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SBU Net Worth 2023: Why Was The Company Unsuccessful?




SBU Net Worth

The harsh reality of any business is that it may disappoint you at any phase of your life. SBU became one of the organizations that did not have a great record.

SBU got hitched on Shark Tank in October 2012, episode 7 of season 4. Sharks pitched and agreed on their deal. However, the SBU closed its doors in 2022. Additionally, the item is not anymore on the marketplace.

What made the interesting product out of the market? Read the article to learn about it!

About the Founder

The self-sustaining unicycle, often known as the SBU, was designed and invented by Daniel Wood.

While remaining employed by US Digital in Vancouver, Washington, Woods created an early version of the SBU in his basement from discarded bicycle components. After being fired, he started his private business, Focus Designs, of which he served as CEO.

Focus Designs hired David Martschinske as COO to assist with marketing the SBU.

Founding the SBU 

SBU describes the first private transporter of its sort that is marketed widely. It is a self-balancing unicycle.

This model is special because it helps the user balance the machine.

The SBU is an automobile powered by electricity that runs on batteries and can travel for two hours on a single refuel. It can go fifteen kilometers per hour at its highest velocity. 

The SBU’s hub-mounted engine, integrated sensors, gyros, and acceleration sensors enable the cyclist to keep their stability while speeding up or decelerating.

Shark Tank Appearance 

Woods and David started their pitch by describing the SBU and its specialty. They offered $300,000 capital for 10% equity.

Woods offered the Sharks the opportunity to use the SBU after one more trial. Woods revealed that their foreign facility had manufactured 100 items the week before, all of which had been purchased.

Despite praising the duo’s personality, Lori Greiner informed them that she was leaving the SBU since she was not enthusiastic enough about it.

Daymond John informed the businesspeople that he was unwilling to accept the danger and withdrew.

Mark Cuban seemed disinterested and left. He did not appreciate the idea of foreign producers dictating the level of manufacturing efficiency.

Herjavec appeared ready to go until Woods notified him that the product was protected by a trademark. John enquired as to how much the registration payments were collected. Woods informed that over the past three months, costs amounted to $25,000.00. 

Herjavec was taken aback. He proposed $300,000 as a trade for 33% of shares since he disagreed with the company’s pricing. Woods and Martschinske appeared dissatisfied as their company was undervalued. 

Then O’Leary intervened and declared that he would be quite pleased to work alongside Herjavec on the contract. The duo agreed to the transaction.

After Shark Tank 

Woods and Martschinske pulled out of the venture after Shark Tank, and the funding failed.

Additionally, a pair of fresh SBU models was included in the item range following the exhibition. Mythbusters and Tosh.0 both highlighted the carrier.

Both Amazon and Focus Designs are purchased directly from the SBU. However, it is presently marked as obsolete and inaccessible. The business’s financial assets are nil.

James is the SEO Manager here at Patty360. He has worked as a content writer for various local and national news sites covering entertainment and tech.

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