Joe Wilcox founded the fascinating new company Sway Motorsports. Joe wished to address an issue that many city riders encountered. Motorcycles are exciting, but they may be risky, especially when turning sharply. His goal was to build an electric bike that was more stable and safe.
His invention was the Sway, a three-wheeled scooter. Sway’s distinctive steering is what makes it so unusual. Its foot control allowed the rider to make tight turns more easily and safely. Joe made his appearance on Shark Tank Season 6 to solicit assistance.
His goals were to expand his clientele, put his product into production, and build his company. He requested $300,000 for 10% of his business in this episode. Will the entrepreneur get a deal on Shark Tank? Check out our Sway Motorsports update to find out!
Sway Motorsports bike net worth 2024
Joe Wilcox asked for a $300k investment in exchange for 10% equity in his company. This meant he valued his company at $3 million. He made a deal with Mark Cuban for $300k in exchange for 20% of his company, which valued his company at $1.5 million.
After the show aired, Sway Motorsports 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 Sway Motorsports in 2024 is about $1.67 million.
Sway Motorsports bike shark tank Update
In terms of a Sway Motorsport update, Unfortunately, after the show, things didn’t work out as planned for Sway Motorsports. Although Joe Wilcox made a deal with Mark Cuban, the two never signed a formal agreement. By 2018, the business had stopped updating its software.
Their social media accounts became quiet. The website was up for a while, but there were no new posts or product announcements. As of 2024, Sway Motorsports had ceased operations. There are no indications that the company will reopen. Many fans of the product were disappointed to see the company close before it could have a significant impact. sadly, things didn’t work out as planned for Sway Motorsports.
| Shark(s) Name | Offer & Demand | Counteroffer | Accepted? |
| Nick Woodman | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | $300,000 for 20% equity | N/A | yes |
Sway Motorsports Bike Shark Tank Pitch
In our Sway Motorsport update research, On Shark Tank, Sway Motorsports closed a deal. Joe Wilcox requested $300,000 in return for 10% of his business. This gave his business a $3 million valuation. The majority of the sharks rejected his offer during the event. They believed that the business was either too young or too hazardous.
However, Mark Cuban ultimately had second thoughts. He initially replied no, but then changed his mind and agreed to give Joe a chance. Mark consented to contribute $300,000. However, he would only own 20% of the business. Joe agreed to this arrangement. Unfortunately, the deal never went formal after the show. The arrangement between Joe and Mark was not followed through. This indicates that Sway Motorsports did not receive the necessary money to grow
In regard to a Sway Motorsport update, The founder of Sway Motorsports is Joe Wilcox. The Rhode Island School of Design was his place of study. He’s previously designed a variety of projects. He even had positions at MIT and the Johnson Space Centre of NASA.
His background in technology and design was instrumental in the conception of Sway Motorsports. Joe had a strong interest in urban transit. Motorcycles, he found, were exhilarating but also risky, particularly when turning sharply. His goal was to design a vehicle that was both safer and more enjoyable to ride.
He created the Sway scooter for this reason. Similar to skiing, the rider might lean or wobble while turning thanks to its three wheels. His passion for both safety and design served as a source of inspiration.
But creating the product wasn’t simple. Early on Joe had a lot of difficulties, particularly with manufacturing. He had trouble raising enough money to produce a lot of his scooters. He went on Shark Tank in the hopes that a shark would assist him because of this.
Joe Wilcox was bursting with excitement as he entered the Shark Tank. His goal was to persuade the sharks to put money into Sway Motorsports, his business. Joe demonstrated his product in an engaging and straightforward manner. He entered the tank on the Sway scooter. It sways as it turns, giving it a distinctive look. He proceeded to play a video of the scooter in use.
It glided through the streets of the city. Joe clarified that he required assistance with production. His scooters had gotten pre-orders totaling $350,000. But in order to make them, he required additional money. He discussed the cost as well. Purchasing a Sway scooter would set you back $7,999.
Joe intended to manufacture the scooters in large quantities and distribute them via dealerships throughout North America. In order to safeguard his idea, he also said that he possessed patents. However, Joe was aware that he would require a shark’s assistance to realize his objective.
The sharks had a lot of questions about Joe’s goods. Mr. Wonderful, also known as Kevin O’Leary, was curious about the estimated time of manufacture for the scooters. Joe mentioned he might start production soon. But he needed some more money to finish it. A few sharks voiced their worries about the scooter’s price.
At $7,999, they thought most city cyclists could find it too expensive. They also asked about the challenges Joe would face in recruiting dealerships to carry his line. Joe answered these queries. He believed that the Sway scooter would be different. Its unique design and safety features would make it better than other motorbikes and scooters.
There was a mixed reaction from the sharks to Joe’s pitch. Kevin O’Leary believed that the company would take too long to see profits and that it was too risky. The first shark to leave was him. Another shark, Daymond John, was worried about how difficult it would be to repair the scooters.
Additionally, he chose not to invest. Lori Greiner said she left the company as well, saying she couldn’t see how she could advance the business. Even though he enjoyed the goods, Nick Woodman didn’t believe he would get his money back. Then something unexpected occurred. Even Mark Cuban who had initially declined. He later had second thoughts.
He chose to give Joe a chance after realizing that he had potential in his organization. Mark gave Joe $300,000 for 20% of the company instead of the $300,000 he had originally requested for 10%. Joe approved the agreement, and it appeared that Sway Motorsports had obtained the necessary capital.
What Went Wrong With Sway Motorsports On Shark Tank?
Things didn’t go as planned despite the fact that Joe struck a deal with Mark Cuban on the broadcast. The agreement never happened, even after the cameras stopped rolling. Since Joe and Mark never signed a formal contract the money never materialized.
The business’s danger was the sharks’ main concern during the pitch. It turned out that Kevin O’Leary was correct when he doubted that the scooters would be produced anytime soon. Joe’s suggestion was brilliant. However, he did not have the funds to begin production.
Thus, he was unable to deliver the scooters to the people who had placed advance orders. Daymond John was likewise concerned about the upkeep of the scooters. Ultimately, the obstacles to marketing the scooters proved to be too formidable. The business was unable to endure.
Product Availability
One really special product was the Sway scooter. It was a three-wheeled electric scooter. It possessed a unique quality. It could be managed by the rider by swaying or leaning. Turning was safer and easier as a result. For city riders the scooter was ideal.
They desired a fun and safe ride. It was 50% more capable of stopping than a standard motorcycle. When they halted, riders did not have to place their feet down. Lithium-ion rechargeable batteries powered the scooter.
With a charge, it could travel 40–60 kilometers. Regretfully, it is no longer possible to buy the product. Joe’s pre-orders brought in over $350,000. However, the company was never able to meet the demand for scooters. Before Sway Motorsports could deliver it closed.
Conclusion
Sway was one product that was truly unique. It was an electric scooter with three wheels. It had something special about it. The rider may control it by leaning or swaying. That made turning safer and simpler. The scooter was perfect for city riders. They wanted an enjoyable and secure ride.
Compared to a typical motorcycle, its stopping power was increased by 50%. Riders were not required to plant their feet when they stopped. Lithium-ion rechargeable batteries powered the scooter. With a charge, it could travel 40–60 km.
Unfortunately, the product is no longer available for purchase. Joe received nearly $350,000 in pre-order revenue. However, the business was never able to supply the demand for scooters. Sway Motorsports closed before it could deliver.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
