In today’s tech driven society, Many people find it difficult to conveniently carry and reach their electronic devices. Although phones, tablets, and other devices are necessary for our everyday activities, we frequently leave them at home or put them in the bottom of our bags because there is no convenient method to carry them. Scott Jordon realized this need and developed an innovative brand Technology Enabled clothing (TEC).
Scott Jordan made the solution to this issue. His concept was straightforward but revolutionary. A clothing brand for technology enthusiasts that is both fashionable and functional. TEC provided a solution for those who preferred to stay connected without having to deal with the inconvenience of carrying a bag.
TEC includes numerous pockets and dedicated sections meant to fit mobiles, tablets, and even laptops. He gave an example of how his clothes could keep electronics organized and accessible, making it an essential item for anyone who wishes to keep their technology near at hand.
During the pitch in Shark Tank, Jordan showed confidence and excitement. He asked for $500,000 for 15% equity. The sharks were fascinated by his creative ideas. Now, let’s find out what happened next.
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SCOTTeVEST (Formerly Tec Technology Enabled Clothing) Net Worth
Scott Jordan asked for a $500,000 investment in exchange for 15% equity in his intellectual rights only, not the retail business. This meant he valued the patent rights part of his business at $3.33 million. He did not make a deal with any of the sharks, as they were more interested in the retail side of the business. After the show aired, ScottEvest (formerly Technology Enabled Clothing) continued to grow, generating around $3 million in annual sales. With an estimated 2x sales multiple (standard for stable businesses with growth potential), the current net worth of SCOTTeVEST (Formerly Tec Technology Enabled Clothing) is about $6 million.
Technology Enabled Clothing Shark Tank Update
What Happened To Technology-Enabled Clothing After Shark Tank?
After Shark Tank, Scott Jordan’s Technology Enabled Clothing succeeded and continued even though he was unable to make a deal with any sharks. The business changed its name to ScottEvest. With this change, the brand was able to more effectively showcase its innovative tech-focused clothing collection.
ScottEvest is a successful company that is expected to generate about $3 million in sales annually in 2024. The business has had several difficulties over the years, such as court cases involving patent infringement, yet these obstacles haven’t stopped it from expanding. Today, ScottEvest provides a large selection of clothes with pockets and organizational features for men and women.
Did Technology-Enabled Clothing Get A Deal On Shark Tank?
No, TEC didn’t get the deal in shark tank. The pitch was strong and the product was innovative. Kevin and Robert offered him a deal but he rejected it.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Harjavec | $500,000 for 15% equity in whole business | No | |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | 1# $ 1 million for 30% equity in the whole business if Robert joins him. 2# $500,000 for 15% equity in the whole business. | N/A | No |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | 1# $ 1 million for 30% equity in the whole business if Robert joins him. 2# $500,000 for 15% equity in the whole business. | N/A | N/A |
Scott Jordan Backstory
Scott Jordan founded Technology Enabled Clothing as a solution to his own need to always have his electronics near at hand without having to deal with the inconvenience of packing a bag. He had the idea when he was hiking and realized how difficult it was to quickly get his phone. His love of technology and his ability to think creatively about problems inspired him to create clothes that were both fashionable and functional. Scott also faced many struggles in the early stages of making this brand.
Initial Pitch
During the pitch, Scott Jordan presented his product with confidence and passion. He showed how his coats and jackets can store several gadgets safely while looking stylish. He explained that technology-enabled clothing has creative pocket designs, which include sections specifically designed to organize wires and see-through pockets that allow for simple access to gadgets in the pocket.
The pockets are made in a way that people don’t feel uncomfortable while carrying gadgets in their jackets. Scott asked for $500,000 for 15% equity in intellectual rights only, not the retail business. This means that Scott only needs investment from Sharks for the Patent.
Queries About The Product
Robert Herjavec was interested in knowing the real sales figures as well as the possibilities for retail expansion. Scott disclosed that he had already generated $5.1 million in sales and would reach $12 million that year. Robert believed that the retail side was the most valuable part of the company. But Scott was not ready to give shares in the retail business which made Robert sad.
Kevin O’Leary questioned Scott about why the patent wasn’t being combined with the retail company. In response, Scott said that the patent itself was quite valuable and might be licensed to other clothing companies. He added that he has no intention of selling the retail side.
Mark Cuban was concerned that the product would not stay in the market. He didn’t like the concept of holes in pockets for wires and he thinks that the idea is very simple. So the product has no future in the development of wireless technology.
Daymond John was curious to know what differentiated Scott’s patent from others and what made it available. Scott clarified that a number of businesses had violated his patent and that he was getting royalties from settlements, which showed the strength and uniqueness of the patent.
Barbara Corcoran expressed doubts about Scott’s ability to teamwork because he did not include the retail part in the agreement. This showed Scotts closed mind about collaboration.
Shark’s Responses and Final Deal
Sharks Kevin O’Leary and Robert Herjavec both wanted shares in the retail company in addition to the patent.
Robert offered him $500,000 for 15% equity in the whole business.
Kevin Offered $1 million for 30% ownership of the retail company and the patent if Robert joins him. But Robert didnt want to join Kevin. So Kevin again made an offer of $500,000 for 15%, but Scott rejected the offers.
Mark Cuban made no offer. He believes that rapid increase of wireless technology would make Scott’s product useless in the future.
Daymond John and Barbara also didn’t make any offers because Scott was not ready to give shares in the retail business. Daymond also said that it’s an insult to them that Scott is not offering the bigger part of the business.
What Went Wrong With Technology-Enabled Clothing On Shark Tank?
Technology Enabled Clothing was not able to make a deal on Shark Tank. Scott focused on keeping the patent rights separate from the retail business. This was the biggest problem. The sharks were interested in the retail business because it was already making a sizable profit and had a solid market position. The sharks became upset with Scott for refusing to include it in the share because they believed he was not providing enough value.
Product Availability
Technology Enabled Clothing, which is now known as ScottEvest. It provides a variety of advanced clothing that is made to carry and arrange electrical gadgets. All the gadgets are available on the official website of the company TEC. Customers can purchase a variety of items, including vests, coats, jeans, dresses, and skirts, with designated pockets and compartments for gadgets. The prices of the products vary because they are typically positioned as luxury items because of their superior materials and unique functionality.
Conclusion
Scott Jordan’s Shark Tank journey with Technology Enabled Clothing showed his high hopes and intense negotiations. Scott was unable to make a deal on the show but this didn’t stop him from overcoming challenges and expanding his company on his own. Today, ScottEvest is a well-known company that serves tech enthusiasts worldwide. This shows that sometimes missing a deal can result in greater opportunities. ScottEvest has a bright future ahead of it as it keeps innovating and growing its product range to give tech enthusiasts the ideal clothing for their needs.
Amna
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
