“I’ve reinvented the wheel — literally.” That is such an unusual line in order to kick off a pitch on “Shark Tank,” but the folks at Shark Wheel (also a perfect name given the show) seem to have figured this out. It’s a cool idea! We were a little skeptical at first to hear that a wheel that is not necessarily a traditional wheel at all somehow works better and rides faster than what we’ve been using for so long (at least on skateboards). Based on their little demonstration in the tank, though, it seems to be effective.
What is slightly more perplexing here, though, is whether or not they have the right strategy for negotiations. Given the nature of their product and their strong sales in a short amount of time, it seems inevitable that they would get offers from a few sharks. Guest shark Nick Woodman of GoPro fame seems like the perfect fit, since many extreme-sports athletes already use his product. He makes a pretty generous offer, even if he cuts down their desired valuation.
Here’s the twist: Apparently this company already has a hefty backing from other investors, who valued their business at so much more than the sharks have. This is tricky, since it creates a too-many-cooks-in-the-kitchen environment, and can make it harder for each shark to have any control at all over how a product turns out.
This concern aside, we still feel like this business will leave with something, most likely from Nick at the end of the day. The promise here is such that it makes it worth the risk, especially if you can license out the technology and rake in so much money from that avenue. That is a suggestion Daymond John makes, but he gets nervous when he hears about the other investments.
Want to get some other news related to “Shark Tank”? Then head over here right now to read a full preview for this upcoming episode! Also, you can sign up to get some other TV updates on everything we cover, courtesy of our CarterMatt Newsletter. (Photo: ABC.)