Smart Wheel Shark Tank Update | Smart Wheel Net Worth

Smart Wheel is a product that appeared on the television show Shark Tank. It is a device that can be attached to the steering wheel of a car and detects when a driver is distracted or drowsy.

The device uses sensors to monitor the driver’s grip on the wheel and can detect changes in the grip that may indicate that the driver is not paying attention or is becoming fatigued.

When the Smart Wheel detects that the driver is distracted or drowsy, it sends an alert to the driver’s phone or other device, notifying them that they must focus on the road or take a break. The device can also track the driver’s behavior over time and provide feedback on areas where they may need to improve their driving habits.

Smart Wheel was founded by a team of entrepreneurs motivated to reduce the number of accidents caused by distracted driving. The product has received positive reviews from many users and has been endorsed by several safety organizations.

Smart Wheel is a revolutionary product introduced to the world by appearing on Shark Tank. It is an anti-distraction device that claims to help drivers focus on the road and reduce their chances of becoming involved in an accident.

Smart Wheel Shark Tank Update

Smart Wheel unique device works by attaching to the steering wheel and using sensors to detect when a driver’s attention begins to wander, alerting them with vibrations or sound whenever it does.

The idea behind Smart Wheel came from its inventor, who wanted to find a way for drivers to stay focused while driving without relying solely on their willpower.

Through this invention, the founder has provided drivers with an extra layer of protection against potential distractions and gives them peace of mind knowing they can rely on something other than themselves if needed.

What Is Smart Wheel?

The Smart Wheel is a steering wheel cover designed to promote safe driving by discouraging distracted driving, primarily caused by using mobile devices. The device uses sensors embedded in the cover to monitor the driver’s hand position and detect any irregularities in hand placement that could indicate distracted driving.

When it senses an unsafe hand position, the Smart Wheel provides real-time feedback by emitting visual and audible alerts, encouraging the driver to place both hands back on the wheel.

The technology aims to reduce the number of accidents caused by distracted driving, thus promoting road safety.

Smart stands for “Safe Motorist Alert for Texting Restriction.” Six teenagers and preteens were named “Inventioneers” for a Lego tournament. After introducing an intelligent steering wheel cover that alerts drivers when their hands leave the Wheel, the team retained it. 

Smart Wheel cover effortlessly snaps on and off any size steering wheel. The technology activates lights and sounds and transmits data directly to your phone. Smart Wheel teaches the driver how to handle the Wheel properly and re-focuses them if they get distracted. 

Smart Wheel Shark Tank Update

Additionally, it gives parents a report on their children’s driving habits. The children had only a prototype and required funding to construct the cover. In many countries, distracted driving is an epidemic, resulting in accidents and deaths of drivers worldwide. 

Smart Wheel was designed and developed by teens and young entrepreneurs between twelve and eighteen. 

The entrepreneurs wanted to make driving safer for teenage drivers since they are prone to distractions. The youngsters envisioned SmartWheel being installed in every car on the planet to save lives.

SmartWheel is easily snapped onto any steering wheel and is ergonomically designed for the driver’s comfort. 

Light sensors and tones alerting drivers to distractions dramatically reduce distracted driving incidents. A parent or guardian will be notified if a teenage driver is inattentive while behind the Wheel.

Company NameSmart wheel
FounderTJ Evarts, Jaiden Evarts, Bryeton Evarts, Paige Balcom, Emily Balcom, and Kate Balcom
ProductDistraction-prevention steering wheel that is intelligent
Investment Seeking$100,000 for 15% equity in Smart Wheel
Final Deal$100,000 for 30% equity in Smart Wheel
SharkRobert Herjavec and Mark Cuban
Episode Episode 16, Season 4
Business StatusIn Business
WebsiteVisit Website

Who Is The Founder Of Smart Wheel?

The Smart Wheel was created by six bright teenagers from New Hampshire who want to end texting and driving. 

They have now put a project that started to compete in the First Lego League Competition, which they won, in the position to possibly save lives, depending on whether or not the Sharks decide to invest in the Smart Wheel.

Smart Wheel Before Shark Tank

SmartWheel is a high-tech device created by a small group of entrepreneurs with a singular goal. To increase the road safety of young people. There is one thing that most of us do daily, and it is frequently the most dangerous activity we engage in, but very few of us ever consider the danger. 

Driving is one of the most difficult pastimes, the leading cause of death outside of health problems in Western culture, and young and inexperienced drivers are the most at risk.

A group of young entrepreneurs from New Hampshire addressed the problem and developed a high-tech product to help young drivers focus on driving and their cars on the road.

Even though that may seem fairly typical of Shark Tank applications, when you consider that the young entrepreneurs in question were all aged twelve to eighteen when they developed their product, you can recognize the exceptional quality of this group of entrepreneurs.

The group comprised Paige, Emily, Kate Balcom, TJ, Jaiden, and Breyton Evarts. The Inventioneers were born due to a Lego building contest, but that innocent start soon led to more serious ideas for commercial applications.

For young drivers to stay focused on the Wheel, the Inventioneers created a steering wheel prototype. Patents were filed for the SmartWheel, but the group needed significant funding to complete production and develop the product.

How Was The Shark Tank Pitch Of Smart Wheel?

TJ Evarts, Jaiden Evarts, Bryeton Evarts, Paige Balcom, Emily Balcom, and Kate Balcom appeared on Shark Tank requesting an investment of $100,000 in exchange for a 15% stake in SmartWheel.

SmartWheel will alert motorists if they take their hands from the 9 and 3 positions. This alert will instruct a driver to properly hold the Wheel and cause a distracted driver to return to reality. 

Jaiden explained that the device could record such behaviors, allowing parents to monitor their children’s driving behavior at any time.

Following the pitch, Mark Cuban immediately inquired if the SmartWheel was a finalized product. 

Despite TJ acknowledging that the tank is a prototype, he expected 75% of the $100,000 investment to go toward the production process. Robert Herjavec inquired about the sales strategy after completing the final product. 

TJ explained that the company initially intended to sell the Smart Wheel online, with a long-term goal of selling it at Big Box stores.

Barbara Corcoran enquired about the unit’s price. Though the exact cost price of the product was unknown, TJ estimated it to be about $50 per unit, and the company planned to offer it for about $200 per unit.

Kevin O’Leary’s remarks offended the young entrepreneurs doing well up to this point. 

Mr. Wonderful had an issue with the SmartWheel’s functionality; it sounded an alarm and could record a driver’s hands moving away from the Wheel, but it did not stop the driver from moving their hands. 

A shock instead of an alarm is recommended for the SmartWheel to prevent bad driving. It is unclear whether Kevin was joking when he made that remark, but his inventioneers laughed obediently.

Mark Cuban inquired whether the SmartWheel had been subjected to any trials. Despite Breyton’s maturity, the youngest inventors said they had tested the product at MIT. 

When she told them that 98% of the MIT testers viewed the product as improving road safety, the sharks looked at her with admiration.

Sharks were impressed by TJ’s display, but he was only about to impress them more. The inventors met with President Barack Obama at the White House in their role as futuristic innovators. 

When the SmartWheel became available, the president wanted to purchase one for his daughter.

When Daymond John revealed he had no experience with electrical manufacturing, he sounded genuinely sad when he expressed his desire to ‘Be a part of this.’ He believed he would add little value to the business, so Daymond was fired.

Barbara Corcoran was skeptical about the entire premise. She considered that the product might be withdrawn too readily, and she was particularly critical of the device’s reporting capability. 

The SmartWheel’s functionality was TJ’s attempt to convince Barbara of its importance, but she would not change her mind. 

Barbara withdrew from the negotiations with the final declaration that ‘Kids don’t want parents staring over their shoulders.’

Kevin O’Leary applauded the inventors’ accomplishments. He praised them for bringing something from ‘An idea to the White House,’ but then he lost his humanity facade, revealing the shark. 

‘Imagine my surprise if you had a good idea,’ he remarked as TJ’s smile faded. Once the group had matured and created something worthwhile, he proposed returning them to the tank. 

He told them he would write them a cheque the next day, ‘but not today.’ Kevin was out after that unexpectedly severe criticism of the SmartWheel.

Smart Wheel Shark Tank Update

He will formally offer the entrepreneurs when he has successfully defended SmartWheel against Kevin O’Leary. 

In exchange for 30% ownership, he offered $100,000, but only if a license agreement could be arranged with a car manufacturer.

Robert appeared pleased to offer each inventor an offer, but TJ remained composed. ‘Does anyone else wish to make that offer?’ he inquired of the other Sharks.

‘Who am I?’ ‘How about a chopped liver?’ Robert Herjavec was asked, but he was unconcerned; like his other Sharks, he admired the young entrepreneurs’ poise and professionalism.

Robert was informed by Mark Cuban that he was willing to share the transaction equally with him but that there would be no restrictions regarding the licensing arrangement. He believed the business had more opportunities. 

He and Robert discussed the offer and agreed on over 30 percent stock ownership for a $100,000 investment without specifying anything else. TJ accepted the proposal swiftly on behalf of the inventors.

Did Smart Wheel Get a Deal On Shark Tank?

The Inventioneers featured on Season 4 Episode 16 of Shark Tank, demanding $100,000 in exchange for a 15% stake in their business. Their deal with Robert Herjavec and Mark Cuban estimated Smart Wheel value at $333,000 with a $100,000 investment of 30%.

As with previous Shark Tank transactions, conflicts arose between the Shark investors and the entrepreneurs. Mark Cuban and SmartWheel founders could not agree on licensing the SmartWheel exclusively to automobile manufacturers, so the transaction fell through.

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What Happened To Smart Wheel After Shark Tank?

Robert and Mark Cuban and the Inventioneers could not agree on the final conditions of their proposed deal despite their commitment, dedication, and remarkable bargaining skills.

Although the team was inspired and benefitted from the experience, and the company was happy with the offer, further discussions broke down.

In early 2014, the SmartWheel website updated the portion. Smart Wheel decided not to pursue Shark funding. No additional explanation was supplied, but it was evident that the SmartWheel firm was desperate for funding.

The company launched a crowd-funding campaign on Indiegogo soon after the Sharks and SmartWheel announced they would not collaborate. They were looking for $50,000 to finish the production process. The campaign was unsuccessful, raising a little over $2,000 by its conclusion. 

Unfortunately, a handful of the 39 backers were less than pleased with the business following the campaign’s conclusion. A backer felt ‘ripped off’ after waiting over a year for a SmartWheel and receiving no response to numerous inquiries.

After poring through the well-presented and polished SmartWheel website, I realized the issue: the SmartWheel was not yet for sale, even in 2018, more than three years after the inventors originally appeared on Shark Tank.

Its Facebook page stays updated about media interest and the Smart Wheel concept. Smart Wheel product has been highlighted on NBC’s Today Show, MSNBC, and other high-profile programs. 

Although the product’s creative design and commendable emphasis on safety have been widely lauded, it is unavailable to purchase online. Despite an exhaustive search, I have been unable to locate any retail stores that sell it.

It would be incredible if a potentially useful and important product like the SmartWheel never reached broad availability. 

It may be possible to overcome the final manufacturing hurdle soon. Still, until then, it will be up to us to work hard behind the Wheel without assistance from those young, astute inventors who could not otherwise work so hard. 

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Smart Wheel Shark Tank Update

After the Smart Wheel team secured an investment from Mark Cuban and Robert Herjavec on Shark Tank, they continued to develop their product and work towards bringing it to market.

However, there is limited public information about the company’s progress and the current status of the Smart Wheel since the Shark Tank’s appearance in 2015.

The deal between Mark Cuban and SmartWheel that Mark Cuban agreed on for the Shark Tank show was never finalized. The founders of SmartWheel are still working to make it a success; however, only time will tell if the business is meant to be successful.

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Is Smart Wheel Still In Business?

The inventors remained dedicated to their dream and pursued it despite all obstacles. Smart Wheel, led by 19-year-old CEO TJ Evarts, launched an Indiegogo campaign in 2015 to fund the start of production. The campaign failed, raising only $2,000, much less than the $50,000 target.

The campaign’s 39 backers were upset by the end, and one felt ripped off by having to wait more than one year for SmartWheel, while the entrepreneurs refused to answer the countless questions.

Various credible news outlets, including NBC’s Today Show, MSNBC, and others, have highlighted the product, receiving several positive reviews from the audience. 

The teenagers had the opportunity to present their idea at the White House, endorsed by former US President Barack Obama.

Smart Wheel has not yet manufactured any products but keeps a presence on social media and maintains its website while looking for partners to help with production and marketing.

Smart Wheel believes the device can prevent preventable accidents and other deaths.

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What Is the Net Worth Of Smart Wheel?

The valuation of Smart Wheel was $667,000 when it appeared on Shark Tank. The net worth of Smart Wheel is unavailable as the company has gone out of business.

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