GeoOrbital Wheel – Electric Wheel For Bicycles
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 29, 2017
Asking For:
$500,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
GeoOrbital offers a revolutionary electric wheel that can turn almost any regular bicycle into a powerful electric bike in under 60 seconds without the need for tools.
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Background Story
GeoOrbital, founded by Michael Burtov and Dakota Decker, is based in Cambridge, Massachusetts. The founders, driven by a desire to bring bicycles into the 21st century, introduced the GeoOrbital wheel as a futuristic solution to transform traditional bikes into electric ones. Burtov and Decker came up with the idea after recognizing the unchanged design of bicycles for over a century and the potential to make biking more accessible and enjoyable.
Their vision was to address common hurdles people face with biking, such as fatigue, anxiety about hills, and sweating during commutes. The founders launched GeoOrbital and successfully raised $1.26 million on Kickstarter, followed by an additional $200,000 in direct website sales. Despite not securing a deal on Shark Tank, Burtov and Decker remain determined to continue their journey with GeoOrbital.
The Product
The GeoOrbital wheel is designed to be easily installed on any regular bicycle in under 60 seconds without the need for tools. It transforms the bike into a powerful electric vehicle, capable of reaching 20 miles per hour in under 10 seconds with a range of up to 20 miles on a single charge.
The wheel, priced at $950, offers 500 watts of power and can be seamlessly integrated with existing bicycles, providing an electric option without the need to purchase an entirely new electric bike.
Additionally, GeoOrbital showcased a compact, electric bike with a retail price of $200 in addition to the wheel, targeting consumers looking for a complete electric bike solution.
How It Went
The company’s position before Shark Tank
GeoOrbital has experienced initial success, raising significant funds through Kickstarter and direct website sales. With a focus on direct-to-consumer sales, the company plans to expand its market by targeting fleet customers, including delivery services, police departments, tour guides, and bike shares.
The founders acknowledge the competitive nature of the bike industry and emphasize the potential for growth in the electric bike market. However, concerns are raised about the high retail price of $950 for the wheel, which may pose a challenge in the market.
The Negotiations:
The Sharks expressed skepticism about the pricing strategy and competitive challenges of the bike industry. Despite acknowledging the short-term opportunity in retrofitting existing bikes, the Sharks ultimately passed on making a deal with GeoOrbital. Mark Cuban and Kevin O’Leary cited concerns about sales and distribution challenges in the highly competitive bike market.
While Lori Greiner and Chris Sacca expressed belief in the electric bike industry, they were not convinced by GeoOrbital’s focus on retrofitting existing bikes. The founders left the Tank without securing a deal but remained optimistic about GeoOrbital’s future prospects.
