What Happened to GeoOrbital After Shark Tank?
What is GeoOrbital?
GeoOrbital is a brand-new unique idea that makes every existing bike system appears ancient and out-of-date. It is a wheel that enables the user to ride his or her bicycle with ease and comfort, thereby saving time, effort, and energy.
Simply replace your bike’s front wheel with a GeoOrbital wheel and attach the rechargeable battery to the handlebar. On a single charge, the battery has a range of around 12 kilometers.
Dakota Decker, a former SpaceX engineer, and Michael Burtov, a Cambridge, Massachusetts native, are the founders of GeoOrbital.
In the spring of 2014, Michael and Dakota, two of the GeoOrbital wheel’s entrepreneurs, came up with the idea for the electric wheel. They got the term from the orbital wheel, which doesn’t have a central hub.
Who is GeoOrbital’s owner?
Michael Burtov launched GeoOrbital in 2014. Burtov had the idea after watching the film Tron and noticing how much space was wasted within the wheels, which motivated him to build an electric wheel system.
He designed a wheel that can be used in place of the factory wheel on almost any bike, and he first offered two sizes.
The motor and battery can attain a top speed of 20 miles per hour, and the battery has a range of 12 miles that may be increased to 30 miles by pedaling.
In 2016, the company made its Kickstarter debut, raising $75,000 in 78 minutes. The financing drive drew media attention, with articles appearing on TechCrunch, Irish Times, Huffington Post, the Verge, and Gadgets, among others.
In addition, the business received around $150,000 in funding from a group of independent angel investors. A successful Kickstarter campaign in May and June 2016 earned $1,261,222 in pledges to pre-purchase about 1600 wheels.
What happened to GeoOrbital’s proposal on Shark Tank?
Michael and Dakota decided to seek marketing and distribution assistance from Shark Tank investors.
Michael and Dakota entered the Shark Tank asking for $500,000 in exchange for 5% equity in their firm, which was valued at $10 million.
They begin by pointing to a regular bicycle and claiming that it has been in use for centuries. Dakota admitted that he had seen much too much science fiction, but he wanted to keep up with the times.
Michael referred to the GeoOrbital wheel as a “futuristic step.” On stage, he removed the wheel’s cover. He said that they have developed an electric bike for almost any bike.
Kevin had already gotten up and left his seat before Michael and Dakota had finished their presentation. He was curious. As he approached the bike, he questioned as to what he need.
Dakota stated that the brakes and pedals are same. Barbara, dressed in high heels, was the next Shark to try out the second bike.
He said that they’ve sold about $200,000 in merchandise since their Kickstarter campaign.
Mark Cuban questioned whether they were ready to ship or whether they were still in the prototype stage. Dakota said they’d be ready in two months, but they were still in prototype.
Michael claims that the bike wheel costs $950. Barbara misread Steve and asked whether purchasing a regular electric bike would be less expensive.
Dakota indicated that it was dependent on the bike. An electric bike could be purchased for over $500, but it was all about quality.
Chris Sacca called the bike “goofy,” but he saw potential in it. Wire and wiring harness errors might result in serious harm or death, and he goes out.
Mark Cuban left the collaboration owing to one of the most significant challenges in bike sales and distribution.
Lori feels that a great product has three responsibilities, so she goes out.
Kevin said he’d buy a bike from them, but they needed to fine-tune the design a little more. He anticipated it to be less than $300. He answered that he purchased the bike but not the firm. He went out from the deal.
Barbara was skeptical that it would sell. She saw herself purchasing an electric bike and not replacing the wheels. She reasoned, and she also went out from the deal. Finally, Michael and Dakota exit the pitch without any deal from Sharks.
What Happened to GeoOrbital After Shark Tank?
Despite the fact that Michael and Dakota were unable to get a contract on Shark Tank, they did not let their disappointment get the best of them.
Since their show aired, they’ve started selling on Amazon and at Brookstone locations. The company has developed a social media following of tens of thousands of fans.
They’ve been working on a Public Safety wheel, which they claim is particularly made for police officers. Two of the Sharks, according to the GeoOrbital website, acquired wheels from them.
In 2018, GeoOrbital received a Gold Edison Award for Performance Technology, joining other cutting-edge ventures such as Sophia the Robot and a new type of ultrasound equipment.
They are now providing shares of company common stock in exchange for a $100 investment in order to support the purchase of new items in 2021. The company has shipped to over 50 countries and sold over 2,000 GeoOrbital wheels, generating over $1.8 million in revenue.
GeoOrbital’s competitors
Cowboy, Bikemap, Bike-ID, VanMoof Smart Series, and Calamus E-Bikes, Rayvolt eXXite X One Ebike, Triumph Trekker GT, and Helyx Bike are some of GeoOrbital’s main rivals.
GeoOrbital’s Net Worth
During and after the pitch, the company was valued at $10 million, and it has since made $1.8 million in sales and the company’s net worth might have been higher than that of pitch.
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GeoOrbital FAQs
What is GeoOrbital’s location?
GeoOrbital is located in San Francisco, California. They started in 2014 and are still running as of March 2018.
Is GeoOrbital safe?
The company states that the wheels have been designed to be safe and that they are 100% Compatible with bikes, but nevertheless, the final choice is up to each customer.
What are the GeoOrbital prices?
The price varies from one customer to another, according to the type and size of product. The wheels are $950.
How can I purchase a GeoOrbital?
Customer can purchase their GeoOrbital through their website. They can also get them in-store or at their nearest Brookstone store. They can also learn more about what their company has to offer by checking out its Facebook or Twitter pages.
How can I track my order?
Customers can easily track their order by entering the tracking number on their website.
Is GeoOrbital insured?
The company claims that they are insured and that they stand behind their product 100%. Customers can also get to know more about the company by checking out its Facebook page. Customers who want to buy a GeoOrbital can check Brookstone locations or visit the company’s website for more information.
How does GeoOrbital work?
The wheels attach to the bike’s rear axle and come as a set. The wheel itself is equipped with a lithium ion battery and a control unit.
The wheel can be turned on by flipping the power switch. It is then ready to start riding. The wheel’s batteries last for 20 miles, according to customers who ordered the product, and are rechargeable in less than four hours.
Is GeoOrbital durable?
The company believes that their wheels are durable and will last for quite a long time. Customer reviews also show that the product is durable.
What is the warranty?
The company has a lifetime warranty on their products, which means that it does not come with any replacement or repair costs. Customers should contact them for more information about the warranty on their product if they have any concerns or questions.
What is GeoOrbital made of?
The GeoOrbital wheels are made of durable materials such as nylon and aluminum, which customers should know before they purchase them. However, the company has yet to disclose what materials they use and whether they are natural or synthetic.
The wheels utilize a simple braking system that allows the user to stop quickly in emergency situations. The brakes are attached to the front wheel axle, but the brakes can also be activated manually via a button on the handlebars.
