Sway Motorsports is an innovative electric vehicle company that first appeared on Shark Tank. Founded by Joe Wilcox, Sway Motorsports produces a three-wheeled electric scooter with no pedals and minimal manual effort required to operate. The unique design gives users more control over their rides while keeping them safe and secure.
The original prototype was created in 2014, but it wasn’t until Matthew pitched his idea on Shark Tank that the business began to take off. After successfully defending his product from skeptical sharks, he gained two offers for a joint venture funding deal worth $1 million.
Since then, Sway Motorsports has continued to develop its products with an emphasis on safety and sustainability. With its patented technology, Sway Motorsports is now leading the way for sustainable transportation solutions worldwide.
What is Sway Motorsports?
Sway Motorsports created avant-garde trikes. These trikes resembled a cross between motorcycles and scooters. It was modeled after a three-wheeled scooter to convey its description accurately.
Sway trikes are lithium-ion battery-powered and reach a top speed of 55 miles per hour. What differentiates Sway from traditional motorcycles is that the operator sways the trike to change direction, unlike a motorcycle, which requires steering with the handle.
Sway Motorsports is a line of three-wheeled tiny electric cars that turn by leaning rather than spinning the handlebars.
This one-of-a-kind mechanism gives it the feel of steering a skateboard. It is powered by rechargeable lithium batteries and has approximately 40–60 miles range with a top speed of 55–75 mph on a single charge.
The three-wheeled design provides far greater stability than a standard two-wheeled motor scooter and eliminates the need for drivers to place their feet on the ground while stopped.
A motorcycle is less agile and unsafe than a machine with a third wheel that provides stability and brakes. A four-wheel vehicle can also transport cargo, which makes it more valuable than a two-wheel vehicle.
This one-of-a-kind machine may be available to the public in 2016an when it was pitched on Shark Tank.
|Company Name||Sway Motorsport: Electric Scooter|
|Product||Electric scooters with three wheels|
|Investment Seeking||$300,000 For 10% equity in Sway Motorsport|
|Final Deal||$300,000 For 20% equity in Sway Motorsport|
|Business Status||Out Of Business|
Who Is The Founder Of Sway Motors?
Joe Wilcox is the founder of Sway Motorsports. Before starting Sway, he worked as an Industrial Designer for NASA. Joe later became a Senior Designer at IDEO and a Toy Inventor. He then served as Sway’s CEO till 2018.
Joe was inspired to design Sway to meet the needs of city dwellers bored of traditional bicycles and scooters. He desired to design a vehicle that combined the two and was easily operated by anyone with a driver’s license.
Sway Motors Before Shark Tank
Sway Motorsports Bike prices are listed on Shopify, but I had to do more research than I should have to find that information.
There is no mention of the price on the website, just that they are taking $100 deposits to reserve the “First Production Run” of the Sway Electric Bikes. There may be information in “step 2,” but that will come after you pay one hundred dollars.
The Sway Motorsports Shopify page lists two distinct models. Sway Lithium and Sway Lithium Plus retail for $7999 and $10,999, respectively; the Sway Lithium will retail for $7999.
They’re only producing 300 units in this initial production run for 2015, so you’ll want to get on the list ASAP if you want to be one of the first in your community to own a Sway Electric Bike.
They’re almost all gone by the time Shark Tank Season 6 concludes this Friday night.
How Was The Shark Tank Pitch Of Sway Motors?
Joe Wilcox appeared on Shark Tank requesting an investment of $300,000 in exchange for a 10% stake in Sway Motorsports.
The Sway can operate in snow, mud, and ice, and the driver is never required to put their feet down during traffic or stop-and-go traffic.
Kevin quickly inquires about the pricing of a Sway, and Joe informs him that the 60-mile per hour, 40-mile range version costs $7999 on the Sway website.
Kevin uses shark tank funding to establish a relationship with a component manufacturer to produce a component for another company’s product.
Joe will partner with the OEM manufacturer to create a dealer program by partnering with a distributor to manufacture and distribute the bike.
There are several high-volume manufacturers Joe is in the process of meeting with to discuss a licensing deal.
Joe asks Mark how many pre-orders the Sway has gotten. Joe explains that he is coming to Shark Tank because he is interested in producing the products, as he has already collected $450,000 in deposits.
The inventor tells Daymond he is the sole proprietor and inventor of Sway’s design, located in Alto Palo, California.
Design and innovation are his specialties, and he partners with a global company that designs products. He has significant works found in numerous toy aisles throughout the United States.
Lori believes the Sway is the ultimate toy for men and women alike. She then inquires about the vehicle’s operation requirements, including whether a motorbike license is required to operate the Sway.
Joe explains that in California, there is no motorcycle license requirement for operating the Sway. Joe estimates that developing a working prototype will cost $100,000 to $200,000 – a pretty good estimate since the product resembles a functioning consumer product. The spectators are given a visual cue about Mark’s feelings as he grins expansively.
Joe holds multiple patents for the Sway, one of which is for a mechanism that utilizes the vehicle’s battery mass to charge most of the essential tools. Sway’s steering portion does not have any visible hardware.
It is possible to utilize the top end for storage and customization, but be aware that this is a proprietary technology that can’t be cloned.
Lori then inquires how easy it would be for someone to circumvent the patent and obtain identical technology. Joe responds that it would be significantly more difficult than simply licensing.
Sway and Joe are certainly intriguing to Kevin, but he drops the bomb by revealing that they have been around for over.
Kevin’s investment in Sway Motorsports would involve another decade of waiting to see if Joe and Sway successfully find a manufacturing and distribution partner. Kevin needs all of those things to work together for Sway to succeed.
It considers that the market must succeed and be taken off by the common customer.
The manufacturer has approached Kevin about collaborating with Sway, but Kevin is already set on exiting the deal and hastily pulls out.
The average consumer may not understand Sway’s ease and utility, which Woodman believes is hard to explain; yet, most consumers don’t care much about motorcycles anyway, so they are unlikely to be interested in Sway.
It’s challenging to educate a consumer who isn’t already predisposed to ride motorbikes or scooters, but Mark disagrees; in Silicon Valley, every technical youngster owns a motorcycle, crotch rocket, or other types of an electric motorized vehicle. This is a prevalent trend even in San Francisco.
Daymond sees distribution as a challenge and maintenance as another. He questions which will maintain the Sway when there are so many riders. The Sway faces a long, difficult road to success, but Daymond is out as an investor.
Nick then states that Joe reminds him of his early days at GoPro when they had a simple innovation, and his dream was to license it to other firms that would take care of everything because he didn’t know how to grow a business as an ideas man. Nick was in talks with Kodak cameras, but Kodak withdrew.
Nick was sad, but he eventually found success and invented GoPro. Sway, Nick believes, is a comparable opportunity, and Mark concurs.
While discussing licensing, Joe emphasizes that licensing or a venture will lead to the company’s loyalty in exchange for the capital commitment.
Mark says that the Sway is a binary product, which either succeeds enormously or does not exist.
The issue is that describing the Sway to the ordinary client is tricky, and Mark is a technology man, not a motorized vehicle guy. As a result, Mark is also absent.
Nick Woodman is also no longer available. In response, Nick states that he recognizes something in Joe and believes he should surround himself with individuals who share his vision and help him organically grow the company. Still, ultimately, he cannot invest and obtain a fast return on his investment.
Lori is the last remaining Shark, but Lori sees no use in her other than building contacts and calling salespeople.
She sees Joe as someone already driving Sway’s success and maybe sucking up profits so that she would essentially steal profits. Joe is left without a Sway Motorsports investment after Lori exits, marking the end of Sharks’ participation in the company.
Mark then explains to Joe that individuals have entered the Shark Tank, stepped on the carpet, and been given a second chance to promote their firm following some growth.
Nick argues that the Sway is the way of the future, but Joe wonders why he should not invest. Following some discussion, Mark suggests that Joe make him an offer.
Joe offers $300,000 in return for 20%, which Mark considers for a second before accepting. Joe and Mark closed a deal in the Shark Tank at the last minute, uncharacteristic of someone as stoic as Mark.
Final Deal: Mark Cuban agreed to invest $300,000 for a 20% stake in Sway Motorsports.
What Happened To Sway Motorsports After Shark Tank?
Sway Lithium Trikes have been in development for some time, and according to their website, they should have been released not too long ago.
It does not mention that Sway Lithiums can be purchased, however. Still, there is information on the website about requesting dealers and obtaining additional information regarding the launch of the initial line of Sway motorcycles.
The Sway Lithium was initially scheduled to be released in the summer of 2016, but there is no additional information on the Sway’s availability.
Residents in the U.S. will receive a 10% government refund for environmentally-friendly vehicles with the Sway Lithium, which costs $500 and totals $7,500.
The specifications are identical to those featured in the Shark Tank episode: 40 miles of range, a top speed of 55 miles per hour, and onboard charging with sway tilt control.
Sway Motors Shark Tank Update
Two years after the Shark Tank episode aired, Wilcox said in March 2017 that Sway Motorsports is searching for a financial partner to help make the Sway Lithium and Sway LithiumPlus more affordable to consumers.
The Sway Lithium retails for $7,999, and the Sway LithiumPlus retails for $10,999. Wilcox intends to establish the alliance by 2018 when he plans to unveil a prototype for a speedier on-highway car.
Is Sway Motors Still In Business?
The Sway Motorsports website claims that Sway is still under testing, despite being operational.
Joe is the Director of Advanced Vehicle Development and confirms that the product has never been manufactured and isn’t available.
The unique feature of Sway was that it required the user to sway to drive the trike despite Sway’s new features and high level of interest from the target demographic.
Several prospective clients made large deposits as a result. There were a few problems with mass-producing motorcycles, however.
What Is the Net Worth Of Sway Motorsports?
The valuation of Sway Motorsports was $3 million when it appeared on Shark Tank. The net worth of Sway Motorsports is $5 million as of 2023.