SMARTWheel is an intelligent steering system that creates a warning system for drivers when they take off their hands from the streeing wheel. This product was designed to curb the deadly habit of texting while driving.
The founders pitched on the Shark Tank show for an investment of $100,000 in return for a 15% stake in the company. After some question-answers and negotiations, Robert Herjavec and Mark Cuban finalized the deal of $100,000 for 30% of the stake in the company.
But what happened to SMARTWheel after Shark Tank? Are they still operational in 2024? To know the latest updates and net worth of the company, read this article till the end.
|TJ Evarts, Jaiden Evarts, Bryeton Evarts, Paige Balcom, Emily Balcom, and Kate Balcom
|Smart steering wheel that alarms when hands are off
|$100,000 for 15% equity
|A smart steering wheel that alarms when hands are off
|Robert Herjavec and Mark Cuban
SMARTWheel Shark Tank Episode Recap
In Shark Tank Season 04 (Episode 16), the young entrepreneurs TJ Evarts, Jaiden Evarts, Bryeton Evarts, Paige Balcom, Emily Balcom, and Kate Balcom presented a smart steering wheel that alarms drivers when they take off their hands from the steering wheel.
At the start of the pitch, the founder said that almost 18 teens die every day in the United States due to distracted driving. To change the bad habit of driving and texting, they invented SMARTWheel.
The sharks were impressed with their presentation, and they wanted to know more about the product.
Mark Cuban wanted to know if the product was available or if it was just a prototype. TJ said that it’s a prototype, and they’re planning to sell the actual model via the internet and retail.
The production cost of each SmartWheel is around $50, while retail is around $200. Kevin O’Leary said that instead of simply alerting and recording, the product should give “120V” to discourage drivers from distracted driving.
Breyton responded that a study conducted at MIT shows that SmartWheel will improve the driving habits of 90% of drivers.
Daymond Jhon said, “I would love to be part of this; I can not add value,” so he’s out.
Barbara Corcoran was also not interested in this business, and she was out.
Kevin O’Leary said, “would invest once the kids come up with some good product,” but he is out.
In the end, Robert Herjavec and Mark Cuban believed that SmartWheel should be licensed to car manufacturers, freeing kids to focus on inventing more products.
After some conversation, Robert and Mark counteroffered $100,000 for 30% equity. Finally, SmartWheel got this deal along with the experience of two sharks.
SmartWheel Update: What Happened After Shark Tank?
Robert, Mark, and Inventioneers couldn’t agree to the final condition despite commitment and dedication. The company decided not to take funding from sharks. However, their product and company got huge exposure among Shark Tank viewers.
In early 2014, the company launched a crowd-funding campaign on Indiegogo that indicates that SmartWheel firm is desperate for funds.
The crowd-funding campaign was unsuccessful. They collected only $2000, but they are looking for $50,000 to finish the production process.
In 2024, their website was shut down, and SmartWheel is no longer operational. We searched for SmartWheel on online platforms but couldn’t find it. SmartWheel company was shut down due to lack of investment.