All share the frustration of having damaged or flat tires. Problems like punctures, wear and tear, and frequent repairs, whether you’re easily damaged by traditional rubber tires riding a bike or driving a car.
When Brian Yennie and Earl Cole debuted their ground-breaking invention, the SMART Tyre, they had this issue in mind to fix. Rubber tires are not what you find in SMART Tires. They developed airless tires using nitinol, a special nickel-titanium alloy, drawing inspiration from NASA technology. These tires guarantee never to wear out, run flat, or require frequent replacement.
In the Shark Tank, Brian and Earl requested $500,000 in return for a 2.5% stake in their business. Did the entrepreneur get a deal on Shark Tank? Check out our The Smart Tire Company update to find out!
The Smart Tire Company net worth 2024
Brian Yennie and Earl Cole asked for a $500k investment in exchange for 2.5% equity in The Smart Tire Company. This meant they valued their company at $20 million. Since they did not secure a deal on Shark Tank, the valuation remained the same. After the show aired, The Smart Tire Company saw a big increase in website traffic, sales, and social media exposure. With an estimated 15% yearly growth rate (typical business growth), the current net worth of The Smart Tire Company in 2024 is about $30 million.
The Smart Tire Company Shark Tank Update
As for The Smart Tire Company update, SMART Tire Company persisted after their Shark Tank appearance even though they could not close a deal. The corporation is still operating and has had significant growth. Via a WeFunder campaign, they raised about $1 million, demonstrating the public’s great support.
The METL bike tire, their debut consumer product, is expected to ship in 2024. Over 10,000 people are on the queue for the tires, although they are not yet accessible in the market.
The creators are still committed to changing the tire business, and they even have more ambitious ambitions in the works, like creating tires for NASA’s space missions.
No, SMART Tire could not close a deal on Shark Tank. While the sharks were impressed with the technology, worries over the high price of the product and the company’s business approach discouraged them from investing.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Kevin Hart | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Barbara Corcoran | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
The Smart Tire Company Shark Tank Pitch
Brian Yennie and Earl Cole found SMART Tire in response to their observations of the shortcomings of conventional rubber tires. As a NASA aficionado, the materials used in space travel fascinated Earl. Together, they used nitinol, a substance NASA had been using for space rovers to produce a tire that could survive harsh circumstances without flattening or wearing out.
Their trip wasn’t simple. It took a lot of study and testing to create an entirely new kind of tire. The main obstacle was figuring out how to make technology that was developed for NASA available to regular people.
During their Shark Tank pitch, Brian and Earl began by pointing out that typical rubber tires have evolved little in the past century. They unveiled the SMART Tire, an airless, long-lasting tire composed of materials from the space era. They thought their device had the potential to completely transform the tire market for motorcycles, cars, and even spacecraft.
The two want $500,000 in return for a 2.5 percent equity stake. The tires’ exorbitant production costs, which ranged from $2,500 to $3,500 for each set, took aback the sharks. This emerged as a major worry during the pitch. Keep reading out The Smart Tire Company update to see what happens next!
After listening to the pitch, Mark Cuban wanted to know more about the business. The founders replied they raised $1.3 million from equity crowdfunding.
Kevin O’Leary asked, How are they going to sell these at that price? Brian clarified that their initial focus was on high-end clients, after which they planned to reduce their size for mass-market manufacturing.
Kevin Hart asked about the cost of the product. The founders responded that it costs $150 to $200 to make. They sell a wheelset for $2500 to $3000
Mark Cuban questioned what their plan was to market and sell these products effectively.
Earl replied that the goal of their marketing approach was pre-orders and crowdfunding.
Lori Greiner thinks that it’s too early to invest. In Lori’s opinion, the company was still in its infancy and it was difficult to predict how it would develop.
Lori Greiner thinks that the business was still in its early stages and wasn’t prepared for investment. She decided not to invest.
Mark Cuban left early because he didn’t think the business plan would succeed.
Kevin O’Leary didn’t believe the price was reasonable and wasn’t convinced by the concept of such pricey tires.
Barbara Corcoran was the last shark to leave because she thought the pitch was too complicated.
Kevin Hart thought the idea was good, but he didn’t see how it would work without significant changes. He also left.
Ultimately, none of the sharks were convinced enough to offer a deal.
What Went Wrong With The Smart Tire Company On Shark Tank?
The key reason SMART Tire didn’t secure a transaction was the high price point. The sharks believed it was unreasonable to demand that buyers spend $2,500 or more on a pair of tires. The pitch’s business case fell short of persuading the sharks that the company could successfully launch this product. The sharks were also concerned about equity crowdfunding, particularly Mark Cuban, who didn’t think it was a good way to draw in serious investors.
Product Availability
From our Smart Tire Company update research, SMART Tire has put none of its products on the market as of today, but their Kickstarter campaign is still accepting preorders for the METL bike tire. The METL bicycle tire is targeted at riders seeking a robust, airless substitute for conventional tires, and it retails for approximately $150.
Information about upcoming releases and future items is also available on the company’s website The Smart Tire Company. Though its initial concentration is on bike tires, SMART Tire eventually wants to produce tires for cars and space rovers, among other kinds of vehicles.
Conclusion
Despite not landing the deal on Shark Tank, SMART Tire’s story is far from over. They keep coming up with new ideas and making progress toward commercializing their airless tire technology. With their METL bike tires already seeing a surge in pre-orders, 2024 may be the year SMART Tire ultimately establishes itself.
With one wheel at a time, this NASA-inspired startup has a bright future ahead of it as it strives to revolutionize the tire industry. Watch their developments in the upcoming years; they may completely change the way we travel!
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
