What Happened to Inboard After the Shark Tank Pitch?
What is Inboard?
Inboard is the world’s first electric skateboard with built-in motors.
The M1’s sleek design emulates the look, feel, and ride of a traditional skateboard.
Due to the fact that the motors are not external, as they are on other electric boards, they do not require gears or belts, allowing for a far more efficient use of energy.
The compact twin motors are buried beneath both back wheels, connected to the wheels only by free spinning bearings.
There is no resistance in this innovative structure, which allows the wheels to spin freely and coast like a regular skateboard wheel.
The 37-inch-long board is used in the same way as a traditional skateboard and is capable of supporting riders weighing up to 250 pounds.
The Inboard M1 Electric Board has a peak speed of 24 mph and a range of up to 10 miles before requiring recharging (it takes about 90 minutes to charge).
Riders operate the M1 through a wireless portable remote control or an accompanying smartphone app.
Who is the Founder of Inboard?
Inboard Technology is comprised of three entrepreneurs from Santa Cruz, California: Ryan Evans, Dave Evans, and Chris Harley.
They obtained substantial financial backing from a highly successful Kickstarter campaign that raised $421,935 for custom molds and equipment.
Inboard is presently manufacturing boards and sending the majority of orders within a week.
$1399.00 will get you a board from Inboard Technology. Additionally, the company sells branded bags, apparel, and charging accessories.
Almost sure, the corporation will seek funding from a Shark in order to expand manufacturing on a larger scale.
What Happened to Inboard at the Shark Tank Pitch?
Ryan, Dave, and Chris approached Shark Tank with an offer of $750,000 for a 4% ownership, implying a $18.75 million valuation.
They tell their story and invite Sharks to witness it for themselves. Kevin and Robert volunteer to assist.
They hand Kevin the remote, and he zooms down and back up the corridor.
He takes pleasure in it. After the fun has worn off, the enquiries commence.
They begin by replying to Mark’s enquiry by revealing that they raised $2.7 million at a $10 million valuation.
Lori inquires whether it can move uphill, and is informed that it can; also, when riding downhill, the motors act as brakes and charge the battery.
While it appears as though the sharks are delighted with the dish, some view it as extremely specialized.
Chris Sacca, a Shark guest, views it as a feasible mode of transport.
Mark Cuban discusses the venture’s obstacles, notably its difficulty to scale. They have earned $5.6 million in pre-orders from distributors.
Kevin O’Leary gives a $750,000 loan with an 8% interest rate and a 2.5% equity.
Robert Herjavec does not “think” it is a mass transportation product, and hence withdraws.
According to Chris Sacca, the category is tremendously saturated and competitive, and the market is contracting.
Mark determines that the position is too specialized for him and departs.
Lori Greiner is taken aback by the proposal, but O’Leary threatens to boost his stock offer if she departs.
She chooses to lend $750,000 at an interest rate of 8% in return for 3% equity. After entering the tank to debate the bids, O’Leary and Greiner agree to combine their $750,000 proposals into an 8% interest loan in exchange for a 5% ownership stake.
They object to Greiner’s original three percent offer.
They responded by raising the interest rate to 9% in return for 4% equity.
They protest 10% interest for 3% ownership once more, arguing that they cannot exceed 3% equity, despite having come in asking for 4%. They ultimately come to terms.
What Happened to Inboard After the Shark Tank Pitch?
Lori and Kevin’s transaction never came to fruition.
For a couple of years, they were selling the M1 like hotcakes before a financial calamity struck.
By signing a deal with a European manufacturer, the organization aimed to diversify into electric scooters.
As a consequence, the company committed $8 million in the scooter’s development. Creditors liquidated the business in 2019 following the failure of the transaction.
What is the Net Worth of Inboard?
Ryan, Dave, and Chris entered the business seeking $750,000 for a 4% ownership, implying a valuation of $18.75 million.
They accepted Lori and Kevin’s offer of a $750,000 loan. At 9% interest + 4% equity.
Who are the Competitors of Inboard?
Boosted Inc., ZBoard, Hoverboard Technologies, Hendo Hover, E-GO, Razor, Skque Products, Scoot Rides Inc., and iWatMotion are the company’s primary competitors.
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Inboard FAQS
Who is the owner of Inboard?
The three entrepreneurs of Inboard Technology, Ryan Evans, Dave Evans, and Chris Harley of Santa Cruz, California, pitched the business on Shark Tank in December 2016.
They requested $750,000 in exchange for 4% equity.
Is inboard from shark tank still in business?
The company experimented with electric scooters and signed a deal with a European manufacturer.
As a result, the company invested $8 million in the development of the scooters.
When the deal fell through, creditors determined that the business should be liquidated in 2019.
Is inboard no longer in business?
The Verge has learned that Inboard Technology, a Santa Cruz, California-based electric skateboard company, is cooperating with a liquidation firm to liquidate its intellectual property and assets. Despite fulfilling those benchmarks, Evans asserted that the investors ultimately chose to drive Inboard into liquidation.
Are inboard motors more expensive?
Weighing the benefits and drawbacks is difficult since those who value inboard motors do so for a number of fundamental reasons.
They are substantially more expensive, and their size makes them more difficult to load onto a trailer, but they are also the most fuel-efficient alternative, as they are modelled after vehicle engines.
What happened to inboard What Happens After Shark Tank?
Lori and Kevin’s transaction never came to fruition.
For a couple of years, they were selling the M1 like hotcakes before a budgetary calamity occurred.
The company experimented with electric scooters and signed a deal with a European manufacturer.
As a result, the company invested $8 million in the creation of the scooters.
Did inboard get a deal on Shark Tank?
Ryan Evans, David Evans, and Chris Harley accepted Lori Greiner and Kevin O’Leary’s offer of a $750,000 loan at 9% interest + 4% equity on Shark Tank Season 8 Episode 10.
How much does an inboard cost?
$1399.00 will get you a board from Inboard Technology.
What is the Inboard M1?
The Inboard M1 is an electric skateboard developed by Inboard Technology, a California-based start-up.
It is propelled by a hub motor and battery positioned beneath the board, which can go around 18 kilometers on a single charge.
It has a peak speed of 24 miles per hour and a range of up to ten miles before requiring recharging (it takes about 90 minutes to charge).
What is the Inboard M1’s maximum speed?
The M1 has a top speed of 24 miles per hour.
What is the Inboard M1’s range?
The Inboard M1 is capable of a range of up to ten kilometres before requiring recharging.
Does the Inboard M1 come with a battery?
Yes. The Inboard M1 is powered by a lithium-ion battery and comes with a charger.
How long does it take to charge the Inboard M1?
The M1 takes around 90 minutes to completely recharge.
What is the maximum weight capacity of the Inboard M1?
It is capable of holding up to 1200 pounds.
Can they ride the Inboard M1 at night?
While the M1 may ride in headlights, it is recommended that you wear a bike light, particularly at night.
What wheels does the Inboard M1 come with?
It comes standard with 60mm skateboard wheels, but users may change to 78mm touring wheels for an additional cost.
Can they ride the M1 off road?
The Inboard M1 is a street-legal electric skateboard, which means it may be ridden on the road; however, riding it off-road is not suggested.
