Peter Treadway is the founder Acton Rocket Skates, wearable transportation and he's pitching in the Shark Tank during season 7. A single charge will take you up to ten miles, making the rocket skates perfect personal transportation to get around college campuses.
Acton Rocket Skates will go up to ten miles an hour. Each skate uses wireless technology to match speeds without remote controls. They are 100% controlled by your feet. Step in with your regular street shoes as long as they do not have a heel.
Rocket Skates Wearable Transportation has beginner mode
Robert Herjavec tries out the Acton wearable transportation in beginner mode and appears to struggle a bit, but the target audience is college students or younger who seem to take to them immediately. Pricing is steep with three categories depending on range. The entry level is $499, medium range is $599, and the 10-mile range runs $699.
Season: 7 Episode 701
First Run: 2016/1/29
Shark: Mark Cuban, Ashton Kutcher, Kevin O'Leary, Lori Greiner, Robert Herjavec
Entrepreneurs: Peter Treadway
Ask: $1 million for 3.5% equity
Deal: No Deal
A lot is happening with Acton since they demonstrated the Rocket Skates on Shark Tank. Now, they are focusing on motorized skateboards that go fifteen miles per hour. The wearable transportation skates are also available.
Peter won't state how much Acton Rocket Skates cost to manufacture, other than it being around 40% of the price. He notes that they have two utility patents, four design patents and sixteen patents pending.
Sales for the first year ran $1.5 million with an expected run rate of $10 million for the following year. He knows they can make thousands of skates per month, but cannot accurately say how many.
Capital for the Wearable transportation Acton Rocket Skates began with a $2 million seed round, and they closed an A round of $2.5 million with a pre-money valuation of $20 million. They are at breakeven during the taping of the Shark Tank pitch.
What do the Sharks say about Acton Rocket Skates?
Robert Herjavec thinks the only way he makes money is if they hit it out of the ballpark. He offers to buy the skates but realizes that they will not lower the evaluation by half, so he is out.
Ashton Kutcher doesn't see a price that gets him into the deal. He likes them, but He doesn't have that, “I have to have them feeling” so he's out.
Lori Greiner states she loves inventions and thinks the skates are very clever, but she feels Peter doesn't want a deal bad enough. So she's out.
Mark Cuban sees the personal transportation marketplace exploding. The problem he has with the deal is Peter struggled with the numbers being all over the map, so he goes out.
Peter negotiates with Kevin O'Leary as he is not convinced that 10 million orders will ship. Kevin offers him 1 million dollars for 15%. Surprisingly, Peter negotiates coming up to 8% from 3.5%, but Kevin won't budge.
In the end, Peter tells Kevin no, and says he is going to have to skate out of the Shark Tank.