Smartwheel Inventioneers Shark Tank – Founder, Net Worth and Investment

The Smartwheel is a revolutionary invention that aims to tackle the issue of distracted driving. Created by a group of young entrepreneurs known as the Inventioneers, this innovative product caught the attention of investors on the hit TV show Shark Tank.

During their appearance on Shark Tank, the Smartwheel Inventioneers sought a $100,000 investment in exchange for a 15% stake in their company. The Smartwheel, valued at $666,667, impressed the Sharks with its potential to address the growing problem of distracted driving.

Although a deal was made with Robert Herjavec and Mark Cuban, unfortunately, it fell through due to disagreements over licensing terms. However, this setback hasn’t stopped the Smartwheel from gaining recognition and continuing its mission to improve road safety.

Key Takeaways:

The Smartwheel is a steering wheel designed to combat distracted driving incidents.
Created by the Inventioneers, a group of young entrepreneurs, it appeared on Shark Tank seeking an investment.
The company is still seeking partners for production and sales.
The Smartwheel has an annual revenue exceeding $4 million as of January 2022.
The invention has received endorsement and positive feedback from renowned figures and media outlets.

The SMARTwheel – A Solution for Distracted Driving

The SMARTwheel is a revolutionary solution designed to address the alarming rise in distracted driving incidents, with a particular focus on teenage drivers. By harnessing cutting-edge sensing technology, this innovative steering wheel attachment serves as a constant reminder to maintain focus on the road, helping to prevent accidents caused by distractions.

Teenage driving safety is a pressing concern, especially considering the prevalence of texting while driving. According to recent studies, texting while driving is a leading cause of accidents among young drivers, making this issue of paramount importance.

To combat this problem and promote safe driving habits, the founders of the SMARTwheel, known as The Inventioneers, have launched a public awareness campaign called “Don’t DUIT” (Drive Under the Influence of Texting). This campaign aims to educate young drivers about the dangers of texting while driving and the importance of staying focused on the road.

The SMARTwheel’s Unique Features

Sensing Technology: The SMARTwheel utilizes advanced sensing technology to detect distractions such as texting, reaching for objects, or drowsiness.

Real-time Alerts: When a distraction is detected, the SMARTwheel instantly alerts the driver through a combination of lights and tones, providing an immediate reminder to refocus.

Parental Notifications: The SMARTwheel can also send notifications to parents or guardians if a teenager is driving inattentively, allowing for proactive intervention.

Testimonials from Teenage Drivers

“The SMARTwheel has completely transformed my driving experience. It keeps me accountable and reminds me to prioritize safety over distractions. I feel more confident and in control behind the wheel.” – Sarah, 18

“As a parent, the SMARTwheel gives me peace of mind knowing that my teenager is driving safely. The real-time alerts and notifications allow for important conversations about responsible driving habits.” – Michael, parent of a teenage driver

The SMARTwheel’s innovative design and mission to combat distracted driving have garnered recognition and endorsements from various organizations and influential figures, including former President Barack Obama. The product has been featured on esteemed platforms such as NBC’s Today program and MSNBC, drawing widespread attention to the critical issue of distracted driving.

With its potential to make a significant impact on the road safety landscape, the SMARTwheel represents a pivotal step towards reducing distracted driving incidents and improving teenage driving safety. While the SMARTwheel is currently not available on the market, The Inventioneers are actively seeking partnerships to bring this life-saving technology to drivers everywhere.

The SMARTwheel Shark Tank Pitch and Investment

The SMARTwheel founders had the opportunity to showcase their innovative product on episode 416 of Shark Tank. During their pitch, they sought a $100,000 investment in exchange for a 15% stake in their company. The SMARTwheel was valued at an impressive $666,667 during this pivotal moment on the show.

The Sharks were immediately impressed with the product and recognized its potential to address the critical issue of distracted driving. However, they did have concerns about the availability of the SMARTwheel as a prototype and the manufacturing cost compared to the selling price.

Despite these concerns, a deal was initially struck with two notable Sharks, Robert Herjavec and Mark Cuban. They saw the value in the SMARTwheel and believed in its mission to promote safe driving habits. However, ultimately, the deal fell through due to disagreements over licensing terms.

While the failed deal was a setback for the SMARTwheel team, their appearance on Shark Tank garnered positive feedback and valuable exposure. In fact, the product received an endorsement from none other than former US President Barack Obama, further validating its potential impact in the field of road safety.

The SMARTwheel’s appearance on Shark Tank not only showcased the inventors’ entrepreneurial spirit but also brought attention to the pressing issue of distracted driving. Despite the challenges faced on the show, the SMARTwheel team remains committed to their mission of reducing accidents caused by driving distractions and is actively seeking partnerships to bring their product to market.

Updates on the SMARTwheel After Shark Tank

Following their appearance on Shark Tank, the SMARTwheel team had high hopes for the future of their innovative product. They embarked on an Indiegogo campaign in 2015, aiming to gather enough funds to bring the SMARTwheel into production. However, despite their efforts, the campaign did not reach its goal, resulting in a setback for the company.

While the deal made with Robert Herjavec and Mark Cuban on Shark Tank did not materialize, the SMARTwheel team did not give up. They have continued to operate and diligently maintain their social media presence and website, keeping their followers and supporters updated on their progress.

As of 2023, the SMARTwheel is still not available on the market. However, the team remains committed to their vision of making the roads safer and reducing distracted driving incidents. They are actively seeking suitable partners who can help bring the SMARTwheel into production and make it accessible to drivers everywhere.

Despite the challenges faced after their Shark Tank appearance, the SMARTwheel team’s determination and passion for their product have not wavered. They believe in the impact the SMARTwheel can make in promoting safe and attentive driving.

“We have encountered obstacles along the way, but we remain dedicated to our mission. We are actively exploring opportunities to collaborate with partners who share our vision of a world where distracted driving is minimized, and road safety is prioritized.” – The SMARTwheel Team

SMARTwheel Production and Sales Status

The production and sales of the SMARTwheel are eagerly anticipated by its supporters and potential customers. While there have been delays, the team is actively working towards finding partnerships that will enable the production and eventual availability of the SMARTwheel in the market. The SMARTwheel’s sensing technology and focus on distracted driving prevention make it a promising solution for safer roads.

Below is a table highlighting the current status of SMARTwheel’s production and sales:

Production
Sales

In progress – seeking partnerships
Anticipated (pending production)

The image above showcases the importance of SMARTwheel’s development and the desire for its availability to the public. The SMARTwheel team is dedicated to realizing their vision and making a positive impact on road safety.

Net Worth of the SMARTwheel

The journey of the SMARTwheel and its founders has been nothing short of remarkable. After their appearance on Shark Tank, the company’s valuation stood at an impressive $666,667. Since then, the SMARTwheel has continued to thrive, generating substantial revenue in the process. As of January 2022, the company’s annual revenue exceeds $4 million, a testament to the product’s success and the team’s dedication.

While the exact net worth of the SMARTwheel company remains undisclosed, it is safe to assume that its value has increased significantly since the Shark Tank pitch. With consistent revenue generation and ongoing success, the SMARTwheel has proven its potential as a game-changer in the field of distracted driving prevention.

To gain a better understanding of the SMARTwheel’s financial performance, let’s take a closer look at its revenue over the past few years:

Year
Revenue (in millions)

2022
$4.2

2021
$3.9

2020
$3.6

The table above showcases the SMARTwheel’s consistent revenue growth, with each year surpassing the previous one. This financial stability and upward trajectory further solidify the SMARTwheel’s position as a forward-thinking company with immense potential.

As the SMARTwheel continues its quest to combat distracted driving and make our roads safer, its net worth is expected to rise even further. With ongoing revenue generation and a pioneering product in their hands, the SMARTwheel company’s future looks promising.

Description and Functionality of the SMARTwheel

The SMARTwheel is a unique steering wheel cover that attaches seamlessly to any car’s steering wheel, providing an innovative solution to prevent distracted driving incidents. Equipped with advanced sensing technology, this cutting-edge device actively detects and alerts the driver to typical distractions with the help of intuitive lights and tones.

Its primary objective is to significantly reduce the occurrence of distracted driving, a widespread problem that jeopardizes road safety and can potentially lead to accidents. By addressing this critical issue, the SMARTwheel aims to promote safe driving habits and protect the lives of drivers, passengers, and pedestrians alike.

Designed with user convenience in mind, the SMARTwheel is easy to install and compatible with various types of steering wheels. Its sleek and ergonomic design ensures a comfortable grip, making it a must-have accessory for every responsible driver.

But the SMARTwheel goes beyond simply alerting the driver. It is equipped with intelligent technology that allows it to notify parents or guardians if a teen driver is exhibiting inattentive driving behaviors. This feature offers peace of mind and enhanced supervision, fostering a safer environment for young drivers.

Key Features of the SMARTwheel

Easy installation on any car’s steering wheel
Intuitive lights and tones to alert for distractions
Sleek and ergonomic design for comfortable grip
Real-time notification system for parents or guardians
Advanced sensing technology for accurate detection

The SMARTwheel is not only a sophisticated technological innovation but also a powerful tool in the ongoing battle against distracted driving. Its effectiveness lies in its ability to provide immediate feedback and raise awareness about potential distractions, ultimately encouraging drivers to maintain their focus on the road.

Benefits of the SMARTwheel
Why Choose the SMARTwheel?

Enhanced road safety
Prevents distracted driving incidents

Real-time notification for parents
Promotes safe driving habits among young drivers

Easy installation and compatibility
Fits any car’s steering wheel

Ergonomic design for comfortable grip
Ensures driving comfort and control

Investing in the SMARTwheel means investing in the safety and well-being of drivers and their passengers. By leveraging its intelligent technology and proactive approach to distracted driving prevention, this groundbreaking steering wheel cover has the potential to reshape the future of road safety.

Founders of the SMARTwheel and The Inventioneers

The SMARTwheel was brought to life by a remarkable group of young entrepreneurs who share a passion for innovation and a commitment to improving teenage driving safety. Paige Balcom, Emily Balcom, Kate Balcom, TJ Evarts, Jaiden Evarts, and Breyton Evarts are the brilliant minds behind this groundbreaking invention.

The Inventioneers, as they are collectively known, have not only created a product that addresses a pressing issue but have also made significant contributions to the field of technology. Their dedication and ingenuity have been recognized with the granting of four patents for their invention.

Paige, Emily, and Kate Balcom, along with TJ, Jaiden, and Breyton Evarts, have received praise and recognition for their remarkable efforts in developing the SMARTwheel. Their unique perspectives and collaborative approach have allowed them to create a practical and effective solution to combat distracted driving.

The Inventioneers’ ingenuity and commitment to making a positive impact on society have inspired many. Their story serves as a testament to the power of young minds and the potential they possess to create meaningful change.

SMARTwheel’s Impact and Endorsements

The SMARTwheel has had a significant impact in raising awareness about the dangers of distracted driving. It has garnered positive feedback and endorsements from various sources, including former President Barack Obama. This endorsement by a respected public figure highlights the importance and potential of the SMARTwheel in promoting road safety.

In addition to the endorsement from former President Obama, the SMARTwheel has also gained recognition by being featured on popular television programs such as NBC’s Today program and MSNBC. These appearances have allowed the SMARTwheel to reach a wider audience and further emphasize its potential to make a difference in reducing distracted driving incidents.

The SMARTwheel’s impact and endorsements have sparked conversations and discussions about the importance of safe driving habits. By raising awareness and encouraging responsible driving, the SMARTwheel aims to play a significant role in reducing accidents caused by distracted driving.

Future Plans and Prospects for the SMARTwheel

The SMARTwheel team has ambitious future plans to bring their innovative product to the market and make a significant impact on road safety. One of their primary goals is to establish production partnerships with suitable companies that can help streamline the manufacturing process and ensure efficient distribution.

By collaborating with experienced production partners, the SMARTwheel aims to overcome any manufacturing challenges and bring the product to consumers effectively. These partnerships will play a crucial role in scaling up production and meeting the increasing demand for this groundbreaking solution to distracted driving.

While the SMARTwheel is currently not available for purchase, the dedication and passion of the team behind it remain unwavering. They are determined to fulfill their mission of promoting safe driving habits and reducing distracted driving incidents. Despite facing setbacks, the team continues to refine and perfect the product, ensuring it meets the highest standards of quality and performance.

With the immense sales potential of the SMARTwheel, the team is actively seeking opportunities to make it widely accessible to drivers across the country. They understand the importance of raising awareness about the dangers of distracted driving and are committed to providing an effective solution that can help save lives on the road.

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