In Season 13 of Shark Tank, aired in 2021, entrepreneurs Brian Yennie and Earl Cole pitched a groundbreaking idea: puncture-proof bicycle tires. Despite the sharks not biting on this investment, their company, SMART Tire, continues to push forward and aims to launch its products soon.
Earl Cole is no stranger to competition; he won Survivor: Fiji in 2007. Both he and Yennie have solid business experience, having developed successful products in the past. When they appeared on Shark Tank, they hadn’t yet created a working prototype. They sought a $500,000 investment for a 2.5% stake to help kickstart their venture.
The tires use advanced NASA technology, making them durable and immune to punctures. With a good grip and easy repair options, these tires also help reduce waste compared to traditional ones. However, the sharks had concerns about the pricing—while production costs were about $200, the planned retail price reached up to $3,000. This steep cost and a lack of a clear target market made it hard for the sharks to take the plunge.
Even without a deal, Yennie and Cole continued to build their brand. They raised an additional $80,000 on StartEngine, a crowdfunding platform, ensuring they could keep moving forward.
SMART Tire’s online presence might seem quiet, with sporadic social media activity, but behind the scenes, things are buzzing. In 2023, they scored a TIME Best Invention Award and two CES Innovation Awards. They have partnered with notable names like NASA’s Glenn Research Center and Hyundai Motor Group, showcasing their commitment to innovation in the cycling industry.
While they plan to launch bicycle tires in 2026, there are future ambitions for rover and car tires. Despite the initial setback on Shark Tank, the exposure provided by the show often fuels ongoing interest and potential success for businesses.
The upcoming years will be pivotal for SMART Tire. It’ll be exciting to see if they finally deliver on their promises and how consumers react to such innovative products. Technology and interest in sustainable products continue to grow, meaning they may be tapping into something big.
For more insights, you can check out related information from sources like Harvard Business Review which often covers trends in entrepreneurship and innovation.
