SMARTwheel Shark Tank Net Worth 2023
The SMARTwheel company was valued at $666,667 during the pitch, which means that was the estimated worth of the company at that time.
Since then, the company has continued to operate and generate revenue, with an annual revenue of $4 million. As a result, it is possible that the overall net worth of the company has increased since the pitch.
What is SMARTwheel? Who is the founder of SMARTwheel?
The SMARTwheel is a steering wheel designed for ergonomic comfort and can be easily attached to any car’s steering wheel.
It comes equipped with sensing technology that alerts the driver to typical distractions through lights and tones, significantly reducing the number of distracted driving incidents.
This gadget can also notify parents or guardians if a teen driver is driving inattentively. Distracted driving remains a significant problem in many countries, resulting in accidents and fatalities.
The SMARTwheel was created by a group of young entrepreneurs aged 12 to 18, including Paige, Emily, and Kate Balcom, as well as TJ, Jaiden, and Breyton Evarts.
The inventors were motivated by a strong desire to improve teenage driving safety and combat the widespread issue of distracted driving among young teens.
Their original idea for the SMARTwheel emerged after competing in a Lego construction competition. They developed a high-tech gadget to combat the deadly practice of texting while driving, which takes the lives of far too many teenagers every year.
SMARTwheel is short for “Safe Motorist Alert for Texting Restriction,” and the inventors have launched a public awareness campaign called “Don’t DUIT” (Drive Under the Influence of Texting) to educate young drivers about the dangers of texting while driving.
The SMARTwheel founders are members of The Inventioneers, a group of students committed to creating tomorrow’s solutions today.
Their invention has been granted four patents, and they aim to make the SMARTwheel a standard feature in all cars worldwide to help save lives.
SMARTwheel Shark Tank Pitch
TJ Evarts, Jaiden Evarts, Breyton Evarts, Paige Balcom, Emily Balcom, and Kate Balcom are a group of teenagers aged between ten and sixteen years old who presented their product on episode 416 of the TV show Shark Tank.
They were seeking a Shark to invest $100,000 in exchange for a 15% stake in their company, which was valued at $666,667.
The six teenagers showcased their product, called the Smart Wheel, which is designed to prevent distracted driving among young people.
During their presentation, the teenagers highlighted the issue of inattentive driving, which leads to 18 deaths every day.
The Sharks were impressed with the product, but had some concerns. Mark Cuban was interested in the availability of the product and learned that it was still in the prototype stage.
The teenagers planned to sell the Smart Wheel online and possibly expand into retail locations. The manufacturing cost was around $50, while the selling price was $200.
Kevin O’Leary suggested that the device should administer an electric shock to deter distracted driving practices.
According to Breyton, an MIT study found that the Smart Wheel would enhance the driving habits of 90% of drivers. The teenagers also mentioned that former US President Barack Obama had praised the product.
Daymond John was interested in the product, but felt he couldn’t add value to the company. Barbara Corcoran was not convinced that teenagers would want their parents monitoring their driving and she also passed on the opportunity.
Kevin O’Leary believed that the teenagers would come up with a great idea in the future, but was not interested in the current product.
Robert Herjavec suggested that the product should be licensed to car manufacturers, while the teenagers could focus on designing other products.
He offered $100,000 in exchange for a 30% stake in the company, with the condition that a car manufacturer would license the product.
Mark Cuban was eager to join the deal but wanted the condition removed. The teenagers accepted the offer from Robert and Mark and left the show with the deal.
However, the deal with Robert and Mark was never finalized, and the teenagers launched an unsuccessful Indiegogo campaign in 2015 to put the Smart Wheel into production.
Despite this setback, the product has received positive feedback from audiences on prominent shows such as NBC’s Today program and MSNBC.
The teenagers even had the opportunity to present their idea at the White House, supported by former US President Barack Obama.
Currently, the Smart Wheel is not available on the market, but the company maintains its social media presence and website while seeking suitable partners for production and eventual sales.
As of January 2022, the company is still in operation with annual revenue exceeding $4 million. TJ Evarts remains the CEO, and he and his sisters continue to work for the company.
Net Worth of SMARTwheel
The company valuation was $666,667 during the pitch, since then the company is still in business with annual revenue of $4 million and hence the company net worth might had increased.
SMARTwheel FAQs
What is SMARTwheel?
The company is a manufacturer of an automobile add-on device that can be purchased by any driver to monitor distracted driving practices and also to help prevent such practices.
SMARTwheel is the connection between drivers, car manufacturers and auto insurance companies in order to impact vehicular safety for all drivers.
Who is the founder?
SMARTwheel is the brainchild of six, eleven to sixteen year old entrepreneurs and inventors by the name of Travis J. Evarts, Joel C. Evarts, Mark A. Evarts, Breyton R. Evarts, Paige G. Balcom (behind her alias), Emily B. Balcom and Kate A. Balcom, who are referred to as the “Inventioneers.”
How much were they seeking on Shark Tank?
They were seeking for $100,000 for 15% stake of their company, worth $666,667.
Did they have the deal?
Yes, they did with Robert and Mark.
How much was the deal?
They offered $100,000 for 30% equity shares of the company, worth $333,333, but the deal was never finalized.
Is SMARTwheel still in business?
Yes, SMARTwheel is still in operation with annual revenue of $4 million and its CEO is still CEO TJ Evarts.
Where is SMARTwheel located?
SMARTwheel is located in New York, NY, USA.
How does SMARTwheel work?
The device is a combination of a computer, camera and other devices that can be installed on the dashboard or window of an automobile.
It records every action done by the driver through its inbuilt video recording and can even disable the car if necessary.
Is SMARTwheel safe to use?
Yes, SMARTwheel is safe to use as it is made with the driver’s safety in mind.
How much is SMARTwheel?
SMARTwheel is available for $299.00.
How is SMARTwheel available?
SMARTwheel can be purchased online athttp://www.smartwheelusa.com/
Is SMARTwheel shipping?
SMARTwheel is available for shipping out at a fee price of $45.00.
How is SMARTwheel financing?
SMARTwheel is available for funding via PayPal or credit card.
Which vehicle should I use SMARTwheel in?
The device can be installed on any vehicle including the car and the truck, however for proper installation; it may take some time to undertake.
What is the net worth of TJ Evarts?
The net worth of TJ. Evarts is estimated at $6 million.
