori Greiner for a $750,000 loan at a 10% interest rate and 3% equity.
- Inboard Technology went out of business in 2019 for undisclosed reasons.
- As of November 2023, Inboard Technologies is no longer available in the market.
Inboard Technology Pitch on Shark Tank
Inboard Technology, the electric scooter and skateboard company, made their pitch on Season 08 Episode 10 of Shark Tank. Founded by Chris Harley, David Evans, and Ryan Evans in 2014, Inboard Technology sought to showcase their innovative products to the Sharks.
The founders asked for $750,000 for 4% equity in the company. However, they ultimately struck a deal with Kevin O’Leary and Lori Greiner for a $750,000 loan with 10% interest and 3% equity. This agreement provided Inboard Technology with the resources they needed to grow their business.
Inboard Electric Skateboard
One of Inboard Technology’s flagship products is the Inboard M1 electric skateboard. Designed to promote personalization, customization, and third-party development, the Inboard M1 gained popularity among skating enthusiasts. The company’s location in Santa Cruz, California, allowed them to tap into the skateboarding culture and develop products that catered to their target audience.
In 2015, Inboard Technology launched a Kickstarter campaign for the Inboard M1, raising $421,935 in funding. This successful crowdfunding effort demonstrated the market demand for their electric skateboard.
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With their appearance on Shark Tank and the subsequent funding, Inboard Technology seemed poised for success. However, the company’s journey took an unexpected turn, as we will explore in the next section.
Inboard Technology’s Journey and Conclusion
Throughout its journey, Inboard Technology experienced both highs and lows in its pursuit of success. After appearing on Shark Tank in 2017, the company’s net worth soared to $25 million, marking a significant milestone in its financial growth timeline. This increase in valuation was a testament to the potential that the Inboard electric skateboard and scooter had in the market.
Following their Shark Tank collaboration, Inboard Technology attracted the attention of investors and secured substantial funding. In 2017, the company successfully raised $8 million in a funding round, demonstrating the confidence investors had in its vision and products. This financial boost propelled Inboard Technology forward, allowing them to expand their product line and explore new opportunities in the industry.
However, despite these achievements, Inboard Technology faced unforeseen challenges that ultimately led to its shutdown. In 2019, the company made the difficult decision to cease operations and refunded all preorders for their highly anticipated Glider e-scooter. The reasons behind the shutdown were not explicitly disclosed, but it is believed to be linked to a failed purchase agreement with a European scooter operator.
The story of Inboard Technology serves as a reminder that success in the entrepreneurial world is never guaranteed. While their collaboration with Shark Tank propelled them to new heights, the company ultimately faced obstacles that proved insurmountable. Through their journey, Inboard Technology left a lasting impact on the electric skateboard industry and demonstrated the need for resilience and adaptability in the face of adversity.
FAQ
What is Inboard Technology’s net worth after appearing on Shark Tank?
In 2017, Inboard Technology’s net worth was $25 million after their appearance on Season 08 of Shark Tank.
Did Inboard Technology secure a deal on Shark Tank?
Yes, Inboard Technology made a deal with Kevin O’Leary and Lori Greiner for a $750,000 loan at 10% interest + 3% equity.
Why did Inboard Technology go out of business?
The exact reasons for Inboard Technology going out of business in 2019 are undisclosed, but it is believed to be related to a failed purchase agreement with a European scooter operator.
Can I still purchase Inboard Technology products?
As of November 2023, Inboard Technologies is no longer available in the market, so their products are no longer available for purchase.
Where is Inboard Technology located?
Inboard Technology is located in Santa Cruz, California.
What were Inboard Technology’s flagship products?
Inboard Technology’s flagship products were their electric skateboard, the Inboard M1, and their electric scooter, the Glider.
Did Inboard Technology experience success after Shark Tank?
Yes, Inboard Technology experienced success after their Shark Tank appearance, with a surge in popularity and a raise of $8 million in a funding round in 2017.
Why did Inboard Technology switch from direct consumer sales to commercial sales?
In April 2019, Inboard Technology unexpectedly refunded all preorders for their Glider scooter and announced a switch from direct consumer sales to commercial sales. The reasons for this decision are unknown.
Are Inboard Technology’s assets and intellectual properties for sale?
Yes, after shutting down operations in November 2019, Inboard Technology put all their assets and intellectual properties up for sale.
What can we learn from Inboard Technology’s journey?
Inboard Technology’s journey serves as a reminder that not all companies featured on Shark Tank achieve long-term success.