What Happened to Sway Motorsports After the Shark Tank Pitch?

What is Sway Motorsports?

Sway Motorsports produced Sway, a brand of miniature electric three-wheeled motor cars that spin by leaning rather than spinning the handlebars.

It’s like riding a skateboard with this one-of-a-kind system. It is powered by rechargeable lithium batteries and has a range of 40 – 60 miles with a top speed of 55 – 75 mph.

The three-wheeled design makes it significantly more stable than a normal two-wheeled motor scooter and eliminates the driver’s need to balance while stopped.

The machine is more nimble and safer than a motorcycle because of the third wheel’s greater stability and brakes. It also has the ability to transport freight, making it more useful than a two-wheeled vehicle.

Who is the Founder of Sway Motorsports?

Joe Wilcox founded Sway Motorsports. Before launching Sway, he worked as an Industrial Designer for NASA. Joe then worked at IDEO as a Senior Designer and Toy Inventor. He then served as CEO of Sway till 2018.

Joe was motivated to create Sway to satisfy the demands of city people tired of riding motorbikes and scooters.

He aimed to create a vehicle that was a cross between the two and could be driven by anybody with a driver’s license.

What Happened to Sway Motorsports at the Shark Tank Pitch?

Joe appeared on Shark Tank Season 6 Episode 29 in quest of $300,000 in exchange for a 10% ownership in his company. This equates to a $3 million valuation.

He shows how the scooter works before displaying a video of it in action on the streets.

Kevin inquires about the price, to which Joe says that it is $7999.

Joe’s aim with the Shark Tank money is to find an OEM manufacturer, which is a maker of a part used in another company’s product; with this OEM manufacturer, Joe will partner with a distributor who will manufacture and sell the bike, resulting in the creation of a dealership program.

His goal is to manufacture it and sell it through dealerships.

He’s already sold $350,000 in advance and hopes to deliver within a year.

He holds Sway patents and believes no one will be able to evade them.

Kevin O’Leary thinks that the market is still in its early stages and that this is a binary decision. He can only return his investment if he can find someone to build it, and then it must take off. He’s no longer there.

Daymond John – inquires about maintenance on this; he is definitely a consumer, but he is barred as an investment.

Mark is out because he feels it will either be a huge success or it will never be built. Nick thinks it’s fantastic, but he doesn’t see a return on his investment, so he withdraws.

Lori doesn’t see what she can bring to the table, therefore she’s out.

Mark believes that certain businesses may be able to return to the Tank once they have developed.

“Why not invest?” Joe says. Despite his lack of expertise in the sector, Mark answers, “Make me an offer knowing it’s cash money.” Joe offers Mark a $300,000 offer with a 20% down payment, which he accepts.

What Happened to Sway Motorsports After the Shark Tank Pitch?

Mark’s contract was never finished. Joe never made any scooters and closed the company in 2018. As of August 2021, the website is still active, however social media has not been updated since 2017.

What is the Net Worth of Sway Motorsports?

Joe appeared on Shark Tank Season 6 Episode 29 in quest of $300,000 in exchange for a 10% ownership in his company. This equates to a $3 million valuation.

He accepted Mark’s offer of $300,000 for a 20% ownership, bringing the total valuation to $1.5 million.

Who are the Competitors of Sway Motorsports?

Carver, Akkurad, Butchers & Bicycles, and Doohan are among Sway Motorsports’ competitors.

What Happened to Bundil After Shark Tank?

What Happened to Ten Thirty One Productions After Shark Tank?

Sway Motorsports FAQS

What was Sway Motorsports?

Sway Motorsports is a manufacturer of a three-wheeled motor vehicle that leans, rather than spinning the handlebars.

It is equipped with a seat belt and rearview mirrors, making it much safer than other vehicles on the road.

Who was the Founder of Sway Motorsports?

Joe Wilcox is the founder of Sway Motorsports and was CEO from 2017 till 2018.

What Happened to Sway Motorsports at the Shark Tank Pitch?

Joe appeared on Shark Tank Season 6 Episode 29 in quest of $300,000 in exchange for a 10% ownership in his company. This equates to a $3 million valuation.

Did Sway Motorsports get a deal from the Sharks?

Joe was offered $300,000 for 20% of the business by Mark Cuban, who he accepted. This means that his company should be valued at $1.5 million.

What happened to Sway Motorsports after the Shark Tank?

Mark’s contract was never finished. Joe never made any scooters and closed the company in 2018.

As of August 2021, the website is still active, however social media has not been updated since 2017.

When was Sway Motorsports aired on Shark Tank?

Sway Motorsports was aired on May, 15th 2015.

Where was Sway Motorsports located?

Sway Motorsports was based out of Alto Palo, California.

How much was Sway sold for?

The cost of Sway was $7999.

Who are the competitors of Sway Motorsports?

Sway Motorsports is known for its competitors, Akkurad, Carver, Butchers & Bicycles, and Doohan.

Is Sway Motorsports still in business?

Sway Motorsports is no longer in business since 2018.

How long was a charge last?

This, like a gas engine, will be determined by how they drive. They will get less miles per charge if they are constantly speeding or climbing steep slopes.

At 30 mph, the charge on Sway Lithium can last about 40 kilometres.

Similar Posts