Smart Tire Company Shark Tank Net Worth 2023
Brian Yennie and Earl Cole went on the television show Shark Tank to find investors who would be willing to provide them with $500,000 in exchange for a 2.5 percent ownership stake in their company.
By offering this equity stake, they were implying that their company was worth $20 million, since 2.5 percent of $20 million is equal to $500,000.
They were hoping to secure this investment so that they could further grow their business with the help of the Sharks, who are successful entrepreneurs and investors.
What is Smart Tire Company? Who are the Founders of SMART Tire Company?
SMART Tire Company utilizes shape memory alloy radial technology to produce durable, resilient, and non-puncturable tires that never go flat.
They partnered with NASA to develop METLTM tires, which are made of NiTinol+, a nickel and titanium-based polymer that can bend to any shape and return to its original form.
These tires are being developed initially for bicycles to enhance core competencies and launch an interesting product to the market quickly. Eventually, the METLTM tires will be available for e-scooters, vehicles, and aircraft.
Since the tires are formed of linked coils, they do not require air and have their own load-bearing components, providing the best tread grip, equivalent or better traction than regular rubber tires, and built-in shock-absorbing properties. These tires are designed to last the life of the car and beyond.
If damaged, they can be repaired or reconditioned by retreading, reshaping, and heat treating localized damage or replacing individual parts.
This makes them an environmentally friendly choice as well, as rubber tires contribute to a significant amount of plastic waste.
SMART Tire Company’s METLTM tires are recyclable since they are melted down and reused in the NiTinol supply chain.
The company’s CEO Earl Cole and CTO Brian Yennie founded SMART Tire Company to reduce plastic waste, as discarded tires are non-biodegradable and account for approximately 30% of the world’s plastic trash.
These tires are inspired by the lunar rover tires created by Goodyear in partnership with NASA’s Glenn Research Centre, and the firm takes pride in producing flat-free tires that last longer and significantly reduce plastic waste.
To raise funds, SMART Tire Company launched a campaign on WeFunder and successfully raised $1,558,762. Although the release date for automobile tires is not yet confirmed, the company aims to expand its product range in the future.
is still a few years away, the business is now aiming for the METL cycle tires to be available in 2022.
Smart Tire Company Shark Tank Pitch
Brian Yennie and Earl Cole appeared on Season 13 Episode 10 of Shark Tank, seeking $500,000 in exchange for a 2.5% equity stake in their company, which would value it at $20 million.
During their pitch, Brian presented their innovative METL tire, which utilizes an exclusive license granted to them by NASA, as well as a pending patent on rubber integration.
The company had previously raised $1.3 million through equity crowdfunding, but Mark was curious about their plans for execution.
The founders discussed their different backgrounds, and the fact that they currently operate out of a 5,000 square foot facility where they are manufacturing bicycle tires.
One key advantage of their product is that they own the rubber integration intellectual property, which means that they do not have to license it from another company.
They are aiming to sell their bike tires for between $2,500 and $3,000 each, which caused some concern among the Sharks due to the high price point.
However, Brian and Earl explained that there is no comparable product on the market and that they believe there is a significant demand for it.
Although Lori loved the idea, she felt that it was too early for her to invest and ultimately decided not to make an offer.
Mark was intrigued by their collaboration with NASA but wanted to hear more about their execution plan before making a decision.
Mr. Wonderful suggested that the company should license their technology to larger tire manufacturers, and Kevin Hart agreed with him.
Barbara declined to invest, describing the pitch as “strange”. In the end, Brian and Earl left the Tank without a deal.
Despite this, the company received significant media attention, with outlets such as Yahoo, Nerdist, and SyFy Wire featuring them and their innovative airless tire technology.
What is the Net Worth of Smart Tire Company?
Brian Yennie and Earl Cole appeared on Shark Tank in search of $500,000 in exchange for 2.5 percent equity. This suggests a valuation of $20 million.
Who are the Competitors of Smart Tire Company?
The following firms compete in this market space: Michelin of France, Bridgestone of Japan, Continental of Germany, and Goodyear of the United States.
Smart Tire Company FAQS
What is Smart Tire Company?
SMART Tire Company is a California’s company that uses shape memory alloy radial technology’ to make tires that are long-lasting, resilient, and never run flat.
Who are the founders of Smart Tire Company?
Brian Yennie and Earl Cole of Los Angeles, California are the founders of the Company.
How much did Smart Tire Company raise on WeFunder?
They raised a whopping $1,558,762 in equity crowdfunding on WeFunder.
When was Smart Tire Company’s Shark Tank Pitch?
They appeared on Shark Tank Season 13 Episode 10 on January 7th, 2022.
How much were they seeking in the Shark Tank?
They were seeking $500,000 in exchange for 2.5 percent equity.
Did they get the deal from the Sharks?
All the Sharks declined to give them a deal.
What is the price of Smart Tire Company’s bike tires?
The company plans to sell their tires for between $2500 and $3000.
How do Smart Tire Company’s tires differ from others?
Their tires are made with NiTinol, a nickel-titanium alloy that is both puncture- and wear-resistant, making the product extremely durable and flat-free.
When was Smart Tire Company founded?
The company was founded in 2020.
How can they contact Smart Tire Company?
They can contact them through their email [email protected]smarttirecompany.com
What is SMART’s relationship with NASA?
The SMART Tire Company (STC) is a commercial licensee of NASA’s super elastic tire technologies, including the lunar/Mars spring, radial stiffened, and SMA tubular structure patents, which cover a wide range of terrestrial and extra-terrestrial applications involving shape memory alloys and other materials.
STC also has a Space Act Agreement with NASA to further develop this tire technology for commercial usage with the help of engineers and scientists at NASA Glenn Research Centre in Ohio.
What is the Website address of Smart Tire Company?
The Website address of SMART is www.smarttirecompany.com
Where can they find out more about Smart Tire Company?
They can be found online at their Website www.smarttirecompany.com or by following them on Instagram, Twitter, and Facebook where they post daily updates about their business journey.
Who is the CEO of Smart Tire Company?
Earl Cole is the CEO of STC.
What is the Headquarters of Smart Tire Company?
The headquarters are in Los Angeles, California.
What is net worth of Brian Yennie?
Brian Yennie’s net worth is unavailable.
What is net worth of Earl Cole?
Earl Cole’s net worth is $18 million.