Leaux Racing Trikes is a recumbent tricycle series. These tricycles have been enhanced in various aspects, including maneuverability and speed. Adults can use the three-wheeler to spin and drift 360 degrees.
The height and weight of adjustable, and people as tall as 6.5” can comfortably ride the bike.
Leaux Racing Trikes are quite like the Big Wheel in that they have a low center-of-gravity, which facilitates the performing of spins and power slides.
Front handlebars and a steering grip control the rear wheels. During riding, the bike’s rear wheels are locked, so as to keep them from spinning.
Our Review of Leaux Racing Trikes After their Shark Tank Appearance
The Leaux Racing Trike was founded by the father-son duo of Joe and Tyler Hadzicki. Tyler was just seventeen years of age when he came up with the design for the tricycle.
Ever since he graduated from the San Diego University, Tyler has been working at the South Coast Commercial Inc.
Tyler and his father first developed the tricycle prototype for the former’s sixth-grade science project. Despite not being particularly fond of his science teacher, Tyler ended up winning the San Diego Scientific Fair.
Tyler kept working on and refining the design. A few years later, he submitted the concept to Kickstarter, and ended up generating an amount that was three-hundred times more than his target.
Is Leaux Racing Trikes Still an Active Business?
No, the Leaux Raacing Trikes is no longer active. The company went out of business in 2016, not long after its Shark Tank episode was aired (more on that below).
How did the Shark Tank Pitch Go?
Tyler made his Shark Tank appearance on season 7 of the show, seeking an investment of $120,000 in exchange for 20% equity in the company. According to Tyler, the Leaux Racing Trike was a tricycle and racecar’s love child.
He demonstrates the product, using a ramp to flip and spin around the space. Robert decides to try out the bike, and was soon joined by Kevin and Mark.
However, it did not take long for the test ride to turn into a demolition fest when Robert ran straight into the hallway wall.
Once things settled back down, Tyler explained how he and his father came up with the idea for the bike during Tyler’s sixth-grade science project. Even though his teacher did not approve of the idea, Tyler went ahead with it and secured the first position in the fair.
He then shows a picture of the very first trike, created by welding together various pieces of different bikes.
Tyler’s Kickstarter campaign drew a lot of attention towards his business, and allowed him to sell 130 units. Every trike is thoroughly tested and assessed at the business facility situated in Mexico.
If he managed to secure a deal on Shark Tank, Tyler said that he would use the money to hire a professional inspector and rent a larger facility. However, even with the inspector, Tyler told the panel that he would continue to personally assess each bike.
Barbara was the first to speak up, saying that she admires Tyler and the fact that he loves his creation. However, she feels that Leaux Racing Trikes was not investable at this stage, which is why she would like to step out of the deal.
Kevin was the next to go out, stating that he found it hard to see how Tyler would scale the business.
Lori appreciated the fact that Tyler wanted to examine every bike himself, as that showed his desire for perfection. However, she said that personally testing each bike would be impossible for Tyler, and that the only way for the business to scale is if the trikes were licensed out. She felt that the business is not ready, which is why it would not be possible for her to invest.
Robert was unsure about the market: he thought that the bike was too cheap for buyers who loved tricks and stunts, and too hardcore for the general children’s tricycle market. He apologized to Tyler, and went out of the deal.
Mark asked Tyler if he had a new product in mind, since he did not see the current product reaching two million in sales. Tyler said that he did not have a second product in mind as yet, though he was planning to develop some add-ons for the trikes.
Mark said that the add-ons will help improve the profit margin, but not turn the business into a multimillion-dollar enterprise. He said that Tyler needed to have a strong vision about turning this into a million-dollar company – the kind of vision that he was not currently seeing. For this reason, Mark, too, decided to bow out of the deal.
During Tyler’s exit interview, he stated that it was disappointing to see the Sharks not being able to grasp his vision for the product.
He also accused the Sharks of being rude and impolite, which was perhaps just a reflection of his youthfulness; we feel, the Sharks treated him quite well and with a lot of respect, especially when you consider his experience and age into account.
The popularity attained through Shark Tank helped Tyler sell 400 units – an order that took five months to complete. Tyler’s insistence on examining each product himself slowed down the entire production process, and, as Lori mentioned, there was no way to scale the business until Tyler decided to change his ways.
Unfortunately for Tyler, the Sharks’ prophecies were fulfilled and Leaux Racing Trikes ended up going out of business in 2016.
Are There Any Alternatives?
Mobocruiser is the alternative to Leaux Racing Trikes, and has been dominating the recumbent bike market for quite some time..
Our Final Thoughts
Tyler came up with the idea of the Leaux Racing Trike during his sixth-grade science project, and decided to turn that idea into a business venture. Unfortunately, Tyler’s rigidity and stubbornness prevented him from scaling the business, and his company was shut down in 2016.