SkyRide Technology
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 4, 2012
Asking For:
$3,000,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
SkyRide Technology offers a thrilling ride akin to a roller coaster but powered by the riders themselves, aiming to revolutionize fitness, recreation, and transportation in the sky for people of all ages and abilities.
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Background Story
SkyRide Technology is the brainchild of Scotty Olson, who hails from the scenic region of the Land of 10,000 Lakes. With a background in innovation and product development, Scotty gained prominence as the inventor of Rollerblades over two decades ago, a venture that saw immense success and garnered him substantial wealth. However, despite the initial success, Scotty faced setbacks when his business partner embezzled his earnings.
Undeterred, Scotty continued to innovate, nurturing the idea of SkyRide for over two decades. His vision stemmed from a desire to create a fast-paced machine for training, free from the constraints of traditional biking or commuting. The concept evolved into SkyRide Technology, aiming to introduce a thrilling yet fitness-oriented experience accessible to all.
The Product
SkyRide Technology offers a unique experience that combines the excitement of a roller coaster with the benefits of physical exercise. The ride is powered by the riders themselves, providing a novel way to engage in fitness, recreation, and even transportation.
The system is designed to be versatile, catering to users of all ages and abilities. While primarily targeted at ski resorts initially, the potential applications extend to amusement parks, recreational centers, and even personal backyard installations.
Although still in the prototype stage, SkyRide Technology has invested considerable time and resources into development, with plans to introduce it to the market pending further investment.
How It Went
The company’s position before Shark Tank
Despite Scotty Olson’s illustrious background as the inventor of Rollerblades, SkyRide Technology faces skepticism from the Sharks due to its ambitious nature and lack of tangible sales. While Scotty brings valuable experience in product innovation, the company is in its early stages, with no concrete sales figures to showcase.
The potential market includes ski resorts and amusement parks, but without a proven track record or substantial revenue, securing investment proves challenging. The negotiation ends with no deal as the Sharks express concerns about the scalability and feasibility of the venture.
The Negotiations:
The negotiation sees Scotty Olson seeking a $3 million investment for a 20% stake in SkyRide Technology. Despite his impressive background as the inventor of Rollerblades, the Sharks express skepticism about the scalability and market viability of the venture. Concerns about the company’s lack of sales and the practical challenges of implementation led to all Sharks opting out of the deal.
While the Sharks commend Scotty’s vision and enthusiasm, they ultimately decide against investing, citing the high-risk nature of the venture. Despite the setback, Scotty remains optimistic, expressing gratitude for the opportunity and reaffirming his commitment to bringing SkyRide Technology to fruition.
