Leaux Racing Trikes
NO DEAL
EPISODE SUMMARY
🕓 Air Date: December 4, 2015
Asking For:
$120,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Leaux Racing Trikes are adult tricycles that provide a unique and exhilarating experience, combining the stability of a tricycle with the agility of a racecar.
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Background Story
Tyler Hadzicki, the founder, introduced Leaux Racing Trikes to the Sharks. The concept originated as a 6th-grade science project, winning first place at the San Diego Science Fair despite initial skepticism from the teacher. The journey from the prototype to the current product took about four years, with Tyler currently a sophomore in college.
The company gained initial funding through a successful Kickstarter campaign, exceeding the $15,000 target by raising $46,000. Tyler personally tested and assembled each trike at his facility in Mexico, leveraging the expertise of someone experienced in building BMX bikes.
The Product
Leaux Racing Trikes are designed to provide a thrilling riding experience. They are low to the ground, which gives the sensation of going very fast. The trikes have three wheels for stability and speed, and they offer incredible agility.
The rear wheels are casters that can be manually controlled with a handle, allowing the rider to take tight corners, drift, and even spin 360 degrees.
The trikes are also fully adjustable and durable, able to withstand crashes. They are suitable for both adults and children. The trikes were initially made available for purchase through a Kickstarter campaign.
How It Went
The company’s position before Shark Tank
Leaux Racing Trikes has shown promising performance. The company launched a Kickstarter campaign with a target of $15,000 and ended up raising $46,000, achieving 300% of its goal. This resulted in 130 orders, which were produced and shipped out over a year. The company set up a production facility in Mexico, partnering with someone who has experience building BMX bikes. Despite being a young company, Leaux Racing Trikes has already established itself as an international business.
The Negotiations:
The Sharks were impressed with Tyler’s entrepreneurial spirit but had reservations about the scalability and market potential. Barbara and Kevin opted out early, stating concerns about the investment’s viability. Lori and Robert also bowed out, emphasizing the challenges of personally overseeing quality control for a growing business. Mark expressed doubts about the product’s mass market appeal and its potential for significant growth. Despite Tyler’s vision, none of the Sharks made an offer, and Tyler left the Tank without a deal.
