Acton’s Rocket Skates can only be described as the three-way amalgamated son of the hoverboard, electric scooter, and a pair of Heelys. The battery in the most expensive pair allowed it to roam up to 10 miles at speeds up to 12MPH. The concept was interesting, and it was a financial success with $1 million in sales in its first year.
But one of the Sharks, Robert, found them hard to control. Granted, he didn’t have long to break them in, and this is the sort of product you need to spend extra time with to see if it’s not just user error getting in the way, but first impressions are everything on “Shark Tank.”
As for other judges, Ashton Kutcher, who was filling in as a celebrity guest for this 2014 episode, thought the asking price – upwards of $500 – was too steep for the target demographic. The rest were uninspired by the demo. The exception was Kevin O’Leary, who actually attempted to give him the $1 million investment he was after. But O’Leary doubled down on his hard-nosed, no-nonsense negotiation style after Peter tried meeting him in the middle of a 15% equity valuation.
Sure of himself and his grand idea, Peter didn’t budge from his single-digit proposal and ended up packing his things for a long trip home. However, he ended up showing those Sharks who’s boss – his company eventually raised nearly $6 million, according to Crunchbase.