Sway Motorsports Shark Tank Net Worth 2023
Sway Motorsports appeared on Shark Tank in 2015 and received an investment of $300,000 from Mark Cuban for a 20% stake in the company. The valuation of Sway Motorsports was $3 million when it appeared on Shark Tank.
As of 2020, Faze Sway’s net worth is $5 million dollars. However, we do not yet have an estimate of Sway Motosport’s net worth for the year 2023.
Sway Motorsports produces a three-wheeled electric scooter with no pedals and minimal manual effort required to operate.
The unique design gives users more control over their rides without worrying about balance loss or gasoline runoff thanks to better balance tilt sensors and lithium iodine battery packs.
The company received more than $1 million worth of pre-orders after appearing on Shark Tank. They even landed a partnership deal with Govecs, a German electric scooter manufacturer, that would put the Sway into production.
However, Joe Wilcox closed the firm in 2018 without producing any scooters after accepting Mark Cuban’s offer on Shark Tank. The website is still operational as of August 2021, however social media has not been updated since 2017.
What is Sway Motorsports? Who is the Founder of Sway Motorsports?
Sway Motorsports developed a unique brand of electric three-wheeled vehicles named Sway, which uses a leaning mechanism instead of handlebars to turn.
The experience of riding it is similar to that of riding a skateboard. The vehicle is powered by rechargeable lithium batteries and has a range of 40-60 miles on a single charge, with a top speed of 55-75 mph.
The three-wheeled design provides greater stability than a typical two-wheeled scooter, eliminating the need for the rider to balance when stopped.
Additionally, the third wheel enhances the vehicle’s agility and safety compared to a motorcycle. The Sway can also carry cargo, making it more practical than a two-wheeled vehicle.
Sway Motorsports was founded by Joe Wilcox, an Industrial Designer who previously worked at NASA and IDEO as a Senior Designer and Toy Inventor.
He served as Sway’s CEO until 2018. Joe was motivated to create Sway to meet the demands of urban residents who were seeking a new mode of transportation that combined the features of motorcycles and scooters and could be operated by anyone with a driver’s license.
Sway Motorsports Shark Tank Pitch
Joe made an appearance on the 29th episode of the sixth season of Shark Tank, seeking an investment of $300,000 in exchange for a 10% stake in his company, which was valued at $3 million.
He demonstrated how his scooter worked and showed a video of it in action on the streets. When asked about the cost, Joe revealed it was $7,999.
Joe’s plan for the investment was to locate an original equipment manufacturer (OEM) to produce the scooter’s parts, and then partner with a distributor to manufacture and sell the bike, creating a dealership program.
He had already pre-sold $350,000 worth of the scooters and aimed to deliver within a year. He held patents on the Sway and believed they were secure.
During the pitch, Kevin O’Leary expressed concerns about the market and stated that he would only recoup his investment if the product was constructed and became successful.
He decided to pass on the investment opportunity. Daymond John, a potential investor, inquired about maintenance, but he was excluded as an investor since he was also a consumer.
Mark Cuban believed that the product would either be a huge success or a complete failure and declined to invest, as did Nick. Lori also did not see a way she could contribute.
Mark Cuban suggested that Joe return to the show when the company had grown. Joe made an offer of $300,000 for a 20% down payment, which Mark accepted.
However, the deal was never completed, and Joe ultimately shut down the company in 2018.
Although the website was still functioning as of August 2021, there had been no updates to the social media accounts since 2017.
Sway Motorsports Net Worth
Joe appears on Shark Tank Season 6 Episode 29 in search of $300,000 for a 10% stake in his firm. This represents a $3 million valuation.
He accepted an offer from Mark of $300,000 for 20% stake thus bringing valuation to be $1.5 million valuation.
Sway Motorsports Competitors?
Sway Motorsports competitors include Carver, Akkurad, Butchers & Bicycles, and Doohan.
Sway Motorsports FAQS
What is Sway Motorsports?
A one-of-a-kind electric scooter that can be ridden by anybody. Sway can be ridden by people with a driver’s license, regardless of age or physical ability.
Unlike other scooters, it also lets riders sit upright, so they can keep an eye on their surroundings on city streets.
Who was the founder of Sway Motorsports?
Joe Wilcox is the founder of Sway Motorsports.
How much was Joe Wilcox seeking in the Shark Tank?
Joe Wilcox was seeking $300,000 for a 10% stake in his firm. This represents a $3 million valuation.
Did he get a deal from the Shark Tank?
He had an offer from Mark of $300,000 for 20% stake in the firm. This was accepted and subsequently never completed.
Is Sway Motorsports still in business?
Joe never produced any scooters and closed the firm in 2018. The website is still operational as of August 2021, however social media has not been updated since 2017.
What problem does Sway Motorsports solve?
Sway is a one of a kind 3-wheeled scooter that solves the problem of missing experience and fun in the lives of city dwellers.
What episode of Shark Tank was Sway Motorsports featured?
Sway Motorsports was featured on Season 6 Episode 29 of Shark Tank.
When was Sway Motorsports aired on Shark Tank?
Sway Motorsports was aired on May, 15th 2015.
Where was Sway Motorsports located?
Sway Motorsports was based out of Alto Palo, California.
How much was Sway sold for?
The cost of Sway was $7999.
What happened to Sway after shark tank?
While not working as a designer at IDEO Toys, Wilcox spends his leisure time to the scooter company.
Wilcox, a graduate of the Rhode Island School of Design, has also worked on various “space-related” projects at NASA’s Johnson Space Centre and MIT.
Who was eligible to ride Sway?
Sway is a comfortable fit and simple ride for everyone who can ride a standard-sized motor scooter, male or woman.
An early version was tested in a parking lot by creator Joe Wilcox’s mother–who stands 5’2″ and is 60 years old!
What was distinguishing Sway from other three-wheeled motorcycles?
Riders on a Sway have direct control of vehicle tilt with their legs thanks to the innovative linkage system.
Riding a Sway is thus an entirely different sensation from riding a motorbike – or any other three-wheel design on the market.
What type of license are they going to need to ride one?
In California, they may ride Sway with nothing more than a driver’s license.
Because licensing requirements differ by town, they urge that customers verify their state regulations regarding three-wheeled electric bikes before booking their Sway.
How many cc’s is Sway’s engine?
Because they are electric, the motor is not measured in cubic centimetres. Electric motor power is measured in watts (W).
Sway Lithium features a 6 kilowatt (kW) motor that produces about 8 horsepower. It has about the power of a 125cc gas engine, hence Sway Lithium is classified as a motorcycle.
How was the charging system? Does it come with a charging station? Does it work with existing car chargers in parking lots? How do they set up a charger at home?
The Sway charger is compatible with both 110v and 240v household electricity.
Sway will come equipped with an 110v wall charger socket and an upgrade option for a J1772 vehicle charger plug that will function at typical EV charging stations.
There is a home charging equipment available for charging the J1772, which takes 240v electricity.
How long was a charge last?
This, like a gas engine, will be determined by how they drive. They will get less miles per charge if they are constantly speeding or climbing steep slopes.
At 30 mph, the charge on Sway Lithium can last about 40 kilometres.
What is net worth of Joe Wilcox?
Joe Wilcox’s net worth is unavailable.
