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December 9, 2021

In 2018, when Levi Conlow was 22, he talked his father into investing $50,000 of his retirement savings in an affordable electric bicycle he was designing. Though his first iteration flopped because of factors like range and speed, and “potentially screwed up [Dad’s] retirement,” Conlow quickly retooled and created Lectric’s $1,000 XP model (a typical e-bike costs more than $2,000), which he started selling in 2019. To date, Conlow has sold more than 100,000 bikes: the company is on track to book $85 million in revenue this year. Most importantly, his father got his retirement savings made flush again. “We got the old man paid back, and he’s happy with the investment now,” Conlow says.

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