GeoOrbital’s phase on “Shark Tank” started with an illustration of how the wheel might be subbed in on a standard bicycle in below 60 seconds, with out the necessity for any instruments. Kevin O’Leary and Barbara Corcoran volunteered to check out bikes that had been outfitted with the GeoOrbital Wheel and appeared to have enjoyable with it. Nonetheless the Sharks, after showing impressed by the Kickstarter success, visibly bought chilly toes as they discovered extra concerning the product.
Barbara identified that you might simply discover a standalone e-bike for below $950, and Decker conceded that they began below $500, however he pressured that the GeoOrbital made for a better high quality e-bike than you might get on the lowest obtainable value factors. Visitor Shark Chris Sacca tried to ask in the event that they had been promoting any standalone bikes, they usually confirmed off a $1,150 miniature e-bike able to making unusually tight turns.
Nonetheless, when the GeoOrbital reps framed that bike as a aspect mission, Chris opted out. Mark Cuban felt the bike area was too tough given the distribution hurdles and opted out, as did Lori Greiner over the worth level. Barbara and Kevin opted out over comparable considerations, however had been joyful to every purchase the standalone bike for themselves.
The valuation and funding that GeoOrbital requested for, $500,000 for five%, by no means even got here into the equation.