Entrepreneur Scott Jordan invented a better alternative for people who carry multiple gadgets in their bags or suitcases. He created Technology Enabled Clothing (TEC), a company that offers a patented system of clothing with internal waterproof pockets for storing gadgets. Additionally, the clear touch fabric allows users to operate their device’s touch screen without removing it from the pocket.
Scott plans to license his technology, so he appeared on Shark Tank Season 3 seeking help from the Sharks. Did any of the Sharks invest in his business? Let’s find out.
| Company Name | Technology Enabled Clothing | |
| Founder/Co-Founder | Scott Jordan | |
| Founded | 2000 | |
| Product | Gadgest store clothing | |
| Asked For | $500k for 15% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode | S3 E7 | |
| Air Date | March 2nd, 2012 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Ketchum, Idaho, United States | |
| Annual (Revenue) | $4M *estimated | |
| Worth / Valuation | $3.33 Million | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Scott asked the Sharks for $500,000 in exchange for 15% equity in his company at a $3.33 million valuation. During his presentation, he demonstrated his Technology Enabled Clothing (TEC) system, explaining its features and the need for such a product. He revealed that he had created a retail company to prove the concept of TEC and secure patents. So far, the company had made $5.1 million in sales, and Scott projected $12 million in sales for the current year at a $1.2 Million Profit.
Scott clarified to the Sharks that his current offer included the intellectual property rights of the product and the brand name, but it did not include his retail business as part of the deal.
Robert Herjavec offered $500,000 for 15% equity in both the patent and the retail clothing business. However, Scott called the offer “insane” and declined it.
Barbara Corcoran was not interested in Scott’s business, so she is out.
Mark Cuban raised a concern that Scott’s patent, which secures wires for listening to music within the clothing, might become obsolete as more people are gradually switching to wireless devices, making wires unnecessary. Therefore, he is out.
Daymond John told Scott that by making his offer, Scott had insulted the Sharks. As a result, he is out.
Kevin O’Leary approached Robert with an offer of $1 million for 30% equity in both the patent and the retail clothing business, hoping to work with him. However, Robert wanted to make his own independent offer. Kevin then made a single offer of $500,000 for 15% equity in both the patent and the retail clothing business.
After discussing with his advisory board member Steve Wozniak, co-founder of Apple Inc., Scott informed Robert and Kevin that they were out.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | No Offer |
| Kevin O’Leary | $500k for 15% equity in whole business |
| Robert Herjavec | $500k for 15% equity in whole business |
| Barbara Corcoran | No Offer |
| Daymond John | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | No Deals |
Technology Enabled Clothing (Tec) Shark Tank Update
The episode brought significant attention to TEC, leading to substantial growth in sales. Due to Scott’s behavior, Mark Cuban was not fond of him and chose to support a similar business called Aye Gear, which also produces technology-enabled clothing. In response, Scott’s company, SCOTTeVEST, sued Aye Gear for patent infringement.
As of September 2024, Scott’s company generates $4 million in annual sales, and Scott Jordan’s net worth is estimated at $72 million.
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