The Shark Tank episode 807 featured Ryan Evans, Dave Evans, and Chris Haley pitching their company, Inboard Technology, which manufactures innovative electric skateboards.
Inboard Technology is the first company to create a skateboard that uses motors inside the wheels.
Inboard Technology can hit speeds up to 24mph. The boards come with in-wheel motors, integrated LED lights and regenerative braking technology.
Inboard Technology costs approximately $1,399 and is accompanied by a PowerShift battery and a soft sided carrying case.
There are many electric skateboards that are on the market today. What truly sets the M1 Skateboard apart is the motors that are built into the wheels of the board.
If an electric skateboard promises to revolutionize urban transportation, Inboard Technology is not a new concept from a company. But there are also features that make Inboard Technology stand out from all others.
Inboard Technology wants to revolutionize urban transportation, creating a board that allows riders to use their smartphones to control their speed. They are looking to provide riders with a revolutionary way to get around.
What Is Inboard Technology?
Inboard Technology is a firm that manufactures electric skateboards that feature a hidden engine beneath the deck.
The 37-inch-long board is used similarly to a standard skateboard and can support riders weighing 250 pounds.
The M1 Electric Board from Inboard has a top speed of 24 mph and a range of up to ten miles before requiring a charge, which takes about 90 minutes.
|Company Name||Inboard Technology|
|Entrepreneur||Chris Harley, David Evans, and Ryan Evans|
|Product||Scooters and skateboards that run on electricity|
|Investment Asking For||$750,000 For 4% equity in Inboard Technology|
|Final Deal||$750,000 Loan At 9% Interest + 4% Equity|
|Shark||Kevin O’Leary and Lori Greiner|
|Episode||Season 8 Episode 10|
|Business Status||In Business|
Who Is The Founder Of Inboard Technology?
Inboard Technology was founded and proposed to Shark Tank in December 2016 by three Santa Cruz entrepreneurs, Ryan Evans, Dave Evans, and Chris Harley.
Inboard Technology requested $750,000 for 4% equity. They had received pre-orders totaling $5.6 million.
Inboard Technology Before Shark Tank
Several entrepreneurs have entered Shark Tank with the promise to introduce a new mode of transportation. Zoom in on numerous people on illuminated skateboards.
The three of them are from Santa Cruz, California: Ryan Evans, Dave Evans, and Chris Haley.
In the Shark Tank, Inboard Technology is seeking a $750,000 investment in exchange for 4% of their company, valued at $18.750 million.
It’s difficult to travel in cities – crowded public transportation, gridlocked traffic in your car, and just when you think you’ve broken the system by riding your bike to work, you arrive looking like a hot, sweaty mess.
Their solution is an M1 skateboard. The M1 has a top speed of 20 mph and a range of seven to ten miles. You can ride safely at night with their integrated headlights and taillights.
They do not use belts or gears and require no maintenance because their motors are in-wheel. All this while maintaining a genuine skateboard’s appearance and feel.
The M1 weighs 14 pounds, making it easy to transport into an elevator. They can all agree that parking won’t be an issue.
Public transportation is on the cusp of being transformed by inboard technology. Riding the M1 is a pleasurable, straightforward, and exciting experience. It’s cheaper than auto insurance, too!
Which Sharks are interested in partnering with Inboard Technology and riding the M1? Kevin, as well as Robert, enthusiastically volunteer.
How Was The Shark Tank Pitch Of Inboard Technology?
Ryan, Dave, and Chris appeared on Shark Tank requesting an investment of $750,000 for a 4% stake in Inboard Technology.
After running a successful campaign on Kickstarter, Ryan, David, and Chris made the decision to pitch their product to investors on the show Shark Tank.
Guest shark Chris Sacca was one of the first people to appreciate the product that was produced by Inboard Technology. He stated that he regarded electric scooters and skateboards as a possible alternative mode of transportation.
Despite the fact that Inboard Technology already had pre-orders for $5.6 million, Mark Cuban believed the company would be tough to scale. Chris, on the other hand, saw potential in the company. There was no chance of either of them making an offer in the end.
The first person to do so was Kevin O’Leary, who provided them a loan of $750,000 with an interest rate of 8% in exchange for 2.5% ownership of the company.
After Kevin’s offer, Robert Herjavec bowed out, stating that he did not trust in the product’s mass transit strategy and that he did not feel the idea would be successful. Mark and Chris left the group at some point in time as well.
Lori Greiner, the other shark who was left, thought the product was worth looking into. However, prior to her being able to make an offer, O’Leary cautioned her that he would increase his share in the event that she left the company.
After learning this, Lori made the decision to compete with Mr. Wonderful by presenting an offer with the same terms as Kevin’s but requesting 3% more stock.
The three individuals then came to the conclusion that it would be best to leave the arena for a few moments in order to debate the offers.
When they got back, the two sharks had already made up their minds to work together. As an alternative to the proposals they had previously made, they were now proposing to lend the $750,000 at 8% interest in exchange for 5% equity.
The three individuals retorted with an equity contribution of 3% and eventually settled on a compromise of 4% equity alongside a 9% interest rate on the $750,000 loan.
They earn a marginal profit of 65 percent on a $1399 board. To date, global pre-orders of $5.6 million have been collected, delivered by the end of the year.
Kevin offers a three-year loan of $750,000 at an interest rate of 8% plus a 2.5 percent equity participation.
Robert, Chris, and Mark are all out of money, but Lori offers them a $750,000 loan at 8% interest for a 3% equity stake.
Kevin and Lori go to the hallway to discuss it, and when they return, they have made a deal to offer the same loan conditions but with a 5% equity stake.
Lori Greiner and Kevin O’Leary eventually settled on a $750,000 loan at 10% interest for three years in exchange for a 3% equity in Inboard Technology.
What Happened To Inboard Technology After Shark Tank?
The Inboard M1 Electric Skateboard is now available at Best Buy locations across the United States!
The skateboards are indeed being sold for a substantial discount during 2017’s Black Friday and Cyber Monday sales, from $1,399 to $999.
A one-year guarantee backs each M1. Additionally, you can acquire an M1 electric skateboard directly from the Inboard Technology website, which offers unique financing options of up to 18 months.
The order includes the M1 Electric Skateboard, the USB-charged RFLX (pronounced ‘reflex’) remote, the PowerShift Battery and Charger (charges in 90 minutes), an inboard skate tool, and a soft carrying bag.
You can fine-tune the wheel’s angle with the skate tool, and you can also customize your ride. Unsurprisingly, several cycling enthusiast shops have begun carrying the M1.
Lori and Kevin’s role in all of this is difficult to comprehend, considering the team previously stated that they were in discussions with Best Buy. Still, they undoubtedly contributed to the M1’s success.
If you want to watch the M1’s progress, you should keep an eye on the Inboard Technologies website; it appears to be most popular in the California region of the United States.
Inboard Technology Shark Tank Update
Kevin and Lori’s deal for Inboard Technology never finalized. The M1 scooter from Inboard Technology was selling like hotcakes for a few years before the company went into financial crisis.
An electric scooter contract with a European manufacturer led to the Inboard Technology pivot into electric scooters.
Inboard Technology M1 scooters were developed for $8 million by the company. In 2019, Inboard Technology was liquidated by creditors due to the deal’s failure.
Is Inboard Technology Still In Business?
Inboard has won $8 million in a new round of venture capital funding led by Los Angeles-based Upfront Ventures one year after appearing on Shark Tank.
Best Buy has added Inboard’s M1 to more than 200 locations, where it continues to receive rave reviews.
Electric Skateboard Reviews described the Inboard M1’s design as “revolutionary,” adding, “We just cannot speak highly enough of this model.”
However, Inboard Technology went out of business in 2019 due to financial crisis.
What Is the Net Worth Of Inboard Technology?
The valuation of Inboard Technology was $18.75 million when it appeared on Shark Tank. The net worth of Inboard Technology is unknown as of 2022 since the company was liquidated in 2019.