Pitch Introduction
Lectec appeared on Shark Tank seeking investment for their innovative educational electric skateboard kits that transform STEM learning into hands-on experiences. The company demonstrated how students can build and ride their own electric skateboards while learning about motors, gears, batteries, physics, engineering, and coding concepts.
Business Overview
Product/Service: Lectec creates educational technology kits that allow students to build their own electric skateboards while learning STEM concepts. Problem It Solves: Traditional science classrooms can be boring, unengaging, and intimidating for many students, with over half not engaged in their learning. Target Market: Schools, after-school programs, summer camps, and eventually consumer market. Unique Selling Proposition (USP): Combines hands-on learning with real-world application through electric skateboard construction and riding experiences.
| Company Detail | Information |
|---|---|
| Company Name | Lectec |
| Industry | Education/STEM Technology |
| Founded | 2022 |
| Location | New York, NY |
| Website | lectec.com |
About Founder’s
Jared Ebersole and Luke St. Amand are the co-founders of Lectec. Jared began tinkering with electric skateboards at age 15, eventually building his own and selling parts to others. After selling his previous electric skateboard company for over $1 million, he invested $300,000 into founding Lectec. The idea came when his nephew Brian showed more interest in understanding how the skateboard worked rather than just riding it, inspiring Jared to bring this educational concept to classrooms.
- Jared Ebersole – Chief Executive Officer
- Luke St. Amand – Chief Technology Officer
- Founded company in 2022
- Jared invested $300,000 of personal funds
Shark’s and Founder’s QnA
What are you selling this for and what’s your cost to make?
We sell each complete kit for $349 and our cost to make is $149.
What are your total sales?
We started 10 months ago and our total sales are $146,000.
Are you teachers? What motivates you? What’s your background?
No, I’m not a teacher. It all started when I was 15 years old and saw this video of an electric skateboard online. I thought it was the coolest thing I had ever seen. I looked them up and they were $1,600 and I was 15 I did not have that kind of money but I said screw it like I’ll figure it out I’ll build it on my own. When I did people started asking if they could buy parts I made. It turned into a business that did over a million dollars in revenue. I paid my own way through college.
Have you raised any money for this?
I’ve put everything I have into it. We’ve not raised any money. I put $300,000 into the business.
What do you think a fair offer is?
We can make this happen at 15%. Can we make it happen at 20%? 500,000 valuation. You don’t have to give up that much.
Key Stats & Financials
Lectec presented strong early financial performance and clear metrics for their educational technology business.
- Sales: $146,000 in 10 months
- Margins: $200 gross profit per unit ($349 selling price – $149 cost)
- Valuation: Originally requested $1 million valuation
- Investment Request: $100,000 for 10% equity
- Use of Funds: Expansion into consumer market while maintaining education focus
| Financial Metric | Amount |
|---|---|
| Total Sales (10 months) | $146,000 |
| Selling Price Per Unit | $349 |
| Cost Per Unit | $149 |
| Gross Profit Per Unit | $200 |
| Founder Investment | $300,000 |
Business Potential and TAM
Lectec addresses a significant market opportunity in educational technology with their hands-on STEM learning approach. With traditional classrooms struggling to engage students and over half reporting disengagement, there’s strong demand for innovative educational tools.
- Total Addressable Market includes all K-12 schools in US
- Consumer market expansion opportunity
- After-school programs and summer camps market
- International education technology market potential
Lectec: Ideal Target Audience & Demographics
| Demographic | Details |
|---|---|
| Primary | K-12 Schools |
| Secondary | After-school programs |
| Tertiary | Summer camps |
| Future | Individual consumers |
| Age Range | 8-18 years old students |
Marketing and Distribution Strategy
Lectec’s strategy involves direct education sales initially, with plans to expand into consumer markets. They focus on proving educational value and safety before broader consumer adoption.
- Direct to education institutions
- School partnerships and demonstrations
- Consumer market entry planned
- Social media engagement strategy
Lectec Deal Outcome
Robert Herjavec made a deal with Lectec founders after negotiations. Kevin O’Leary also made an offer but included unfavorable perpetual royalty terms that the founders rejected.
| Investor | Deal Terms |
|---|---|
| Robert Herjavec | $100,000 for 17.5% equity |
| Kevin O’Leary | $100,000 for 10% equity + royalties (rejected) |
| Outcome | Deal accepted with Robert Herjavec |
Lectec Post-Show Update
Following their Shark Tank appearance, Lectec has expanded their operations and entered the consumer market while maintaining their focus on educational institutions. The company has placed their electric skateboards in schools across multiple states including New York, Pennsylvania, Georgia, and California.
Business Analysis & Lessons
Lectec demonstrates how existing technology can be repurposed for educational applications, creating significant business value. The company successfully positioned their product as both an educational tool and potential consumer product, appealing to investors looking for scalability.
- Transform existing technology into educational tools
- Start with proven market before expansion
- Focus on hands-on learning experiences
- Leverage founder’s previous business experience
Pitch Conclusion
Lectec’s successful Shark Tank pitch demonstrates the power of combining education with hands-on technology. Their approach of proving educational value in schools before expanding to consumers provides a solid foundation for growth. The deal with Robert Herjavec positions them well for scaling their innovative STEM education approach.