Just follow along -he 'runs the business from the inside out' and you can learn/watch/participate through social media. During Shark Tank. I wouldn't use it if it was given to me just because I would know the trash that it came from. A big factor I think is that these products were only for iPhones and not Android. Scott Jordan, CEO of SCOTTEVEST is describing his experience on the Shark Tank - which I remember as a gripping episode full of anxiety and contention. The Zomm can also be used as a hands free speaker phone while you’re driving or can also be set up to dial any number in case of an emergency. So not counting the licensing or the intellectual property the shark would recoup his investment in 19 months assuming no growth of any kind for the existing business. The new No. Period. eval(ez_write_tag([[580,400],'sharktanksuccess_com-medrectangle-3','ezslot_3',104,'0','0'])); The inventors of the Zomm, Henry and Laurie Penix from Tulsa, Oklahoma, came up with the name using the first letter of their kid’s name. As a passionate entrepreneur, it made perfect sense that CEO Scott Jordan wanted to go on Shark Tank.Scott had already secured a patent for the Personal Area Network and he felt the popular TV program would be the perfect opportunity to secure funding for TEC-Technology Enabled Clothing® and partner with a Shark to grow the licensing company. Absolutely. The question is, should Scott Jordan of walked into the Shark Tank with one business essentially representing the other, and knowing the contract details better than most, still chose to give the Sharks only the option to invest in one of the businesses and not the whole package? Sometimes that extra info was hard to come by, which is why I bring unbiased reviews and info about the many successes of the Shark Tank TV show. To some, Scott came across as being very arrogant and he had no intentions of ever making a deal. He could not answer how much was spent on development! "Millions of people see the show. I think he was smart not to take the deal and being on the show was a huge PR boost that he'd never have gotten any other way. But the "Shark Tank" exposure "shaved at least one year off our growth. They didn't know what it would cost to sell it. © 2020 USA TODAY, a division of Gannett Satellite Information Network, LLC. Ryan hoped to gain an investment of $200,000, and a shark partner, in exchange for an 8% stake in the Windcatcher business when he appeared on the show. Also, even though the 2%/5% is in the original contract, the tv show has never attempted to collect on ANY person on the show regardless of how much the company has made AND that percentage is no longer even in the contracts now. I sided with the Sharks because I am frankly appalled that he was awarded a patent for a pocket and a buttonhole. I don't see this as 'bad' publicity in anyway; but even is some do – that's good publicity. Jordan has also brought up a few potential legal issues that I really don’t care to discuss further but it has to do with whats already written above. I’ve been a long time Shark Tank fan and love the show because I’m an entrepreneur at heart. As with all Shark Tank contestant’s appearing on the Show,Jordan was under contract to give up a portion of that particular business whether he made a deal with the Sharks or not. There’s no doubt that the ScotteVest Brand is a high quality product that has a functioning purpose using the TEC patent. Arrogant? Bravo Scott! Search the complete list of episodes and pitches for news, reviews, outcomes and updates on the entrepreneurs and businesses from ABC's Shark Tank. With beefed up servers already expecting a flood of new traffic, the Zomm site was still not able to keep up with all the interest. Pitched on: 11/14/14. Defenses had to be up going in – and I think he rocked it. Musician Pat Boone and entrepreneur … If it was not defective, they could have stayed in business just selling that and making six figures a year until they could raise more capital. Maybe. It should be interesting to see if the public perception remains the same after knowing more of the facts. Everyone can argue why/how the show happened, but it's build to entertain and certainly did. I am impressed with the guy and believe me, if I ever need a lawyer, that's the type of guy I want. The bad news is Henry and Laurie had $2 million worth of inventory during their Shark Tank appearance. After this episode first aired, Jordan mostly got an overwhelming negative response from the viewers but no one really knew all the facts at the time. Scott just chummed the waters and went down swinging like any good business mind would. In the end great marketers/business people listen, challenge, create, negotiate, and drive their own success or failures. The sharks were too greedy not the other way around. eval(ez_write_tag([[250,250],'sharktanksuccess_com-medrectangle-4','ezslot_2',105,'0','0']));With the Wireless Leash, ZOMM Wireless Leash, a handy Safe Driving Kit for your phone and the brand new Lifestyle Connect using the same technology, this company has made tremendous strides within the last year. I see a book or better yet interactive history/story media site in your future – tell your story so that other entrepreneurs can learn more 'from the inside out'. But smarter than the sharks? You are incorrect when you say that viewers instinctively sided with the Sharks. She also proceeds to go out with the remaining Sharks leaving Henry with no deal on the Shark Tank Show. The new "Shark Tank" Top 20, measured by total sales: Offer/stake: No offers (Herjavec invested later), Offer/stake: $1 million (line of credit)/5%, Offer/stake: $500,000 (including $350,000 loan)/10%. He tried to sell Product B based on the success of Product A. Also, it's "could have" and "would have" not "could of" and "would of.". What could of possibly happened, and why, to get to a point where Scott tells both Kevin O’Leary and Robert Herjevic that “They Are Out” and then carry onto Twitter after the show with several rounds sparring with Mark Cuban. Starting negotiations with the Sharks putting a $20 million valuation on the company you best have some sales too back it up, and they did. Absolutely right. Upon entering the Shark Tank, Jordan named his price of $500k in exchange for a 15% share in Technology Enhanced Clothing. What else has changed since the show, based on a Japanese format called "Dragon's Den," premiered on ABC in 2009? I myself use the TILE blue tooth devices, and sell various types of mounting kits for them, along with 100 other products, many of which I manufacture.