Daniel Wood (entrepreneur)

Wood's early career began with U.S. Digital, a manufacturer of optical encoders based in Washington. He dropped out of high school and became a self-taught engineer, leading to his job at U.S. Digital.[1] After a layoff from the company, it was difficult for him to find work due to not having a degree which most engineering jobs required.[3] Competing in a difficult job market without a degree caused Wood to pursue his hobby which led to the creation of the self-balancing unicycle.[3] Wood had previously invented a device called the Gimpy, a Segway-like device that was remote controlled. Wood used parts of this invention to help create the self-balancing unicycle.[4] Despite there being self-balancing unicycles and concept vehicles built by hobbyists prior to Wood's invention, he is attributed as the first to make one available commercially.

Wood is the founder of Focus Designs, a company that distributes the self-balancing unicycle that Wood invented.[1] He spent more than two years developing the technology. Despite electric unicycles being produced before Wood's product, his vehicle was attributed as the first to combine a gyroscope with a one wheeled vehicle to assist with rider's forward and reverse balance.[1] In 2012, Wood appeared on an episode of the Shark Tank where he pitched his idea to potential investors. He was offered $300,000 for a 30% stake in the company, an offer that he eventually turned down.[5][6]