Ryan Evans, David Evans, and Chris Harley established Inboard Technology to address an issue they encountered with electric skateboards. The current skateboards were inadequate for urban commuting. They aimed to create an improved product for individuals seeking a more seamless and effective experience. They created the M1 Electric Skateboard as their answer.
This skateboard utilized a unique system known as the “Manta Drive” that required no belts or gears. It was simple to operate portable and featured replaceable batteries. This made it an excellent choice for those who commute. The M1 skateboard was created to offer greater reliability compared to other electric skateboards. Ryan, David, and Chris appeared on Shark Tank to request a $750,000 investment for 4% ownership in their company.
The business owners sought assistance to expand their enterprise. Will the entrepreneur get a deal on Shark Tank? Check out the Inboard Technology update to find out!
Inboard Technology Net Worth Shark Tank Update 2025
Ryan Evans, David Evans, and Chris Harley asked for a $750k investment in exchange for 4% equity in their company. This meant they valued their company at $18.75 million. They made a deal with Lori Greiner and Kevin O’Leary for a $750k loan at 9% interest in exchange for 4% equity. This deal valued their company at $18.75 million. After the show aired, Inboard Technology saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Inboard Technology is about $3.01 million.
Following the presentation on Shark Tank Inboard Technology saw a spike in sales. The M1 Electric Skateboard gained popularity among numerous customers. The firm successfully established agreements with major retailers such as Best Buy. Nonetheless, issues began to arise when they chose to venture into the electric scooter market.
They launched the G1 scooter but faced numerous difficulties. This action led to monetary difficulties. Inboard Technology secured additional funding to sustain operations. They received as many as 1500 pre-orders for the G1 scooter. However, they quickly canceled the pre-orders and returned the deposits. This choice negatively impacted the company’s finances.
They needed to terminate workers and liquidate assets. Inboard Technology ultimately shut down in 2019. The company’s bold objectives did not succeed. The M1 skateboard and the G1 scooter were discontinued.
Yes Inboard Technology secured a deal on Shark Tank. They were looking for $750,000 in exchange for 4% equity. Lori Greiner and Kevin O’Leary proposed a deal. They consented to provide the entrepreneurs with a loan of $750,000 at a 9% interest rate in return for 4% equity. The arrangement was a loan rather than an investment.
This proposal was not what the creators anticipated. Lori and Kevin collaborated to provide identical loan conditions. Following extensive negotiations, a conclusive agreement was reached with a loan set at 9% interest and 4% equity. Regrettably, this agreement did not materialize. The business owners found it difficult to execute their strategies and the firm shut down in 2019.
| Shark(s) Name | Offer & Demand | Counter Offer | Accepted? |
| Lori Greiner | $750,000 loan at 9% interest + 4% equity | N/A | Yes |
| Chris Sacca | Out | N/A | N/A |
| Kevin O’Leary | $750,000 loan at 9% interest + 4% equity | N/A | Yes |
| Mark Cuban | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
Inboard Technology Shark Tank pitch
Ryan Evans, David Evans, and Chris Harley were all dedicated to improving transportation. They were fed up with electric skateboards that failed to satisfy their requirements. These skateboards were unsuitable for urban commuting. Ryan, David, and Chris aimed to develop something for daily use. They began developing the M1 Electric Skateboard to address this issue.
They created a board that was portable and simple to transport. It featured replaceable batteries allowing for a quick switch rather than having to wait for a recharge. The M1 was equipped with integrated lights for safety. They aimed to enhance the ride’s smoothness using the Manta Drive system. This system simplified the usage and upkeep of the skateboard. It required no gears or belts resulting in less need for repairs.
The founders encountered numerous obstacles in the early stages. They needed to determine how to optimize the M1 for performance while keeping it cost-effective. They gathered funds and collaborated with engineers to refine the design.
Ryan, David, and Chris showcased their product on Shark Tank by narrating their story. They asked the sharks to test the M1 Electric Skateboard. They showcased its functionality and described its main attributes. The M1 skateboard is capable of achieving speeds of 20 miles per hour and can cover distances of 7 to 10 miles on a single charge. It is intended for urban travel.
The Manta Drive system propels the skateboard without requiring belts or gears. This results in a smoother and more manageable experience. The skateboard features integrated LED headlights and taillights. This enhances safety when riding at night. The board is easy to carry weighing just 14 pounds and can support riders weighing up to 250 pounds. The founders detailed their process of securing $2.7 million and achieving a valuation of $10 million.
They additionally revealed that they received $5.6 million in worldwide pre-orders for the M1 skateboard. This was a compelling presentation demonstrating that their product could succeed. Nevertheless, certain sharks had their doubts. Mark Cuban believed the product was overly specialized. Robert Herjavec was doubtful that it could be expanded. However, Kevin O’Leary and Lori Greiner showed interest and presented an offer.
The sharks had several questions about the M1 Electric Skateboard. Lori Greiner asked if the board could handle hills. The founders said it could. They also explained that the motors acted as brakes when going downhill, even recharging the battery. The sharks wanted to know about the cost and profits. The founders explained that each M1 skateboard costs $490 to make. They sold it for $1399, giving them a 65% profit margin.
This was a strong selling point, showing that the company could be profitable. The founders also talked about the board’s battery. They explained that the batteries could be swapped out easily. This made the product more convenient for users. The sharks were impressed by these features. However, they were still cautious. Mark Cuban worried that the product was too niche.
He felt it might not be able to grow enough to be successful. Robert Herjavec also doubted its mass-market potential. Chris Sacca agreed with the other sharks and decided not to make an offer. Despite these concerns, Kevin O’Leary and Lori Greiner saw potential in the product and made an offer.
Kevin O’Leary proposed $750,000 for a 2.5% stake in the company. Lori Greiner proposed a comparable deal but requested 3% equity. The founders went outside to talk about the offers. Upon their return, Kevin and Lori had joined forces. They proposed identical loan conditions but requested 5% equity divided between them. The founders accepted this agreement following a period of negotiation.
The agreement involved a loan of $750,000 at 9% interest for three years in return for 4% equity. This agreement appeared to be an excellent chance for the company. It provided them with the financial support required for expansion. The business owners anticipated that this collaboration would aid in growing the company.
What Went Wrong With Inboard Technology On Shark Tank?
Even with the agreement involving Kevin and Lori Inboard Technology encountered problems. The business performed well at first due to the publicity from Shark Tank. The M1 Electric Skateboard was popular in sales and they obtained significant retail agreements. However, the firm’s choice to enter the electric scooter market resulted in difficulties. They launched the G1 scooter expecting it to become very popular.
Nonetheless, the scooter development required more time than anticipated. The firm secured more capital to maintain its operations. They also obtained numerous pre-orders for the G1 scooter. However, when the company chose to revoke these pre-orders everything started to disintegrate. They returned deposits damaging their reputation. The organization encountered significant monetary issues.
Although the leadership was hopeful the anticipated support from investors failed to materialize. Inboard Technology had to let go of staff and liquidate its assets. After 2019 the company shut down for good.
Product Availability
The M1 Electric Skateboard was a distinctive item created for those who commute. It featured a unique “Manta Drive” system that facilitated usage and maintenance. The board was easy to carry featured an extended battery life and could navigate urban landscapes. It could be bought via the company’s site and major stores such as Best Buy. The skateboard was priced at $1399 which was a fair cost given its attributes.
Nonetheless, once the company closed the product ceased to exist. The G1 electric scooter which was included in their expansion plans was also scrapped. Since the company shut down in 2019 neither the M1 skateboard nor the G1 scooter is currently being produced.
Conclusion
Inboard Technology’s journey on Shark Tank started with a strong pitch and a deal from Lori Greiner and Kevin O’Leary. The company grew quickly after the show but its decision to enter the electric scooter market led to financial troubles. Despite the initial success Inboard Technology closed in 2019.
Hey there, I’m Fatima Muhammad, an International Relations student, with a focus on the strategic dynamics of global relations, One of my favorite shows is Shark Tank. I love it because it showcases the creativity, determination, and strategic thinking of entrepreneurs, which I find inspiring. The show also teaches valuable lessons about innovation, business dynamics, and the importance of perseverance in the face of challenges. Read more About me.
