We're sure you’ve heard the story by now, that back in the very early stages of The SMART Tire Company (2022), we were lucky enough to appear on the popular TV show, Shark Tank.
We did not apply to be on the show, but were asked by the producers (we originally declined, and felt like we were not the right fit, but they insisted), who had discovered us from a news article. We had just started building basic prototypes and still figuring out material costs and licensing with NASA, but sure, we were happy to get such major brand EXPOSURE! Shark Tank was averaging around 4M viewers per episode!
No, we did not get a deal, as that wasn’t our purpose for going on the show - A highly-edited, entertaining TV show, but we still got the win. We weren’t really seeking a deal (that’s why we had a high ask, for very low equity), but more of an intro and appeal to the 4M people watching + NASA was quite thrilled about it (we were the first NASA technology to ever appear on the show). After our episode aired, we received tons of messages from fans and consumers around the world, who were VERY excited about what we were doing! That made it all worth it.
Keep in mind, that if we would have signed some bad-terms "deal" with a Shark, YOU would not have the opportunity you have now to invest in us… and we want to give everyone a chance to be a part of what we’re building - not just wealthy TV personalities like Mark Cuban and Mr. Wonderful.
With that said, this is simply a little reminder for all you budding entrepreneurs and investors out there, that the real journey continues no matter the speed bumps or traffic lights. Follow your vision, keep moving forward, and stay above water. Use your well-researched map, but be ready to take alternative routes when needed. The destination is still the same.
More Shark Tank “No Deal” Stories:
The investors on ABC’s “Shark Tank” had a chance to be early backers of then small business, Ring. CEO Jamie Siminoff appeared in a 2013 episode seeking a $700,000 investment in exchange for 10 percent of his company, then called Doorbot. But they missed out.
None of the sharks made an offer to invest except for Kevin O’Leary, who Siminoff turned down. In 2018, Amazon announced it would purchase Ring, a smart doorbell maker, in a deal reportedly worth $1.8 billion. Ring's CEO, Jamie Siminoff, eventually came back on Shark Tank as a guest Shark!
Kodiak Cakes appeared on Shark Tank in 2014, seeking a $500,000 investment in exchange for 10% of the company. Co-founders Joel Clark and Cameron Smith pitched their flapjack and waffle mix, which is made with 100% whole grains and no added fats or sugars. The founders left the show without a deal.
Kodiak Cakes went on to have great success. In 2018, Kodiak Cakes became the best-selling pancake mix at Target, surpassing PepsiCo's Pearl Milling Company and General Mills' Bisquick. In 2020, Kodiak Cakes reached $200 million in annual sales.
In May 2021, the private equity firm L Catterton acquired a majority stake in Kodiak Cakes for $800 million. The company's founders and management team, along with existing shareholders, still own a significant minority stake.
The moral of the story is to not get discouraged when others don't see your vision or business the same way that you do, at the same time that you do. Sometimes your idea is just too early, too different, or you're not the typical company that fits within a show's usual format. Not saying we're anything like Ring or Kodiak Cakes (we’re definitely different), or even a Tesla - but we, too, are confident in our potential and execution, and can see The SMART Tire Company coming back as guest Sharks, one day. ;-)
#StayTheCourse
#KnowYourWorth
#BeSmart
#ChangeTheWorld
#LetsGo
The Rewards of True Disruption:
Speaking of Tesla, their stock has now soared to over $463 per share, its highest ever. It’s interesting to go back to its early stages when it was just a smaller company that very few thought could compete with the giant car companies like Toyota, Ford, Hyundai, or BMW. In other words, a $10,000 investment in Tesla's IPO in 2010 would now be worth a staggering $2,643,178. This equates to a 26,332% increase in value in just over 12 years. It was no easy route for Tesla to become what it is today. Now, seeing an Electric Vehicle on the road is just, normal.
As a little bonus, check out this chart that shows the earlier investors in Uber:
If THIS doesn’t motivate you, then here’s one last story about fintech company, Revolut, and their crowdfunding campaign that started out raising $1 million from 433 investors, at a $40M valuation back in 2016. Now, in 2024, the company is valued at $45 billion. No sharks needed.
This WeFunder campaign is the FINAL opportunity to invest in The SMART Tire Company as a private company, through crowdfunding. Once this one closes, that’s it.
Again, we’re not saying that we’ll have this same type of trajectory (nothing is guaranteed), but disruption is indeed hard (very hard), and it takes a keen investor to realize the potential of certain ideas/companies before they are fully formed and hit their stride. The global tire market is currently valued at $300B with a 6.15% CAGR, so let’s see what 2025 has in store for our growing tire company, with big plans of building the "next, great American tire company!"
Did you know?
The global tire industry produced more than 2.5 billion tire$ this year (2024)?! You can do the math. That's also a lot more tire waste that went into landfills. Tires are as fundamental to any vehicle as the steering or the engine itself - and after years of R&D and testing, and working with NASA, Hyundai, Kia, and other big manufacturers we can't name just yet (NDAs), we are finally on the verge of launching our game-changing tires into the market. A $500B addressable market!
One day, our SMART airless tires may be considered just, normal, which means we’re on vehicles all around the world - from bicycles, scooters, and motorcycles, to cars, trucks, and airplanes (and on the Moon)! That's a powerful position to be in. A new era in sustainable transportation. Are you in?
THANK YOU for your continued support, and to all, Happy Holidays!!
The SMART Team
Reimagining the wheel.™
