SMART Tire Company On Shark Tank Update – Shark Tank Season 13
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SMART Tire Company On Shark Tank Season 13
SMART Tire Company aims to revolutionize the tire industry with airless tires made from a nickel-titanium alloy called nitinol, originally developed by NASA. Despite the innovative technology, founders Brian Yennie and Earl Cole did not secure a deal for their $500,000 for 2.5% equity offer. Summary:
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- Company Name: SMART Tire Company
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- Founders: Brian Yennie, Earl Cole
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- Founded: 2020
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- Product: High-performance airless tires made from nitinol
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- Asked For: $500,000 for 2.5% equity
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- Final Deal: No deal
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- Season/Episode (Shark Tank USA): Season 13, Episode 10
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- Business Status: In Business
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- Headquarters: Los Angeles, California, USA
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- Lifetime Worth (Sales): Estimated $1M
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- Go To Amazon: Buy Now
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- Watch On: Amazon Prime
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Description
SMART Tire Company On Shark Tank Update – Shark Tank Season 13
The SMART Tire Company, which focuses on developing high-performance airless tires using advanced materials, appeared on Shark Tank Season 13 but did not secure a deal. Here are the updates on the company since their appearance:
SMART Tire Company Shark Tank Appearance
- Entrepreneurs: Brian Yennie and Earl Cole
- Business: The SMART Tire Company aims to revolutionize tire technology using a nickel-titanium hybrid material called nitinol, which is durable and does not go flat.
- Ask: $500,000 for 2.5% equity
- Result: No deal; the sharks were impressed by the technology but concerned about the high price point of $2,500 to $3,500 per set of tires and the entrepreneurs’ inability to effectively communicate their business strategy.
SMART Tire Company Post-Shark Tank Developments
- Revenue Growth: Despite not securing a deal, the company is approaching seven figures in revenue and anticipates significant growth as they prepare to launch their first consumer product in 2024.
- Product Launch: The SMART Tire Company has a waiting list of over 10,000 people for their upcoming bicycle tires, which are expected to retail for around $150.
- Funding Success: They launched a Kickstarter campaign for their METL bike wheels in the fall of 2023, fully funding the project in just 15 minutes and securing $182,000 in orders.
- Future Aspirations: The founders aim to eventually develop tires for various vehicles, including e-scooters and automobiles, with a long-term goal of creating tires for lunar missions.
- Partnerships: The company has partnered with NASA to commercialize their tire technology, which was initially developed for use in space.
SMART Tire Company Current Status
The SMART Tire Company continues to innovate and expand its product offerings, leveraging its unique technology and the exposure from Shark Tank. The founders remain optimistic about their future in the tire industry, focusing on sustainability and performance.
