What Happened To Sway Motorsports From Shark Tank Season 6?

When Joe Wilcox appeared on the Season 6 of “Shark Tank” to present his three-wheeled electric scooter, the Sharks were clearly impressed. All four — Mark Cuban, Daymond John, Kevin O’Leary, Lori Greiner, and guest Shark GoPro-founder Nick Woodman — applauded the unique design of the Sway Motorsports scooter. As Wilcox pitched his business model, their interest seemed to grow further.

The name “Sway” comes from the scooter’s peculiar method of steering, which simply requires the rider to lean side to side to make turns. The biggest selling points included its purported greater maneuverability, greater safety, patented floor-mounted battery, and the ability for riders to keep their feet on the scooter when coming to a stop. Wilcox seemed to put his money where his mouth was when he entered the “Shark Tank,” as well, by riding smoothly and quickly around the room.

With such a positive initial reception and an impressive background in mechanical design, Wilcox appeared to be all set up to make a deal. However, the Sharks began backing out one by one as issues surrounding distribution and manufacturing began to emerge. In fact, every Shark dropped out. That is, all the Sharks were out until Wilcox put on his helmet in preparation to leave on his scooter and, in one final plea, said in response to the continued praise, “So why not invest?” At that, Mark Cuban gave him a last chance to make an offer, and accepted a deal.

But these days, you won’t see a Sway scooter ripping up the road. This is a bit confusing considering electric scooters are more affordable and more popular than ever. Let’s explore why such a promising company went the way of the dinosaur.

What happened to Sway Motorsports on Shark Tank?

The pitch for Sway Motorsports was a bit simpler than many of those that often appear on the show. Wilcox demonstrated the scooter by riding it into the “Shark Tank,” leaning his body to make sharp turns around the room. The unique mechanism of its controls was laid bare: a balanced axle system on the front two wheels pivoted the direction in response to the rider’s lean, or “sway.”

The first question was how much it costs. Wilcox claimed the scooter was for sale online for $7,999, and that the company had already made $350,000 in presales. However, the big reveal, which would later prove the main point of contention, was that the company was still seeking a distributor and OEM company to facilitate sales via dealerships. In other words, delivering this hefty three-wheeled electric scooter would be a major obstacle.

Wilcox then dropped his credentials as a long-time toy inventor at IDEO, one of the “biggest global design consultancies” in the world. To seal the deal, he then described the secured patent on the battery system of his invention, one which appeared to be unique to the Sway scooter’s design. Things seemed promising for a Shark to take the bait. However, one by one, they all dropped out, largely citing the distribution challenges. No offers were made, and Wilcox got ready to leave.

But the praise seemed to linger in the air, and Mark Cuban gave Sway one more chance to make an offer. Originally asking $300,000 for 10%, Wilcox raised the stakes and said the same price could buy 20% of the company. Cuban accepted and in the words of Daymond John, this last-chance deal was like Wilcox gave himself “mouth-to-mouth.” Nonetheless, a deal was made, even if narrowly.

Sway Motorsports after Shark Tank

The deal with Mark Cuban didn’t come to fruition. According to the “Shark Tank” blog, “the deal with Mark never closed.” It’s hard to say why the deal fell through exactly, but we can conclude that this “last-chance” opportunity was a pivotal moment in the company’s survival. It would seem that without the support of a Shark like Mark Cuban, Sway was doomed. There are no controversies surrounding Sway Motorsports’ founder and designer Joe Wilcox to be found, nor does it seem there was a lack of market demand for an electric scooter with easy maneuverability.

In fact, it appears that no Sway scooters were ever distributed, and it looks like the company was shut down by 2018. Considering its pitch happened in Season 6 of “Shark Tank” in 2015, the lack of a single Sway scooter actually hitting the road proves that the company never really took off. We can only speculate what difference a deal with Mark Cuban would have made, but it seems that the concept had reached the end of the line after its appearance on “Shark Tank.” Indeed, the company’s website is down, and Sway social media accounts haven’t been updated since 2017.

Much of the Sharks’ feedback surrounded the great potential that Sway Motorsports held as an independent company. Guest Shark Nick Woodman suggested that Wilcox’s best move was to “avoid licensing” the design to a big-name company and to pursue the business under an independent name — as he did with his company, GoPro. As we can see, however, the Sway concept failed to take off under its own flag. Again, who can say what could have been.

Why did Sway go out of business?

The irony surrounding Sway Motorsports disappearance is the market for electric scooters. In recent years, we’ve seen a rush in electric vehicles, including scooters, electric motorcycles, e-bikes, and electric cars. Had Sway entered the market only a few years later, perhaps it would have seen greater success. Sadly, the unique trike failed to take off in 2016. Maybe it was ahead of its time, though it can only be measured by its failure to secure a place in the market. So why did it fail?

The biggest reason was highlighted in the “Shark Tank” episode. Distribution is an obstacle for multi-thousand-dollar products, especially ones that are hefty in weight. Designer and founder of Sway Joe Wilcox even said it himself, “The next step for the company was to secure a distributor that could streamline the product-to-consumer line.” Unfortunately, this obstacle seems to have proven too lofty to overcome. With the Mark Cuban deal falling through, there was little hope for the small business to gain a foothold in the market.

Since the Sway scooter was heavy and expensive, only a tight network of dealerships would be able to distribute it to the masses. As Daymond John pointed out, without a network to provide support, such as replacement parts and repairs, there was little incentive for customers to place their faith in an untested product.

Any person with an eye on market trends can see that small-scale electric vehicles are ripe with potential. We’ve seen Harley-Davidson tapping into the electric bike market and Segway staying afloat with commuter-focused electric scooters. But what these products have is brand recognition as well as established distribution networks. Without bumping elbows with the big merchants, there’s really nowhere to go.

What’s next for Sway Motorsports founder Joe Wilcox?

If you’re wondering what’s next for Sway Motorsports, it appears the answer is nothing. The company appears to have completely dropped off the face of the planet after its appearance on “Shark Tank.” Its website is down, and its social media accounts are inactive. Most importantly, no Sway scooters have been shipped out since its inception, so preorders were likely reimbursed without delivery.

You’ll also note that founder Joe Wilcox hasn’t pursued social engagement for years. Any hope of the company’s survival is pretty much dead in the water. Considering the LinkedIn profile of Joe Wilcox, Sway Motorsports is still listed even if the endeavor has ostensibly failed. His current career description remains “Director of Advanced Vehicle Development.” If that’s the direction his pursuits have continued after an admirable attempt to build electric scooters, it makes sense. His background as a “Senior Designer, Toy Inventor” for IDEO tracks with the prospect of a unique electric scooter.

His most recent appearances aren’t all that recent, however. These include a 2015 interview on YouTube by GOVECS design group, and Sway Motorsports even got a name-drop from the Electric Vehicle Channel on YouTube in 2021.

Read original article here

Denial of responsibility! Pioneer Newz is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.