What is Technology Enabled Clothing?
Technology Enabled Clothing, or TEC, offers high-level access to all these devices via concealed pockets within the clothing’s lining. It is easy to stay connected when traveling with TEC because it conceals cords.
You probably know how cumbersome it is to carry all those devices if you work in the electronics industry. You’ve got your phone, tablet, digital camera, laptop, and all the accessories and gizmos that come with them.
ScotteVest, by TEC’s inventor, approached Shark Tank with a $500k offer for a 15% stake in the company. Negotiations were a little tricky, and TEC could not get an investment.
|Company Name||Technology Enabled Clothing (SCOTTeVEST)|
|Product||A type of clothing with pockets tailored to hold tech gadgets|
|Investment Seeking||$500,000 For 15% equity in TEC|
|Final Deal||No Deal|
|Business Status||In Business|
Who Is The Founder Of Technology Enabled Clothing (TEC)?
SCOTTeVEST was created by Scott Jordan, the company’s CEO, and founder. This patented vest features holes for threading the wire of earbuds through. The majority of Shark Tank investors expressed suspicion about Jordan’s pitch.
Mark Cuban expressed his outrage over Jordan’s trademark, which empowers him to sue any small designer who wants to incorporate such a hole into their active gear.
Technology Enabled Clothing, or TEC, is something Jordan was marketing instead of the garment itself.
Technology Enabled Clothing (TEC) Before Shark Tank
Scott Jordan is a self-made business magnate who is not a practicing attorney. Jordan’s empire, SCOTTeVEST, is known for its creative line of clothes.
TEC is an acronym for Technology Enabled Clothing. It is an item that has several inside pockets that were designed primarily to store and protect mobile electronic devices.
This garment can be worn under any vest or jacket and is designed to facilitate transportation and even faster passage through airport security.
While Jordan uses this unique technique exclusively in his retail firm, his ultimate goal is to license the patent to other renowned outwear manufacturers.
ScottEvests is already quite popular among technology enthusiasts, so he is confident that his innovation will be a hit.
However, the licensing agreement he has been lusting for will require someone with the necessary connections to help him obtain it.
TEC goes to the Shark Tank hoping to get an investment from one of the world’s most prominent businessmen or women.
How Was The Shark Tank Pitch of Technology Enabled Clothing (TEC)?
Scott Jordan appeared on Shark Tank requesting an investment of $500,000 in exchange for a 15% stake in Technology Enabled Clothing.
Jordan then tells the Sharks that he is a “gadget man,” which means he adores technology and constantly brings it with him. Jordan carries many electronics, including his cell phone, iPad, and digital camera.
What makes matters worse is that he is also a frequent traveler, which may become exhausting when you have so many belongings to transport.
That is why he created TEC, a structure that has been meticulously engineered to accommodate all of these disparate bits of technology.
The vest’s design enables practically anything to be carried within the pockets without seeming bulky or imbalanced.
Additionally, certain pockets feature a fabric that enables you to access your touchscreen smartphone without pulling it out of your pocket. Additionally, there is a designated place for your earbuds to prevent the wire from tangling.
TEC is a patented design that Jordan intends to license to every outerwear manufacturer.
He is convinced that this will become a globally renowned brand, transforming the garment industry. Even he believes that TEC will be a billion-dollar success.
Robert Herjavec is the first Shark to speak out after stumbling across an advertisement for a comparable product while paging through a magazine.
Jordan then proceeds to describe to the Sharks how he founded a retail firm selling technology-enhanced apparel.
He founded the company to demonstrate the appeal of this particular kind of apparel and has been operating it for a few years now.
The patent for his design has been obtained, but now he wishes to raise capital to start licensing it to other trademark owners.
Herjavec is curious about the sales of these technical articles of clothes at ScottEvest. In the first half of the year, the company earned approximately $5.1 million, and they expect to reach over $12 million before the year ends.
Jordan makes it abundantly plain that he has no intention of selling a portion of his retail during the business.
He sees a billion-dollar opportunity in licensing the intellectual property to other recognized clothing firms.
This sends Kevin O’Leary into a tailspin. Jordan asserts that O’Leary has no part of the equity, while he claims he was doing what he expected.
TEC’s headphone mode is similar to other pieces of clothing that Daymond John has seen. He wants to know precisely what makes TEC so unique that it was granted a patent.
The North Face, Ralph Lauren, and Under Armour are the major labels he has already signed deals with.
Jordan then disclosed that those brands infringed on his patent, resulting in a court battle that Jordan ultimately won. Jordan receives compensation from these agreements in the form of a royalty stream.
This revelation energizes O’Leary, who informs Jordan that he requires Jordan’s assistance since O’Leary is an expert at suing people. However, he is dissatisfied that he is only getting a taste of the firm.
He desires a larger share of the pie, but Jordan maintains that he does not require further assistance with his retail business.
On the other hand, Mark Cuban redirects the conversation by enquiring about what Jordan has a patent on. He then explains that the patent pertains to the design for allowing wires to pass through a garment.
This leads Cuban to rant about how ridiculous it is to obtain patents for such insignificant inventions, then sue over them. The other side of the coin is O’Leary, who thinks it’s fantastic.
The Shark Tank then descends into chaos as Cuban and John become enraged at the discovery that Jordan was once a lawyer.
Both believe it is unjust, but Herjavec intervenes to thank him for his efforts. He asserts that it was prudent to develop such a brilliant invention, patent it, and then defend it against infringement.
However, Herjavec does not want to invest in the patent alone; he wants to invest in the ScottEvest firm since he feels it has the potential to grow into a billion-dollar enterprise.
As a result, he makes an offer. Jordan is offered $500,000 by Herjavec for 15% of the company, over and above the patent.
Jordan, however, is visibly offended by this offer, as he asks Herjavec if he is nuts for offering half a million dollars for a firm that generates five million.
Jordan clarifies that all he desires are their business contacts and money. Barbara Corcoran decided to speak up after making this remark, stating that he must be a nightmare to work with.
She withdrew because she could not see how she could work with him. Cuban also declines to invest because he believes this brand will fail to grow in the face of the next great thing in technology: wireless gadgets.
He claims he can create a brand similar to TEC but with a Bluetooth-based vest rather than a vest focused on wire applications.
All of the Sharks appear to be put off by Jordan’s harsh attitude, but O’Leary can empathize.
He acknowledges Cuban’s point about wireless technology but believes Jordan is excellently developing his present brand.
As a result, he makes the same offer as Herjavec, allowing Jordan to choose between the two.
A member of Jordan’s advisory board calls a member of Apple’s founding team. He discusses the offers and inquires about what he believes he should do while on the phone.
Upon returning to Shark Tank, he tells them the price is too low for an established business, and he has been requested not to accept the sale.
Following that, tensions between Jordan and the Sharks flare up again due to Jordan’s flagrant disrespect.
Jordan concludes by pointing to both O’Leary and Herjavec and informing them that they are no longer needed.
John is enraged that he has just squandered their time, yet he goes away without apologizing.
Final Deal: No deal between Technology Enabled Clothing and Sharks.
What Happened To TEC (Technology Enabled Clothing) After Shark Tank?
Following his appearance on Shark Tank, Scott Jordan and Mark Cuban engaged in additional turmoil.
Cuban made it abundantly obvious during a highly public Twitter spat that he believed Jordan was a “patent troll” and promoted a business called Aye Gear, a copycat of the ScottEvest.
The Twitter spat between the two lasted a few days, but perhaps it was necessary for the two of them to work out their frustrations.
ScottEvest continues to display his high level of performance despite the Sharks’ hostility.
The company generated approximately $20 million in revenue in 2013 and began suing AyeGear for patent infringement in 2014.
An upgraded TEC jacket was announced later by Jordan. The updated shirt version features removable sleeves, speakers integrated into the collar, and solar panels on the shoulders to allow on-the-go charging.
On their website, you may browse all of ScottEvest’s jacket styles (http://www.scottevest.com/). There are numerous solutions available to both men and women.
Along with the jackets, ScottEvest now sells caps, jeans, and other technologically improved goods. Business is growing, despite the Sharks’ lack of enthusiasm for Jordan.
Who Invested in Technology Enabled Clothing (TEC)?
Robert Herjavec and Kevin O’Leary, with offers, approached Jordan. Jordan talked with Apple co-founder Steve Wozniak over the phone, but he walked away empty-handed, leaving many Americans to believe he was a greedy jerk.
Jordan clarifies his side of the story on his website, stating that following the episode’s production, he went to shake hands with every one of The Sharks, including Mark Cuban, who complimented Jordan on a job well done.
Herjavec told him to “Show some respect” rather than shake hands and not shake hands with anyone else.
Technology Enabled Clothing (TEC) Shark Tank Update
Jordan and his firm have continued to thrive, and ScottEvest anticipated revenue of roughly $20 million in 2013. Technology Enabled Clothing is in the process of filing a patent infringement lawsuit against AyeGear.
Jordan unveiled the ScottEvest TEC 2.0 Jacket in January 2013 at the Consumer Electronics Show. The next-generation jacket incorporates some novel characteristics.
You can detach the sleeves and integrate headphones into the collar. The lining contains batteries, and solar panels on top of the shoulders provide power for gadgets on the go. The only thing Marty McFly is missing is the ability to self-size!
Scott Jordan maintained his boisterous demeanor. He was forced to resign as CEO in 2017 after referring to Fox News viewers as “fucking fools.”
He regained control of the company in 2019 after the bank called for a $2 million loan. The loan was used to fund advertising for television advertising.
The advertising team was not tracking the performance of the advertisements and kept pouring money at them, which resulted in the $2 million bills.
Jordan repaid the money and regained ownership of the business. Sales decreased by 50% during the 2020 Covid-19 epidemic, and Scott hosted a series of live streams with his mother-in-law to discuss travel.
Is Technology Enabled Clothing (TEC) Still in Business?
Jordan’s business has grown significantly since he participated in Shark Tank. Along with a range of SCOTTeVESTS, the brand now sells pants and shorts online. The Hidden Cargo Pants 2.0 includes eight pockets priced at $80.
A pair of Hidden Cargo Shorts features eight pockets and retails for $65. They even sell travel boxer shorts with two pockets (25 cents).
What Is the Net Worth Of Technology Enabled Clothing?
The valuation of Technology Enabled Clothing was $333,000 when it appeared on Shark Tank. The net worth of Technology Enabled Clothing is $3 million as of 2023.