In episode 311 of Shark Tank, Scott Jordan – a non-practicing attorney talked about the idea of technology enabled clothing. This business idea is surely one for the future and he seemed rather convinced on this idea getting successful.
The technology enabled clothing will contain many different sections and wirings all over them. They will support and accommodate almost every device that people use on the daily basis. For instance, phones, tabs, smartwatches.
Wearing clothing that supports tech is definitely going to make a persons life more convenient and efficient. Especially while travelling through an airport, you’ll get cleared more quickly
Scott Jordan’s very own retail business, ScottEvest, adopts this new idea and he further looks to license it to other manufacturers who make garments.
What Is Technology Enabled Clothing?
If you’re someone who works, you must already know how troublesome it is to carry all those devices. It gets worse if you work in the tech industry. You have got your phone, tab, smartwatch and probably a camera to look after. Not just these devices but their accessories as well such as chargers. Technology Enabled clothing (TEC) is here to save you the extra mile. Technology Enabled clothing offers you access to all these devices through hidden pockets attached to the garments. It gets rather easier for you to travel and work with hidden cords throughout what you’re wearing.
ScottEvest by Scott Jordan approached the stage of shark tank with the offer of $500,000 alongside a 15% stake in the company. However, the negotiations didn’t go well and TEC failed to get an investment from the sharks.
Scott Jordan – Inventor OF TEC
Scott Jordan is the Founder-CEO of SCOTTeVest. As the name suggests, this vest features wiring through threading. Most of the Sharks seemed rather skeptical of Jordan’s stance.
Mark Cuban went berserk on Scott Jordan’s trademark. He stated that it allows Jordan the liberty to sue any small scale designer who wishes to put such pockets or holes into their vest. TEC was something Jordan was marketing instead of focusing on the clothing itself.
The Lacklustre Experience At Shark Tank
Scott Jordan gave Sharks the offer of $500,000 accompanied by a 15% stake in the Technology Enabled Clothing. Jordan also expressed how he is a “gadget man” and keeps exercising his skills about technology and wants to bring them into his business. Jordan himself carries a lot of devices at a single given time so he knows how crazily annoying it gets. He also travels a lot and carrying all those electronics gets tougher for him.
Perhaps this is the sole reason as to why he created the TEC. A whole system that has only been constructed to compliment all those people who carry multiple devices with them on the daily basis to everywhere they go. The vest has been designed in such a way that you can practically carry anything within them and the vest’s system won’t allow it to get imbalanced. Likewise, some parts of the vest contain a specific sort of fabric that allows you to operate your smartphone without taking it out of the pocket.
Technology Enabled Clothing is perhaps a patented design and Jordan wishes to license it to every clothing manufacturer. He is optimistically convinced that the design will be a global hit once it gets the platform it deserves. Subsequently, he believes that TEC is a billion dollar hit.
Disagreement
Robert Herjavec was the first Shark to present his views against the TEC. He mentioned how he once came across a similar product while flipping through the pages of a magazine. Jordan then goes onto explain the Sharks that how he formed a firm around the idea of Technology Enabled Clothing himself. His sole purpose to find the company was to let the world know how important this type of clothing is. He has also been working on it for some years now.
He now wishes to make a few bucks out of his idea and license it out to other manufacturers. However, Herjavec was also a bit curious about the sales of the business. In the first half of the year, SCOTTeVEST earned around $5.1 million and they expect the revenue to go over the $12 million mark at the end of the year.
TEC’s Headphone Mode is quite identical to other clothings that Daymond John has already seen. He wanted to know precisely that what is it that makes TEC so unique that it was easily granted a patent.
Tensing Times
Mark Cuban then certainly asks Jordan as to what exactly was the patent granted for? Jordan explains him that the patent basically is concerned about any business that uses the design of wires getting passed through a garment. The conversation then led to Cuban bantering about how childish it is to get a patent for such an insignificant invention. Although Kevin O’Leary thought differently. He stated that’s absolutely perfect to get a patent.
As the negotiations grow, Hervajec becomes rather interested in the idea. Although he wants to invest in SCOTTeVEST altogether and not just the patent. He offers $500,000 alongside a 15% stake in the company. Jordan however doesn’t take it that well and feels offended. He asks Hervajec that if he is in his senses or not because offering half a million to a company that already makes $5 million is abnormal.
Barbara Corcoran passes a remark to him saying that it must be a literal nightmare to work with him. She imminently withdrew alongside Cuban. Each Shark appeared to be a bit concerned about Jordan’s unethical attitude and withdrew immediately but O’Leary was still onboard. O’Leary offers him the same as Herjavec and allows him to choose between the two. A member of Jordan’s business calls another expert to discuss the offer and when Jordan returns to the Shark Tank, he declines the offer saying its too low.
Following this, the tensions between the Sharks and Jordan spark up again. They find Jordan’s attitude disrespectful. Jordan then signs off by saying that Herjavec and O’Leary are no longer needed. Jordan then leaves without even making an apology.
