Inboard - Shark Tank Update

Transportation innovation emerged from urban commuting frustrations when Ryan Evans, David Evans, and Chris Harley recognized that existing electric skateboards failed to provide reliable, efficient city transportation, leading them to develop Inboard Technology's M1 Electric Skateboard featuring their revolutionary patented 'Manta Drive' in-wheel motor system that eliminated the need for belts or gears while delivering smoother rides, reduced maintenance, and enhanced performance for urban mobility solutions. Their groundbreaking design addressed multiple transportation challenges by combining speeds up to 20 mph with 7-10 mile range capabilities, swappable battery packs for quick charging solutions, built-in LED lighting for safety, lightweight 14-pound construction for portability, regenerative braking for energy efficiency, and wireless remote plus mobile app control that created a comprehensive urban transportation ecosystem superior to traditional electric skateboard limitations.

Seeking $750,000 for 4% equity and valuing their innovative company at $18.75 million, Ryan, David, and Chris entered the Tank with impressive business validation including $2.7 million previously raised, $5.6 million in global pre-orders expected to fulfill by year-end, production costs of $490 with retail prices of $1,399 demonstrating healthy 65% profit margins, plus proven technology that handled hills, provided regenerative braking, and supported riders up to 250 pounds with 90-minute charging cycles. The Inboard Technology ecosystem served multiple urban mobility market segments including city commuters seeking efficient transportation alternatives to cars and public transit, professionals requiring portable last-mile solutions for daily travel, environmentally conscious consumers wanting electric alternatives to gas-powered vehicles, and technology enthusiasts appreciating innovative design and smart connectivity features that enhanced their daily commuting experience while supporting sustainable urban transportation goals.

The sharks demonstrated mixed interest in the electric transportation market, with Mark Cuban declining due to concerns about niche market potential and scaling difficulties, Robert Herjavec doubting mass transportation viability, Chris Sacca agreeing and sitting out, while Kevin O'Leary offered $750,000 loan at 8% interest over three years for 2.5% equity, followed by Lori Greiner proposing similar terms but requesting 3% equity, ultimately leading to their collaboration offering $750,000 loan at 9% interest over three years for 4% equity split between them after negotiations that the entrepreneurs accepted.

However, the post-Tank journey proved devastating as the deal with Kevin O'Leary and Lori Greiner never materialized during due diligence, though initial media attention generated significant sales momentum and promising retail partnerships with major outlets like Best Buy, demonstrating market demand for innovative urban transportation solutions despite the missed investment opportunity. The company's strategic expansion initially showed promise as they secured over $8 million in additional funding through a Series A round led by Upfront Ventures in November 2017 and decided to capitalize on the growing electric scooter market by developing the G1 Glider with swappable batteries, attracting 1,500 pre-orders and significant public excitement for their expanded product lineup that promised to revolutionize urban mobility beyond skateboarding.

Unfortunately, the company's ambitious pivot proved fatal when they canceled all G1 scooter pre-orders and refunded deposits after a major European fleet purchase agreement fell through, creating severe financial strain that their investors refused to support despite previous assurances, leading to employee layoffs, asset liquidation, and permanent closure in November 2019. Our latest research shows the company is not in business anymore, as Inboard Technology's promising electric skateboard innovation and successful market validation couldn't overcome the strategic missteps and financial challenges that resulted from their risky expansion into electric scooters, demonstrating how even well-funded startups with proven products can fail when pivoting away from their core strengths without adequate financial backing and risk management strategies.