GeoOrbital, founded by Dakota Decker and Michael Burtov, created an innovative electric bike conversion kit that allows anyone to turn their regular bike into an electric bike by replacing the front wheel with the GeoOrbital wheel. The product quickly gained attention for its ease of use and design. After their Shark Tank appearance, many wondered if the company could sustain its success. Today, GeoOrbital net worth is estimated at $1 million.
Despite crowdfunding success and exposure on Shark Tank, GeoOrbital has faced challenges in a competitive market. The company has struggled with product pricing, sales growth, and maintaining an online presence. In this article, we’ll explore how the company has evolved and whether it can continue to thrive in the electric bike industry.
GeoOrbital Profile Summary
| Aspect | Details |
| Company Name | GeoOrbital |
| Founded by | Dakota Decker (Born: August 28, 1989) and Michael Burtov (Born: December 10, 1988) |
| Founded | 2014 |
| Product | Electric bike conversion kit (GeoOrbital wheel) |
| Shark Tank Appearance | 2017 |
| Crowdfunding Success | Raised over $1.4 million from crowdfunding campaigns in 2017 and 2018 |
| Retail Partners | Best Buy, Brookstone, Amazon (temporarily) |
| Net Worth | Estimated at $1 million |
| Challenges | Sales growth, product pricing, and online presence |
| Current Status | Still in business but facing struggles in the electric bike market |
Who is GeoOrbital?
GeoOrbital is a company that specializes in creating innovative electric bike conversion kits. Their flagship product is the GeoOrbital wheel, which replaces the front wheel of a regular bicycle, turning it into an electric bike. This conversion allows riders to enjoy the benefits of an electric motor without having to buy an entirely new bike. The company was founded by Dakota Decker, born on August 28, 1989 and Michael Burtov, born on December 10, 1988, two engineers with backgrounds in physics and economics.
Founded in 2014, GeoOrbital gained attention for its sleek, easy-to-use design and quickly raised funds through a crowdfunding campaign. Their product impressed many, including the investors on Shark Tank, where they pitched their idea in 2017. While they didn’t secure a deal on the show, their appearance boosted their visibility and helped establish them in the growing electric bike market.
Dakota Decker and Michael Burtov
GeoOrbital was founded by Dakota Decker and Michael Burtov, two entrepreneurs with backgrounds in engineering and business. Dakota is originally from Culver City, California and has a background in physics. He even worked as a development engineer at SpaceX, which helped him sharpen his skills in innovation. Meanwhile, Michael, a native of Miami, Florida, has a master’s degree in international economics and a knack for entrepreneurship.
Both of them had impressive careers before they teamed up to create GeoOrbital. Michael founded several companies, including Only Group, Hypercritical, and Cangrade. Together, they decided to combine their talents to create a revolutionary electric bike conversion system, which would soon change the cycling industry. They turned their vision into a reality with the GeoOrbital wheel, aiming to make bike innovation more accessible to the masses.
Establishing GeoOrbital
In 2014, GeoOrbital officially launched its product. The idea for the GeoOrbital wheel came when Michael was watching the 1982 science fiction movie Tron. He realized that there was a lot of unused space on the bikes in the film, which sparked his imagination. Michael then approached Dakota, and together, they developed the wheel that could turn any bike into an electric bicycle. This was a breakthrough, and it instantly drew attention from media outlets like TechCrunch, Huffington Post, and the Irish Times.
In 2016, GeoOrbital started a crowdfunding campaign on Kickstarter, hoping to raise $75,000. However, the campaign exceeded all expectations and raised over $1.2 million in just 78 minutes. This crowdfunding success gave them the capital to grow and build their business, showing that there was significant interest in their product.
GeoOrbital’s Shark Tank Pitch
GeoOrbital appeared on Shark Tank in 2017, seeking $500,000 in exchange for 5% of the company. At this point, they had already sold $200,000 worth of products through their website. The Shark Tank appearance was a pivotal moment for the company, as the Sharks were impressed by the product itself, which they got to test firsthand. However, the Sharks were hesitant to offer a deal.
Mark Cuban expressed concerns about the bike industry competition, while other investors felt that the product was too expensive. Despite this, they didn’t leave empty-handed. Barbara and Kevin showed interest and placed orders for the product, though they didn’t decide to invest in the company. Still, this exposure on Shark Tank helped put GeoOrbital on the map, leading to a product launch that garnered much attention.
Read More: Kevin Gates’ Net Worth: Everything You Want to Know about the Rapper Entrepreneur
Sales After Shark Tank
After appearing on Shark Tank in 2017, GeoOrbital saw a significant boost in attention and sales. Although they didn’t secure a deal with the investors, their innovative product gained widespread recognition. The episode helped increase their exposure, leading to a surge in sales and further crowdfunding efforts.
In 2017, the company raised $150,000 from angel investors, which allowed them to expand their reach. They partnered with major retailers like Best Buy and Brookstone to sell their electric bike conversion kits. GeoOrbital also launched additional crowdfunding campaigns on platforms like StartEngine, raising $1,065,739 in 2017 and another $396,000 in 2018. These efforts helped the company grow and improve its products.
Despite these achievements, GeoOrbital faced challenges in sustaining long-term sales growth. The bike industry competition remained fierce, and the company struggled with product pricing and maintaining an online presence. By 2019, their products were no longer available on major platforms like Amazon, and sales began to slow due to these ongoing issues.
GeoOrbital Net Worth
Today, GeoOrbital net worth business valuation is estimated at $1 million. However, the future of the company is uncertain. Despite the early success, the company has faced challenges with maintaining an online presence and securing the necessary funding to continue operations. GeoOrbital’s product is still not widely available and the company has stopped selling on major platforms like Amazon.
The company valuation has been impacted by these challenges, and unless GeoOrbital can secure more funding or develop a new strategy, the business could face an uphill battle. Some investor feedback has been negative, with many investors voicing concerns over the lack of updates on their StartEngine funding investments. GeoOrbital will need to address these issues if it hopes to remain competitive in the electric bike space.
Conclusion
GeoOrbital’s journey has been a rollercoaster ride. From its innovative electric bike conversion system to its time on Shark Tank, the company has seen both success and failure. While their crowdfunding campaigns were highly successful, maintaining that momentum has been difficult in a highly competitive market.
With their GeoOrbital wheel still being a unique product, the company faces the challenge of market competition and business struggles as they continue to try and capture a larger share of the electric bike market. Only time will tell if GeoOrbital can find a way to turn things around and continue to grow.
FAQ’s
What is GeoOrbital?
GeoOrbital is a company that creates electric bike conversion kits, allowing users to turn their regular bikes into electric bikes by replacing the front wheel with the GeoOrbital wheel.
When did GeoOrbital appear on Shark Tank?
GeoOrbital appeared on Shark Tank in 2017, where they pitched their electric bike conversion product but did not secure a deal with the investors.
How much money did GeoOrbital raise on Shark Tank?
Although they didn’t get a deal, GeoOrbital raised additional funds and attention, leading to over $1 million in crowdfunding success following the episode.
What was GeoOrbital’s net worth after Shark Tank?
GeoOrbital net worth was valued at $1 million after their Shark Tank appearance, but the company faced challenges in maintaining growth.
Is GeoOrbital still in business?
While GeoOrbital is still in business, it has struggled with sales growth and online presence, leading to limited product availability in recent years.
“Celebs Echo brings you the latest buzz from the world of celebrities and entertainment. Stay updated with trending news, exclusive insights, and stories that matter. From Hollywood highlights to pop culture moments, we’ve got it all covered. Dive into the glamour and excitement with Celebs Echo, your daily dose of entertainment.”