SmartWheel is the creation of a group of kids that are twelve to eighteen years of age. They pitch the Intelligent Steering Wheel that deters distracted driving in Shark Tank Season 4.
The SmartWheel focuses on distracted teen driving. The device alerts teens based on mistakes that teens make while driving using lights and tones.
SmartWheel records the events and reports back to parents.
They will use the money to complete their design and retailing it at $200, with estimates to create the device at $50 per unit.
SmartWheel Shock? – Kevin O'Leary idea
Kevin O'Leary suggests SmartWheel giving the driver a shock if they take their hands off the wheel. MIT did a study, and the device would be effective at changing 90% of driving behavior.
Entrepreneurs: The Inventioneers
Ask: $100,000 for 15% equity
Companies in this episode: Gotta have S'More, How Do You Roll?, Pretty Padded Room, Smartwheel, Update: Invis-A-Rack
Season 4 Episode 416
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 02/14/13
Deal: Mark Cuban and Robert Herjavec $100,000 for 30% equity
What do the Shark Tank Investors say about Smart Wheel
Mark Cuban will join Robert Herjavec at $100,000 for 30% equity, but the contingency needs removed. Robert agrees, and they do the deal.
Daymond John would love being a part of this, but he can't add value to the SmartWheel so, he is out.
Kevin O'Leary says they have achieved a whole lot and put this idea together. You have put this entire thing together and made it all the way to the Whitehouse. He welcomes them to come back when they have a good idea, and he will write them a check.
Barbara Corcoran thinks this product goes too far by reporting back to the parents. Barbara believes this product would be better without the reporting.
Robert Herjavec is struggling because they think they are in the SmartWheel business. He thinks they need to go and sell the license to this, rather than manufacture it. Robert will give them $100,000 for 30% with a contingency on them licensing their product.
After Shark Tank – Smart Wheel
SmartWheel continues to pursue production in vehicles, but they do not have a product on the market.