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Dakota Decker and Michael Burtov brought their electric wheel conversion system to Shark Tank season 8, episode 21, seeking $500,000 for 5% equity. Their product turned regular bikes into electric bikes through a front wheel replacement priced at $950. The entrepreneurs showcased their successful Kickstarter campaign that raised $1,261,222 and reported $200,000 in sales.
Kevin O'Leary tested the wheel first, riding down the hallway. Barbara Corcoran followed with a near-crash experience. All sharks started giving feedback. When it came to Lori Greiner, she stated.
"To me there are three rules to a great product. Is it something that people need and want? Is it something that solves a problem, which clearly it does? Can it be made at an affordable price? You have number one, you have number two. Right now you don't have number three. And for that reason, sadly, I'm out."
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In the end, the founders left Shark Tank without any deal.
GeoOrbital's $950 wheel got rejected by Lori Greiner on
Shark Tank
Kevin O'Leary stepped up first to test the GeoOrbital wheel. He rode the converted bike down the Shark Tank hallway and came back smiling. The test drive showed how the electric motor engaged smoothly when the handlebar throttle was pressed. Barbara Corcoran took the second test ride but lost control near the hallway's end. She managed to avoid a collision but appeared shaken after the experience.
The Shark Tank founders explained their sales figures and manufacturing process. They had shipped finished products to Kickstarter backers in April 2017. Each wheel required precise assembly to ensure the internal motor and control systems worked properly. The sharks asked detailed questions about production costs and retail strategy.
Chris Sacca stated his concerns about retrofit solutions in the bike market. He exited due to this fundamental concern about the business model. Mark Cuban focused on the financial aspects. He pointed to the $950 price point as a major market barrier and left the deal. Lori Greiner followed Cuban. She determined the cost exceeded what average consumers would pay for a bike conversion product.
Kevin O'Leary also passed on the main product. He mentioned he would consider buying the mini bike for personal use but saw limited market potential at the current price. Barbara Corcoran agreed with Kevin O'Leary about the mini bike appeal. The sharks praised the wheel's technical design but maintained unanimous concerns about market viability at the $950 price point.
Product background
The GeoOrbital team spent two years creating their wheel system after the initial concept in 2014. They focused on making installation simple enough for any bike owner. The wheel came in two sizes to fit common bicycle frames. The 26-inch and 28-inch options covered most standard bikes in the market.
Their design replaced standard pneumatic tires with solid high-density foam construction. This choice eliminated the risk of flat tires and reduced maintenance needs. The motor housing integrated seamlessly into the wheel structure. A throttle control mounted on the handlebars connected to the system through a simple wiring setup.
Post tank journey
As per Shark Tank Blog, major changes began in 2018 when Chief Strategy Officer Jocelyn Vigreux left the company. The wheel received recognition from Time Magazine as one of 2019's Best New Inventions. The Edison Award committee honored GeoOrbital with their Innovation Award.
The company launched a Public Safety division in 2019. This new department focused on providing wheels to bicycle patrol police units. However, Dakota Decker departed in July 2019 to work at a biotech company called Kernel. The social media updates stopped in November 2019. Facebook posts ceased in July 2020.
By August 2022, the product disappeared from all major retail platforms. Amazon listings showed as unavailable. The company website went offline. Best Buy removed the wheel from their catalog.
While Michael Burtov's LinkedIn profile continued to list the company as operational, no active sales channels remained open. The last verified business activity occurred in mid-2020. As of August 2023, GeoOrbital’s website is inactive as well.
Fans can watch new episodes of Shark Tank on ABC.
