Designed to prevent texting while driving, the Smart Wheelz is part of the Don’t Drive While Texting campaign by Spencer’s. The product was the brainchild of six teenage inventors and entrepreneurs. Although it is a relatively simple device, it is packed with innovative features. The device includes a circuit board that monitors the charging rate and battery voltage to ensure battery safety. Once charging is complete, the Smart Wheelz automatically shuts off the charger.
On the season 4 Episode 16 of Shark Tank, SmartWheel received an offer of $100 million for a 15% stake in the company. But this deal did not go through because the two investors could not come to an agreement on the final terms. However, despite the failure of the venture, TJ Evarts and her team did not give up. The team continued their efforts to bring the product to market and updated their website shortly thereafter.
However, the deal was not a complete success. There were conflicts between the inventors and the investors, causing the transaction to fall through. In the end, the entrepreneurs were happy with their Shark investment, but failed to agree on final terms. The company was unable to get an exclusive license to car manufacturers. In early 2014, SmartWheel updated their website and decided to move forward with the development of their product. It did not work out and the product did not see the light of day.
After the Sharks’ announcement, the team launched an Indiegogo campaign in order to raise the funds they needed to complete the production process. The goal was to raise $50,000 to continue the production. The campaign raised just over $2,000, but the team has since changed their plans and decided not to pursue the Shark funding. The business is still in business, but it did not get the support it needs to achieve success. After the successful Indiegogo campaign, TJ Evarts’ team has improved the product and updated its website.
While the SmartWheel is still in development, the company’s efforts are inspiring. It has a very promising product but is still in need of manufacturing partners. Despite these issues, the startup is still looking for partners for production and marketing. It has yet to produce a single product, but has high hopes. The company’s mission is to prevent preventable accidents by preventing distracted driving. The company has also created a new version of its website and social media presence.
While the SmartWheel was created in 2011, its development and production process continued to be delayed. The company’s failure to receive funding from investors has been attributed to numerous internal conflicts, including conflicting personalities. While Mr. Wonderful was initially thrilled with the news of their company’s potential, the entrepreneurs ultimately decided not to pursue the Shark funding. While the initial funding was a success for the company, the project was not able to fully utilize its potential in the market.
While the SmartWheel has great potential, it has faced many obstacles. First, it is still in its early stages and is not yet available to the public. The company hopes to obtain funding from private investors in order to launch the product in the market. In addition, it has been a source of inspiration for other entrepreneurs, including Mark Cuban. With $100,000 of investment, the SmartWheel is currently valued at $333,000.
The Sharks’ deal did not go through. While the two Sharks were happy with their investment, their disagreements arose. The company refunded the money, but the team remained in touch with the investors. They were delighted with the initial offer and continued to market their products. Even though SmartWheel has not yet been released for sale, the entrepreneurs were inspired by the experience and their success on the show. And because the SmartWheel is now available to the public, the entrepreneurs are now working on a full-blown product.
The founders of the Smart Wheelz are not satisfied with their deal and want to continue development. They believe the SmartWheel is a useful product but still doesn’t have access to manufacturing. They may have to wait until the product is ready for consumers. If the product makes a lot of sense, it could be manufactured very soon. And, if successful, the inventors were happy with their deal with Sharks. They have continued to work on the project since their initial appearance on the show.