Shark Wheel Shark Tank Update

Shark Wheel: Redefining Skateboard Wheels with Nature-Inspired Innovation

David Patrick and Zack Fleishman introduced the Shark Wheel on Shark Tank season 06 episode 23.

Shark Wheel is a revolutionary wheel design backed by scientific research and real-world testing, surpassing traditional circular wheels in various aspects.

With proven advantages like reduced friction, increased durability, superior rebound, enhanced abrasion resistance, and outstanding off-road performance, it has gained recognition from multiple Fortune 500 companies across different industries.

The shark wheel, inspired by the shape of a shark’s jaw, combines elements of a cube, sphere, and sine wave in three dimensions.

Shark Wheels allow skateboarders to glide effortlessly over rough terrain, such as gravel, while maintaining excellent traction in wet conditions without losing speed or maneuverability.

Shark Wheel: Redefining Skateboard Wheels with Nature-Inspired Innovation

Shark Wheel stands out as a forward-thinking brand that has reimagined the traditional skateboard wheel.

The cube-shaped design of Shark Wheels provides enhanced speed, distance coverage, and grip, making them a popular choice for various applications beyond skateboards.

Awarded multiple government grants for its innovative Sine Wave design, Shark Wheel addresses various challenges in fields like irrigation.

David Patrick and Zack Fleishman are the founders of Shark Wheel. Their’ vision to redesign the wheel has garnered attention and interest, leading to their appearance on Shark Tank in May 2016.

The Shark Wheel was developed at the Los Angeles Cleantech Incubator (LACI), which Patrick likened to baseball’s farm system in the commercial world.

LACI, a not-for-profit business incubator, offers mentoring, office space, and funding to startups in the Los Angeles area.

David Patrick has a track record of success, having raised significant funds through platforms like Kickstarter and IndieGoGo to support the growth of Shark Wheel.

Shark Wheel products are distributed through various channels such as skate stores, Amazon, and their website, offering not just wheels but also skateboards and wheel mounting gear.

Shark Wheels range in price from $45 to $70, depending on the style. The founders, Patrick and Fleishman, are likely seeking additional capital to expand their production and reach.

David Patrick and Zack Fleishman, the minds behind Shark Wheel, have brought their innovative product to the Shark Tank, seeking investment.

Despite the wheel’s long history spanning almost 5,000 years, Shark Wheel addresses limitations seen in traditional wheels, offering a unique solution that balances speed and traction effectively.

The collaboration between Patrick and Fleishman, inspired by nature’s patterns, has resulted in a product that aims to revolutionize the efficiency of various equipment, from skateboards to farming tools.

Reinventing the Wheel: The Success Story of Cube-Shaped Shark Wheel on Shark Tank

David and Zack appeared on the Shark Tank requesting an investment of $100,000 in exchange for a 5% stake in Shark Wheel.

They pitched their innovative cube-shaped wheels to the sharks, claiming they had reinvented the traditional wheel design.

These unique wheels cater to various industries, including skateboarding, offering enhanced grip and durability for rough terrains.

Their flagship product, high-quality skateboarding wheels, had gained traction primarily through online sales, with a revenue of $183,000 in the preceding four months.

Despite the impressive profit margins, some sharks harbored doubts about the Shark Wheel.

Kevin O’Leary proposed $100,000 for 2.5% equity and a 10% royalty on each unit sold until he recouped $500,000. Lori Greiner opted out after testing the products. 

Daymond John expressed interest, offering $100,000 for 20% equity and assistance with future licensing agreements.

Guest shark Nick Woodman proposed $100,000 for 15% equity. However, Daymond withdrew his offer upon learning of existing investors who had raised $600,000.

Following negotiations, Kevin suggested a joint offer with Nick and Mark Cuban: $225,000 for 7.5% equity and a 10% royalty until $500,000 was repaid.

David and Zack accepted this deal, securing a successful partnership with the sharks.

Final Deal: Mark Cuban, Kevin O’Leary, and Nick Woodman agreed to invest $225,0000 For 7.5% + 10% Royalty Until $500,000 Is Repaid on Shark Wheels.

Shark Wheel After Shark Tank: A Skateboarding Success Story and Beyond

The founders of Shark Wheel secured an investment in Shark Tank. However, the deal between the Shark and Shark Wheel was never finalized.

The Shark Wheel company has seen success within the skateboarding industry but has yet to expand beyond this niche.

FedEx’s Small Business segment featured a case study on Shark Wheel, detailing the company’s journey from Shark Tank to its current achievements.

Since its debut on Shark Tank, Shark Wheels sold 15,000 units within a year without any reported issues related to manufacturing quality or functionality.

The company plans to expand into markets such as wheelchairs, scooters, and strollers in the future.

Shark Wheel After Shark Tank: A Skateboarding Success Story and Beyond

Despite this expansion, Shark Wheel skateboard wheels will remain a core offering under the Shark Wheels brand, a strategic move to sustain the brand’s growth trajectory.

The founders’ pitch on Shark Tank has been genuine, showcasing their innovative approach to product development.

The company successfully raised funds through platforms like Start Engine and Kickstarter for various projects, including an electric skateboard and a farming wheel application.

Shark Wheel now sells skateboard wheels, skateboards, longboards, electric skateboards, and luggage, generating annual revenues of $5 million.

With a market capitalization exceeding $25 million, Shark Wheel continues to operate and innovate in the industry.

The company has garnered a strong reputation through its research and development efforts, attracting customers from Fortune 500 companies, universities, and even the United States military.

As the founders shifted their focus towards industrial markets, Shark Wheel remains a prominent player in the skateboarding and mobility industries.

Shark Wheel is still in business with an estimated net worth of $5 million. The valuation of Shark Wheel was $3 million after securing an investment from Nick Woodman, Kevin O’Leary, and Mark Cuban on season 06 of Shark Tank.