Sway Motorsports Shark Tank Update | What Happened to Sway Motorsports after the Shark Tank Pitch?
What is Sway Motorsports?
Sway Motorsports created Sway, a brand of tiny electric three-wheeled motor vehicles that spin by leaning rather than turning the handlebars.
This one-of-a-kind mechanism makes it akin like riding a skateboard. It is powered by rechargeable lithium batteries and can go 40 – 60 miles on a single charge at a peak speed of 55 – 75 mph.
The three-wheeled design makes it far more stable than a standard two-wheeled motor scooter and eliminates the need for the driver to balance when stopped.
Because the third wheel gives increased stability and brakes, the machine is more agile and safer than a motorbike. It can also carry cargo, making it more useful than a two-wheeled vehicle.
Who is the Founder of Sway Motorsports?
Sway Motorsports was created by Joe Wilcox. He worked as an Industrial Designer for NASA before to starting Sway. Joe then worked as a Senior Designer and Toy Inventor at IDEO. He then served as Sway’s CEO till 2018.
Joe was inspired to design Sway in order to meet the needs of city dwellers who were bored of riding motorcycles and scooters.
He sought to design a vehicle that was a hybrid of the two and could be operated by anybody with a driver’s license.
What happen to Sway Motorsports at the Shark Tank Pitch?
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 demonstrates how the scooter works before showing a video of it in operation on the streets.
Kevin inquires about the cost, and Joe responds with $7999.
Joe’s goal with the Shark Tank money is to identify an OEM manufacturer, which is a producer of a part utilized in another company’s product; with this OEM manufacturer, Joe will link up with a distributor who will manufacture and sell the bike, thus creating a dealership program.
His ambition is to produce it and sell it through dealerships.
He’s already pre-sold $350,000 and wants to deliver within a year.
He owns patents on the Sway and believes no one will be able to circumvent them.
Kevin O’Leary – argues the market is still developing and that this is a binary decision. The only way he can recoup his investment is if he can find someone to construct it, and then it must take off. He’s gone.
Daymond John – inquires about maintenance on this; he is undoubtedly a consumer, but as an investor, he is excluded.
Mark believes it will either be a big success or it will never be created; he’s out. Nick thinks it’s amazing, but he doesn’t see a return on his investment, so he’s out.
Lori doesn’t see what she can contribute, therefore she’s out.
Mark suggests that certain firms may be able to return to the Tank when they have grown.
“Why not invest?” suggests Joe. Mark responds, “Make me an offer knowing its cash money,” although he has no experience in the field. Joe makes a $300,000 offer for a 20% down payment, and Mark accepts.
Sway Motorsports after the Shark Tank Pitch
The contract with Mark was never completed. 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.
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.
