Caution: Spoiler Alert
Commentary: The sharks were impressed but were reluctant to invest because Pat Boone and Ethan Tucker only secured rights for one state, Hawaii. They pointed out that if the idea was successful in Hawaii, other entrepreneurs would be able to secure rights from Motor Development International and market the product in other states. This certainly makes sense, the presenters estimated the cost of securing rights for all states would be $200 million. The car is also being introduced in India by Tata Motors with a roll-out rumored to be sometime in 2015. I agree with the sharks that securing rights for all states is essential.
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The Big Idea: A car that runs on air. I thought the Airpod sounded incredible (until I saw what it looked like that is). Just load a compressed air canister and your off. It was described as working based on a propulsion principle where the air moves the car forward like a untied balloon that moves forward when you let the air out.
The Pitch: $5 million for a 50% stake in Zero Pollution Motors, LLC. which has exclusive rights to build and sell the Airpod in Hawaii.
Other Product Facts:
- Estimated Selling Price of $10,000.
- Top speed of about 50 mph.
- Range of 80 miles on one air canister.
- Estimated cost to refill canister is $2 and should take about 5 minutes using a commercial-grade air compressor.
- Invented by Guy Nègre of Motor Development International.
Commentary: The sharks were impressed but were reluctant to invest because Pat Boone and Ethan Tucker only secured rights for one state, Hawaii. They pointed out that if the idea was successful in Hawaii, other entrepreneurs would be able to secure rights from Motor Development International and market the product in other states. This certainly makes sense, the presenters estimated the cost of securing rights for all states would be $200 million. The car is also being introduced in India by Tata Motors with a roll-out rumored to be sometime in 2015. I agree with the sharks that securing rights for all states is essential.
I don't think this is a vehicle I or anyone I know would buy though. Its not big enough and simply does not look safe for urban streets or highways. At 50 mph, its not even fast enough for highway driving. I think it would be best suited as a golf cart, an expensive one though. The cost of introducing this product in the US will be enormous due to all the regulations governing cars.
Robert Herjavec agreed to pay $5 million for a 50% stake contingent upon securing rights in all states. I don't think Herjavec will ever close on this deal. I think he agreed to the deal for PR purposes. Time will tell and I do hope they prove me wrong.
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