Sway Motorsports is the company that developed Sway, an electric three wheeled scooter. It’s powered by a Lithium Ion battery and steered by tilting. Riders steer the moped/skateboard hybrid by swaying side-to-side. The inventor of Sway, Joe Wilcox, pitched his business on Shark Tank in 2015. He went into the Tank seeking an investment of $300,000 for 20 percent equity. Although all the Sharks told Wilcox they believed he would be successful, they all went out. When Wilcox asked, “So why not invest?,” Mark Cuban told Wilcox to make him an offer and he did. He offered Cuban $300k for 20 percent equity of Sway Motorsports and Cuban agreed.
[Related: 27 Favorite ‘Shark Tank’ Products — New List]
Two years after the Shark Tank episode aired, Wilcox announced in March 2017 that Sway Motorsports is looking for a financial partner “to make the vehicles more affordable for consumers.” The Sway Lithium retails for $7,999, and the Sway LithiumPlus retails for $10,999. Wilcox hopes the partnership will be in place by 2018, the same year he hopes to roll out a faster on-highway vehicle prototype. New episodes of Shark Tank (Season 9) air Sundays at 9pm on ABC.
Sway Motorsports from Sway Motorsports on Vimeo.
