'Shark Tank' inventor tried to skate his way into $1M — but it was his personality that tanked the deal
Even after decades, 'Shark Tank' remains one of the most beloved television shows. Since its premiere in 2009, it has kept viewers hooked, thanks to the bold entrepreneurs who not only dare to dream but also pitch them to big-pocket investors who don't hold back. Peter Treadway, founder of the company Acton, walked into the 'Tank' with a big dream: he was seeking $1 million for 3.5% equity in his company. During the pitch, the Los Angeles entrepreneur explained, "We know transportation is destined to change. At Acton, we design and manufacture wearable transportation- Rocket Skates."
Describing them as the "world's smallest electrical vehicle," he told the judges that they go up to 10 miles per hour on a single charge. Other features included wireless connection for consistent speed and remote-less control. While the investors may have liked the product, it was Treadway’s attitude that left them unimpressed. Lori Greiner, who was quick to notice that something was off, said, "I love inventions... and it's very clever, but what bothers me a little bit is that... you are not dying to get a deal here today." While the entrepreneur tried to convince her otherwise, he also ended up saying that he was "capable of negotiations." Without hesitating a second longer, Greiner said, "I am out."
While Kevin O'Leary showed interest, he said, "I am in a place where a million dollars for a 3.5 % doesn't show me the love, it just makes me feel as wonderful as I really know I am." Ashton Kutcher jumped in to make things simple: "I don't think there is a price that's right that gets me in." He added, "I think I would be far more interested if I looked at the product and went, man, I want to get on those, and for me to get behind something, I got to love the product," before concluding, "So I am gonna step out." Even Mark Cuban didn't look convinced by the numbers, stating that Treadway was "all over the map," and adding that the presentation wasn't "concise enough" for him to feel confident, so he opted out.
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Interestingly, O'Leary, keeping the high risk in mind, offered the young entrepreneur $1 million for a 15% stake in the company. However, Treadway was not persuaded and stood his ground, saying, "What do you think about say... 6%?" prompting Cuban to quip, "That cuts his valuation in half!" But O'Leary refused to back down. The entrepreneur further countered the offer and asked for $2.1 million for 7% and later, for 8% equity, but for Mr. Wonderful, it still wasn't enough. Ultimately, the founder walked away from the offer. Despite not bagging a deal on the show, his company raised $6 million, according to Slash Gear.
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The outlet also reported that while the Rocket Skates were reportedly once found in Best Buy Stores, they are not actively listed. According to Acton's official website, the company is seen exclusively selling and peddling e-bikes and electric scooters to cities and B2B customers. It has also acquired a European company, Duckt, that is involved with docking and charging infrastructure for e-bikes and e-scooters.