Smart Tire Company is a company that produces tires all on its own to cut down on the wastage that may transpire due to tires being used in the automobile industry. Yennie and Cole are serial entrepreneurs constantly trying to invent new things that make other people’s lives easier. The Smart Tire Company is one of these types of companies. It creates smart tires that reduce the wastage carried out by tires worldwide.
The Smart Tire Company uses a tire model that uses NASA technology. The entrepreneurs used the material Nitinol to make the tires, which is an alloy composed of Nickel and Titanium. The company claims its tires are flat-free, which sets it apart. They have the technology that can lead them to reduce 30% of the waste caused by discarded tires. With the smart company tires, you won’t have to worry about the waste collected from the discarded tires.
These smart tires are also pneumatic, which is another innovative feature. Discarded tires make up for anywhere over 30% of the plastic and polymer waste in the world. These tires can represent a 250 billion dollar industry. Now that we know that the industry had quite an effect on the environment, we can now look at the SharkTank pitch.
The pitch begins with Brian and Earl riding in on scooters with their tires. They had an outlandish ask of the Shark Tank judges. They wanted them to imagine the waste related to the tires, but they didn’t say what it was. They then unveil the tires and tell the judges all about it.
Brian then also told them about the product and introduced the newest tire version to them. Brian talked about the materials, and he also introduced the METL tire. They also talked about how they had an executive patent from NASA. Furthermore, they also have other patents that are pending. There is also a patent pending on integration with rubber. They also talked about how NASA was helping them commercialize the whole thing.
They explained to the judges how they had raised a total of $1.3 million using equity crowdfunding and how impressive that was. Mark had other questions, however. He wanted to know they were planning on executing things. They then talked about their backgrounds. They also talked about how they raised $1,558,762 on WeFunder. They also said they were actively seeking out other funders in the market. The entrepreneurs talked about how they felt like their business was truly thriving.
When talking about the expansion of their company, they also talked about the fact that they had rented a 5,500-square-foot lab where they were trying to make a bicycle tire.
Kevin Hart then asked what price they were asking for. They asked for $700 to $800. Lori said that she liked the concept but that the company was still too early and that she was out. Mark said that he didn’t want to cast any blame on them for partnering with NASA, but he still hadn’t heard their execution plan, and so he wanted a hard out.
Mr. Wonderful sat there a while and then told the company that their strategy for growth should be targeted at big manufacturers instead of individuals, and that’s why he was out. Kevin Hart, who was a guest judge, also agreed with Mr. Wonderful and said he was out. Barbara said she couldn’t keep up with the pitch and was out.
The company was still active, but there’s still a lot to be done with the company, and the two entrepreneurs are only growing.
Our Review of the Smart Tire Company
As with any company or product, there are pros and cons to the smart tire company. We have listed some of these below.
Pros of Smart Tire Company
- It is innovative. You don’t generally have companies working towards the benefit of the environment, so having this aspect of the company helps it stand out.
- It is beneficial to the environment. We are all aware of how the environment is in grave danger. Waste management is one of those matters that need to be taken care of immediately; thus, having a company willing to do that is a pro.
- The product line is extensive. There are many products that you could choose from depending on the kind of products that you have.
Cons of Smart Tire Company
- They don’t have a well-executed plan. Their company products seem to be a little all over the place; thus, no one is sure what the tire company stands for.
- The products are also expensive. We saw how each tire would cost anywhere between $700-$800, which is not affordable for many people.
Who is Smart Tire Company For?
The Smart Tire Company is for people who want to make a difference in the environment. It is for everyone who wants to ensure that their work also helps save the planet from further destruction. It is for everyone who’s a waste management professional and wants to make an avid change in how waste from used tires is utilized.
Are There Any Other Alternatives?
There aren’t any major alternatives to the Smart Tire Company. However, many other tires use recycled rubber to help preserve the environment that you could check out, perhaps. Your best alternatives are finding tire companies willing to give back to the environment and then opt for them instead of the Smart Tire Company. The Smart Tire Company has many nuances, such as the affiliation with NASA that helps it stand out.
Our Final Thoughts
The Smart Tire Company is incredibly innovative and aware of the damage that many tire punctures and discarded tires have on the environment. The company is aware of where the world is headed in the upcoming years, which makes it an extremely conscious company. However, it has a lot of time to go before it can stand independently. It has yet to develop all the systems it would need to grow. The Smart Tire Company also doesn’t seem to have a proper path which could be a deterrent for many people.