Shark Tank episode 623 featured David Patrick and Zack Fleishman’s Shark Wheel, an “square” skateboard wheel.
What are the chances that David can work out a deal with a Shark?
What Is Shark Wheel?
Shark Wheel is a forward-thinking brand and product that has demonstrated that the wheel can most likely be redesigned.
Shark Wheel makes cubed-shaped skateboard wheels that are faster, farther, and have more grip. They were chosen to appear on Shark Tank in May 2016.
Shark Wheel is inspired by nature’s alternating movement and is based on a cube. Shark Wheels improve the efficiency of skateboards, luggage, forklifts, casters, and farming equipment.
|Company Name||Shark Wheel|
|Entrepreneur||Zack Fleishman and David Patrick|
|Product||Skateboard wheels with a helical design|
|Investment Asking For||$100,000 For 5% equity in Shark Wheel|
|Final Deal||$225,0000 For 7.5% + 10% Royalty Until $500,000 Is Repaid equity in Shark Wheel|
|Shark||Nick Woodman, Kevin O’Leary, and Mark Cuban|
|Episode||Season 6 Episode 29|
|Business Status||In Business|
Who Is The Founder Of Shark Wheel?
David Patrick And Zack Fleishman are the founders of Shark Wheel. Shark Wheel is a forward-thinking brand and product that has demonstrated that the wheel can most likely be redesigned.
The Shark Wheel is inspired by nature’s alternating movement and is based on the cube.
Shark Wheel founders David Patrick and Zack Fleishman have approached the Shark Tank for $100,000 in exchange for a 5% stake in their company.
The wheel has numerous limitations, even though it has been around for almost 5,000 years.
Some wheels are fast but have poor traction, while others are hefty but have excellent traction. That is why there isn’t a wheel that can do everything?
It’s time for an overhaul after 5,000 years. It had never been done before Zack and David constructed an updated wheel during that time.
Shark Wheels improve the efficiency of skateboards, luggage, forklifts, casters, and farming equipment.
Shark Wheel Before Shark Tank
Patrick created his two firms, and Fleishman began his professional tennis career.
Fleishman suffered injuries that ended his professional tennis career when Patrick was diagnosed with cancer.
Fleishman and Patrick met through Gavin MacMillan, a sports performance specialist. McGillan, who was Patrick’s tennis instructor, also assisted Fleishman in his recovery.
Patrick Fleishman had considerable scientific interest, which MacMillan believed would appeal to Fleishman, especially after observing sharks, radio waves, and planets. They collaborated shortly after meeting to design the Shark Wheel.
How Was The Shark Tank Pitch Of the Shark Wheel?
David and Zack appeared on the Shark Tank requesting an investment of $100,000 in exchange for a 5% stake in Shark Wheel.
A few wheels are shown, and they assert no improvements have been made in 5000 years, until now.
According to their website, skateboards, strollers, and wagons with their wheels are displayed and sold worldwide.
Lori, Nick, and Kevin appear on stage to test the wheels. Wheels for skateboards and strollers are in production, while wheels for wagons and strollers are prototypes.
Kevin is curious as to whether the world requires this answer. David claims that his wheels are faster and may traverse any terrain.
They’ve generated $183,000 in revenue over the last four months. Each wheel is priced at $12 and retails for $69.
Kevin can’t decide whether this is nutbar factor 6.2 or a brilliant idea. He offers $100,000 in exchange for a 10% royalty on revenue until he recoups the company’s $100,000 plus 2.5 percent.
Lori feels dizzy watching the wheels and exits due to shaky wheels.
Daymond provides $100,000 in exchange for a 20% stake in the wheels. Nick offers $100,000 in exchange for 15% of the business in exchange for one of his skating mates “taking them for a rip.”
The company discloses that they have additional investors at this point. The company raised $603,000 and was valued at $10 million by three investors. When Daymond becomes aware of this, he retracts his offer.
Kevin offers Nick $250,000 but raises the royalty to $150,000 and 5% for a brief pause. Nick agrees to the offer.
Mark expresses interest, and Kevin increases the offer to $225,000, in which each shark is worth $75,000 plus the $500,000 royalty split three ways.
The Sharks will own 7.5 percent of the team — 2.5 percent each. Zack and Dave concur.
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.
What Happened To Shark Wheel After Shark Tank?
The Shark Wheel company has done well but has not expanded outside its skateboarding segment.
FedEx’s Small Business segment was the subject of a case study entitled Shark Wheel, which included a report and an interview about the company’s participation in Shark Tank and subsequent success.
The Shark Wheels product has sold 15,000 units since its appearance on Shark Tank without a single return due to poor manufacturing or accusations of it not working.
The company is now dividing its portfolio further and developing items for markets such as wheelchairs, scooters, and strollers.
However, Shark Wheel skateboard wheels will remain under the Shark Wheels brand indefinitely, which is an excellent idea since it ensures the individuals behind Shark Wheels continue to grow their company.
The two individuals do not appear to have exaggerated to sell their invention to the Sharks on Shark Tank; rather, it appears they invented the wheel.
Shark Wheel Shark Tank Update
Even though there was no deal between Sharks and Shark Wheel on Shark Tank TV Show, the company raised $627,728 through the equity crowdfunding platform Start Engine in 2017. Shark Wheels are also utilized in some of Harley-Davidson’s luggage.
Shark Wheel raised another $80,754 through Kickstarter for its electric skateboard in February 2020.
A Phase II SBIR Government Grant of $724,500 was awarded to the company in July 2020 for Shark Wheel farming wheel application.
Skateboard wheels, skateboards, longboards, electric skateboards, and luggage began to be sold to consumers in August 2021.
The annual revenue of Shark Wheel is above $3 million.
Is Shark Wheel Still In Business?
The Shark Wheel is still in operation, with more than $25 million market capitalization.
Research and development by the Shark Wheel have earned it a reputable reputation.
Shark Wheel gained customers from Fortune 500 corporations, universities, and the United States military. Patrick and Fleishman’s concentration has since shifted to industrial markets.
What Is the Net Worth of Shark Wheel?
The valuation of Shark Wheel was $2 million when it appeared on Shark Tank. The net worth of Shark Wheel is $4 million as of 2022.