ENTREPRENEUR: Scott Jordan
ASKING FOR: $500k for a 15% stake
BEST PART OF THE PITCH: Scott is a gadget guy who wanted an easy way to store all his electronic devices. That's why he created TEC—Technology Enabled Clothing. It's a patented system that makes accessing items easy in specially designed, non-bulging pockets. Headsets can be looped through part of the jacket. He's had $5.1 million in sales to date and is on track to do $12 million this year.
DO THE SHARKS BITE? The Sharks learn that Scott only wants to sell a stake in licensing the patent, not his lucrative retail clothing business. They also learn that Scott has settled with many companies that infringed on his patent. Mark is upset by this news since the patent is for a common sense move. Daymond agrees. He's out. Barbara is also out, but Robert will give the $500k for a 15% stake in the patent and retail clothing business. Scott says that would be insane. Mark is out because he feels upcoming wireless technology will hurt the business. Scott doesn't feel like that's a great loss since he was never going to invest anyway. Kevin will give Scott $1 million for a 30% stake in the patent and retail business if Robert will partner with him, but then matches Robert's offer when that notion goes south.
THE RESULT: Robert wants to know if Scott will entertain any offer for the retail business. That'll depend on a phone call he needs to make to a member of his advisory board: Steve Wozniak. The Woz advises Scott that the offer was just too low. Things get nasty when Scott returns to the tank. He ends up being the one who tells Kevin and Robert they are out. As you can imagine, this doesn't sit well with the Sharks, who are not very fond of this particular entrepreneur.
WANT TO KNOW MORE: Visit http://www.scottevest.com/