In a recent episode of Shark Tank Australia, Ming Ye, the founder of Mearth, showcased his remarkable determination and vision for revolutionizing the transportation industry.
With unwavering tenacity, Ming hopes to take his innovative electric scooters to a global audience, all while impressing the formidable sharks on the show. His very own personal journey from being a university student to an entrepreneur determined to shake up the transportation sector is nothing short of remarkable.
As Ming entered the Shark Tank, he couldn't help but express his excitement at being on the show, a platform he had admired even since the inception of his company. His passion was evident as he discussed the potential of his product in the growing electric scooter market.
Ming started his pitch by introducing Mearth electric scooters, the Pioneer in Australian electric scooters which has now found its way to New Zealand. Mearth New Zealand is the latest branch of Mearth.
Ming absolutely believes that the future of transportation is electric scooters. He emphasized how Mearth electric scooters could ease congestion during peak hours, eliminate tolls and parking fees, and significantly reduce carbon emissions. And additionally, riding on Mearth is a sheer fun ride as well.
Seeking a $250,000 investment in exchange for 1.8 percent of his company, Ming confidently presented his case. His energy was infectious, and he extended an invitation to the sharks to join him on this exciting journey to the future.
Ming's pitch took an unexpected twist when he invited the sharks to test ride the best electric scooters of Mearth. Thei ecstatic reactions of curiosity and enthusiasm brought life in the atmosphere as they donned the approved Mearth helmets. They prepared for the ride and it was clear that Ming had piqued their interest with his innovative product.
After the test ride, one of the sharks probed Ming about the unique selling points of Mearth electric scooters. Ming explained that Mearth was the first to adapt the 21700 battery cells in Australia, making their e-scooters lighter, more powerful, and with faster charging capabilities. He also highlighted a removable battery design that no other electric scooter in the same price range offered.
With a valuation of $12.5 million, the sharks knew they had to really think more about this, including past sales figures, scalability and long-term sustainability of the business. Was this the business opportunity for them?
Ming finally unveiled a superhero licensing deal, hinting at a collaboration to create superhero-themed scooters. At that moment, it was not yet time to reveal what this scooter was, but today, it is indeed what one of the sharks guessed – the Bat Scooter by Mearth in collaboration with DC Comics. This revelation, even without confirming it was, was intrigued by the hero themed scooter. Now the sharks had to think deeper, was this now the business opportunity for them?
Ultimately with the high valuation and other uncertainties, it was not the time to invest just yet for these sharks despite Ming's compelling pitch and the intrigue generated by the superhero licensing deal. But Ming's appearance on Shark Tank Australia showcased his incredible tenacity and innovation in the transportation industry.
While he may not have secured a deal with the sharks, his journey from a university student to a budding entrepreneur with a vision to disrupt the electric scooter market is a testament to his determination and commitment to making a difference. As he continues to steer Mearth towards success, it's clear that Ming Ye's astounding tenacity will play a significant role in shaping the future of transportation.