What Happened to Smart Tire Company After the Shark Tank pitch?
What is the Smart Tire Company?
SMART Tire Company is a manufacturer of tires that utilizes shape memory alloy radial technology’ to ensure that they are durable, robust, and never go flat.
They cooperated with NASA to produce environmentally friendly tires made of NiTinol+, nickel and titanium-based polymer that can be bent to any form and then spring back to its original shape.
The SMART Tire Company is developing METLTM (Martensite Elasticized Tubular Loading) tires for use on earthbound bicycles.
They began with bicycle tires in order to establish fundamental competencies and accelerate the development of a really innovative product.
METLTM tires will be available for e-scooters, cars, and airplanes in the future.
Because the tires are made up of interconnected coils, they are devoid of air.
Additionally, they have their own load-bearing components, superior tread grip, comparable or higher traction than conventional rubber tires, and built-in shock-absorbing qualities.
The tires are meant to last the whole of the vehicle’s life and beyond. They may be repaired or reconditioned if they are damaged by retreading, reshaping, and heat-treating localized damage, or by replacing specific components.
There is no reason to purchase a completely new pair of tires.
Additionally, METLTM tires are ecologically beneficial. Rubber tires are manufactured using petroleum chemicals, carbon black, polymers, and metals; each year, 50 billion pounds of rubber tires are buried or burned.
Indeed, between 20% and 30% of all microplastics in the ocean originate from tire wear washed off our roads and into our waterways.
METLTM tires are melted down and recycled into the NiTinol supply chain when they reach the end of their useful life.
Who are the SMART Tire Company’s Founders?
Brian Yennie and Earl Cole of Los Angeles, California created SMART Tire Company.
The Smart Tire Company was created with a mission to reduce plastic waste by CEO Earl Cole and CTO Brian Yennie.
Earl is now enrolled in a doctoral program at the University of Southern California and has previously worked for famous companies such as The Walt Disney Company, Muse Communications, and Brave Spark.
Throughout his impressive career, Earl co-founded Particle 5 Interactive, Smush Mobile Technologies, and Fanstreme. Additionally, he has had a variety of consulting and advisory positions.
In comparison, Brian studied mathematics and computer science before working for a variety of firms.
He co-founded Fanstreme with Earl in 2016, and their partnership looks to have been instrumental in The Smart Tire Company’s success.
Earl and Brian were both aware that discarded and unused tires are non-biodegradable and comprise around 30% of global plastic waste.
Additionally, producing such toxic waste is expensive, as corporations must pay billions of dollars for safe disposal.
Thus, with the purpose of reusing tires and decreasing plastic waste, Earl and Brian invented a product inspired by Goodyear’s lunar rover tires developed in collaboration with NASA’s Glenn Research centre.
NiTinol, a nickel-titanium alloy, is used to make the Smart Tire Company’s tires.
Despite its rubber-like texture, NiTinol is exceptionally durable, puncture- and wear-resistant.
As a consequence, the company takes pride in producing flat-free tires that last longer and generate substantially less plastic waste.
The Smart Tire Firm began as a pre-revenue company by conducting a campaign on WeFunder, where they raised an astounding $1,558,762.
Although the release date for automotive tires is still some years away, the firm is currently targeting a 2022 delivery date for METL cycle tires.
What Happened to the Shark Tank Pitch for Smart Tire Company?
Brian Yennie and Earl Cole made their Shark Tank Season 13 Episode 10 debut in quest of $500,000 in exchange for a 2.5% stake. This implies a $20 million valuation.
Brian examines the METL tire’s materials and construction. They have been awarded an exclusive license by NASA. They are now pursuing a patent for rubber integration. NASA is supporting them significantly in commercializing it.
They raised $1.3 million through equity crowdfunding. Mark is enquiring as to how they are carrying out the execution.
They converse about their disparate upbringings. The firm operates a 5000-square-foot factory where bicycle tires are manufactured.
There is no other company that owns rubber integration intellectual property that can be licensed to big tire manufacturers.
Each bicycle tire costs between $150 and $200. They are seeking between $2500 and $3000 for them. The Sharks are unhappy with the high price.
Kevin Hart inquires about automobile tires, which cost between $700 and $800 each tire.
Lori is intrigued by the notion, but it is too early for her; she is out.
Mark admits he can’t fault them for partnering with NASA, but he hasn’t heard how they intend to carry it through, and therefore is out.
Mr. Wonderful feels that the approach should be licensed to major manufacturers and is thus resigning.
Kevin Hart concurs with Mr. Wonderful’s assessment and is departing. Barbara refused the pitch because she thought it was weird.
The pair departed the Tank without reaching an accord with the Shark.
What became to Smart Tire Company following their Shark Tank pitch?
Numerous publications have highlighted the firm. Yahoo, Nerdist, SyFy Wire, and other major websites pounced on the start-up and its novel approach to airless tires.
How much is Smart Tire Company worth?
Brian Yennie and Earl Cole came on Shark Tank in quest of $500,000 in return for a 2.5 % stake in their business. This implies a $20 million valuation.
Who are Smart Tire Company’s Competitors?
Michelin of France, Bridgestone of Japan, Continental of Germany, and Goodyear of the United States all compete in this market segment.
Smart Tire Company FAQS
1. What is the Company’s Smart Tire?
SMART Tire Company produces flat-free, airless bicycle tires that are made from a specialized for of ductile optical metallurgical-grade nickel titanium (NiTiNol) alloy.
2. What is METLTM?
Metallo-Optical Thermoplastic (METLTM) is a material composed of optical metallurgical-grade nickel titanium alloy (NiTiNol).
3. What is NiTiNol?
NiTiNol is a unique nickel-titanium alloy that combines the high strength properties of titanium with the wear- and puncture-resistant characteristics of nickel.
4. What makes NiTiNol different than other alloys?
While NiTiNol has similar physical properties to other high-end alloy materials, the unique microstructure is what makes it unique.
This combination of properties enables NiTiNol to have unparalleled wear and puncture resistance without sacrificing flexibility.
5. Who are Smart Tire Company’s competitors?
Its competitors include Michelin, Bridgestone, Continental, and Goodyear.
6. How much money has been invested in Smart Tire Company?
The company has raised $1,558,762 through equity crowdfunding on the WeFunder platform.
7. Who is the CEO of Smart Tire Company?
Earl Cole is the CEO of STC.
8. What is the Headquarters of Smart Tire Company?
The headquarters are in Los Angeles, California.
9. Who are the founders of Smart Tire Company?
Earl Cole and Brian Yennie are the founders of STC.
10. How much were they seeking in the Tank?
They were asking for $500,000 for a 2.5 % stake in Smart Tire Company.
11. Did they get the deal?
They did not get the deal in the Tank.
12. What happened to Smart Tire Company after their Shark Tank appearance?
Various publications have highlighted the firm. Yahoo, Nerdist, SyFy Wire and other major websites pounced on the start-up and its novel approach to airless tires.
13. What is net worth of Brian Yennie?
Brian Yennie’s net worth is unavailable.
14. What is net worth of Earl Cole?
Earl Cole’s net worth is $18 million.