Lectec Update | Shark Tank Season 16
One Christmas morning, Jared Ebersole gave his nephew an electric skateboard, but instead of riding it, he wanted to know how it worked. As Jared showed him the motors, gears, and batteries, he realized that schools don’t teach science this way. Instead, most lessons feel boring and hard to connect with. For those reasons, he created Lectec, a hands-on kit where kids build and ride their own electric skateboards while learning about engineering, coding, and physics in a fun way. Will the sharks get on board and back his idea? Let’s find out in our Lectec update and pitch recap.
If you’re short on time, here’s a quick overview of what happened to Lectec after
Jared and Luke entered
In terms of a Lectec update, the company expanded its product line to include electric skateboard and scooter kits, providing users with step-by-step guides for easy learning.
| Shark | Result |
| Robert Herjavec | Accepted offer of $100,000 for 15% equity |
| Kevin O’Leary | $100,000 for 10% equity plus a royalty of $10 per unit sold until $500,000 is paid |
| Barbara Corcoran | No offer |
| Lori Greiner | No offer |
| Mark Cuban | No offer |
Shark Tank Lectec Pitch
- Entrepreneurs: Jared Ebersole and Luke St. Amand
- Business: Educational technologyÂ
- Ask: $100,000 for 10% equity
- Result: $100,000 for 15% equity
- Shark: Robert Herjavec
Jared and Luke walk into
They ask for an investment, hoping to convince the sharks that their hands-on approach to STEM education can make learning more exciting.
Instead of students sitting through lectures, Lectec allows them to build and ride their own electric skateboards, applying concepts like motors, gears, batteries, and coding in a practical way.
By working directly with these components, kids can grasp complex scientific principles in a way that feels more natural and engaging.
Kevin O’Leary is the first to ask about their target market. Jared explains that they currently sell only to schools, after-school programs, and summer camps.
They are yet to enter the consumer market.
However, Robert Herjavec wants to know about the price. Jared breaks it down: the full kit sells for $349, with a $149 production cost.
Lori Greiner, curious about their progress, asks about total sales. Jared shares that in just 10 months, they have already made $146,000 in revenue.
Lori believes their product has strong potential in the consumer market as well. However, Jared clarifies their decision to focus on education first.
Jared shared his passion for electric skateboards and explained how a personal project turned into a business that made him over $1 million in revenue.
That success allowed him to fund his college education. Robert, impressed by his dedication, asks if they have raised any outside funding.
Jared reveals that he has put $300,000 of his own money into the company, but they have not raised funds elsewhere.
Nevertheless, not every shark sees the opportunity. Barbara Corcoran decides to step out, admitting that while she respects their mission, she doesn’t personally connect with the product.
Meanwhile, Lori loves the concept but believes it should be split into two different business models—one focused on education and another on direct-to-consumer sales.
Since she isn’t confident in handling the tech side, she also decides to pass.
Mark Cuban agrees that the mission is strong but sees scaling within the education sector as a major challenge. As a result, he also declines to invest.
Despite this, Robert sees potential and offers $100,000 for 25% equity.
However, Kevin takes a different approach. He sticks to 10% equity but introduces a $10 per unit royalty, which would last indefinitely.
Sensing hesitation, Kevin modifies his proposal. He agrees to cap the royalty at $1 million, then lowers it further to $500,000.
Meanwhile, Robert adjusts his offer as well, first reducing his ask to 17.5% equity, then finally settling at 15%.
At this point, Jared and Luke weigh their options; while Kevin’s offer is intriguing, they prefer Robert’s straightforward equity deal.
Without further negotiation, they accept $100,000 for 15% equity from Robert.
Do you think this was the right move for the entrepreneurs? Find out in our Lectec update.
Shark Tank Lectec Update
Our Lectec update found that the company has expanded its products to include electric skateboard and scooter kits, all of which come with step-by-step guides to help users build and learn.
They also launched Lectec Academy, an online learning platform that provides educational materials for students from middle school to college.
It’s unclear if the deal with Robert ended up going through, but we will let you know as soon as we find out.
If you’d like to buy a kit, you can find them on the Lectec website.
Once the dust settles, we will be back with another Lectec update!
For other company updates from
Before you go, be sure to check out our list of all the Shark Tank Season 16 products.
Marvin Uzor
Marvin Uzor is a content contributor for Shark Tank Recap. He specializes in crafting engaging, well-researched content that delve into the latest Shark Tank stories, keeping readers hooked. He has a soft spot for his favorite Shark Tank companies, Bombas and Doorbot, known for their innovation and impact.