Sway Motorsports Shark Tank Pitch
Sway Motorsports is personal transportation The rider controls the tilt of the vehicle with their feet. It allows them to carry passengers and cargo because you don't have to balance the vehicle. It is an electric vehicle.
Right now they are selling Sway Motorsports on their website for $7999 for the sixty mile an hour, forty mile range version. They want to find an OEM(Original Equipment Manufacture) to fulfill the Vehicle. They are in conversations with several high volume manufacturers.
Sway Motorsports has deposits for $350,000 worth of vehicles. You do not need a motorcycle license to ride sway, and he has between $100,000 to $200,000 invested. They have a patent putting the battery down below on the vehicle.
Sway Motorsports Episode Data
- Company: Sway Motorsports –Website
- Entrepreneur: Joe Wilcox
- Ask: $300,000 for 10% equity
- Episode Season 6 Episode 629
- Companies in this episode:
- First Aired: 03/28/2013
- Deal: Mark Cuban $300,000 for 20% equity.
What do the Shark Tank Investors say about Sway Motorsports?
- Mark Cuban – thinks every little kid in San Francisco will want one of these. Mark loves it and it is either going to be huge or not at all. He could do it if it was tech, but he doesn't know this space. He is out. Mark tells Joe to get it to the next level and come back. Joe says, “Why not invest?” Mark says make me an offer knowing it is cash money, but he doesn't know the industry. Joe offers $300,000 for 20% and Mark does the deal.
- Daymond John – asks about maintenance on this, he is definitely a customer, but as an investor he is out.
- Kevin O'Leary – says the market has been in development and he sees this as a binary decision.The only way he gets his capital back is if he gets someone to build it, and then it has to take off. He is out.
- Lori Greiner – thinks it is pretty cool, and she is not sure what she can bring to the table. For that reason, she is out.
- Nick Woodman – thinks you need to be careful as to the accessibility on how easy it is to ride.The typical person who doesn't ride a motorcycle is not going to be all over this. Nick says he reminds him of his Go Pro startup days because he wanted to license it. He is lucky he didn't license it because he would have never built Go Pro. He thinks he is better building this then licensing the vehicle. Nick thinks he is on to something, and should continue to build the business around himself, but he is out.
Sway Motorsports after Shark Tank
Sway Motorsports site does not show dealers and is still in preproduction.