Scott Jordan’s ScottEvest company has a licensing division called Technology Enabled Clothing.
Shark Tank episode 311 featured a non-practicing attorney named Scott, who pitched the Sharks about this aspect of his company.
TEC Clothing (Technology Enabled Clothing) is clothing equipped with waterproof pockets and wiring systems to accommodate the wide array of electronic devices now commonplace in modern life (iPads, mobile phones, etc.).
The TEC “system”-enabled outfit makes traveling safer, more convenient, and quicker at the airport security checkpoint.
Jordan hopes to license the patented technology to other manufacturers through his ScottEvest retail store. The geek community is a big fan of ScottEvests.
What Is TEC Clothing?
There is a clothing line called SCOTTeVEST. A popular item offered by the company is a commercial travel vest with 15 to 42 compartments so passengers can keep everything they need in one place while traveling.
There are items like passports and wallets in this category and AirPods, iPads, sunglasses, pencils, and other personal items.
You can choose between many different styles and colors, both for men and women.
The technology-enabled clothing, or TEC for short, consists of a clothing style with pockets incorporated into the lining that allows the user to store and access various electronic devices.
TEC lets you stay connected on the go because it hides your cords.
|Company Name||TEC: Technology Enabled Clothing|
|Product||Clothing With Pockets Designed To Hold Tech Gadgets|
|Investment Asking For||$500,000 For 15% stake in TEC: Technology Enabled Clothing|
|Final Deal||No Deal|
|Episode||Season 3 Episode 13|
|Business Status||In Business|
Who Is The Founder Of TEC Clothing?
Scott Jordan founded the Technology Enabled Clothing Company in 2000.
Scott was a lawyer for ten years after graduating and worked for many law firms before starting his own business. Scott remains the company’s CEO to this day.
TEC Clothing Before Shark Tank
Scott Jordan is a business tycoon who is not a practicing attorney. Clothing empire SCOTTeVEST offers a line of garments that have earned it a name in the fashion world.
People can protect their phones or other portable electronic devices with TEC (Technology Enabled Clothing) inside pockets.
The item, which can be worn under any vest or jacket, accelerates airport security screening and minimizes travel time.
Jordan uses this patented technology in his retail business but wants to license it to other well-known clothing brands.
It’s safe to say that he has high hopes for this new creation because his ScottEvests are already well-liked by techies everywhere.
However, he will want the assistance of someone with the necessary contacts to secure the licensing agreement he so desires.
He decides to take TEC to the Shark Tank in hopes of finding one of the world’s most successful entrepreneurs.
How Was The Shark Tank Pitch Of TEC Clothing?
Jordan reached the Shark Tank show seeking an investment of $500k for a 15% stake in his company, Technology Enhanced Clothing.
Jordan says he always carries a gadget around with him and loves gadgets. Jordan is always carrying a lot of equipment, whether a tablet, digital camera, or cell phone.
The situation is further complicated because he travels frequently and has a lot of stuff to carry.
TEC has been carefully designed to accommodate these various pieces of technology, which is why he came up with it.
The vest’s design makes it possible for a person to carry a range of items in its pockets without looking or feeling bulky.
Some pockets are made with a fabric that allows you to access your touchscreen smartphone without having to remove it from your pocket at all.
Your earphones can also be stored in their designated area to avoid tangles. All outwear manufacturers will be licensed in Jordan’s TEC patent design in the future.
He is certain that this will become a household name in the garment industry due to its revolutionary nature. He believes that TEC will become a billion-dollar company.
The other day, an ad in a magazine about the same product prompted Robert Herjavec to speak up.
A retail concept focused on selling technology-enhanced apparel is then explained to the Sharks by Jordan.
Since he launched the company a few years ago, he has been trying to prove the appeal of this particular sort of apparel.
After all, with his idea patented, he wants to begin licensing it to other registered trademarks; thus, he is looking for an investment.
Herjavec is interested in ScottEvest’s sales of these high-tech apparel items.
With a current profit of $5.1 million, they expect to make roughly $12 million this year. However, Jordan says he is not interested in selling any part of his company.
Seeing the huge potential in the billion-dollar picture, he wants to license the intellectual property to other renowned clothing companies.
This rattles Kevin O’Leary’s cage. For not bundling the patent with equity in the company, O’Leary charges that Jordan is greedy. Jordan counters that he is simply following in the footsteps of his mentor.
Daymond John mentions that he’s seen similar headphone features on other articles of clothing, and that’s what inspired him to create TEC.
He’s curious about what makes TEC so unique that it was granted a patent.
A court struggle ensued due to Jordan revealing that those brands had infringed on his patent.
He has already signed on with 11 major brands, including North Face, Ralph Lauren, and Under Armour. Jordan is receiving a royalty payment from these settlements.
Jordan learns that O’Leary is an expert at suing people and thus needs him. Jordan agrees. The fact that he’s simply getting a taste of what the organization has to offer isn’t exactly making him pleased.
However, Jordan argues that he does not require further assistance in running his retail business.
Regarding Jordan’s patent, Mark Cuban takes the conversation differently.
Finally, it is explained to him, and a patent protects the design, making it possible for wires to pass through clothing.
Cuban explodes, stating that he is outraged that individuals can receive patents for ridiculous inventions and then sue over them. O’Leary, on the other hand, thinks it’s a wonderful idea.
Since Cuban and John now know that Jordan is a former lawyer, they enter meltdown mode in Shark Tank.
Herjavec interrupts to thank him for his efforts, even though they both think it’s unfair. A good idea plus the ability to patent it, he claims, made him wise in his decision to take legal action when his invention was ripped off.
Herjavec, on the other hand, wants to invest in the entire ScottEvest company, not just the patent, because he feels it has the potential to become a billion-dollar business. As a result, he makes a counter-offer.
Herjavec gives Jordan a 15% stake in his company in exchange for $500k, not just the patent.
Herjavec asks Jordan if he is insane for offering $500,000 for $5 million in revenue. Jordan appears irked by Herjavec’s question.
Jordan tells them that he only cares about their money and business relationships. Barbara Corcoran apologizes for making this remark, explaining that he must be a real hassle to work with.
She decides to withdraw because she thinks she can get along with him.
Cuban likewise decides not to invest in this brand because he believes wireless devices will be the next great thing in technology.
He claims to build a brand similar to TEC, but with the key difference that it will use a Bluetooth vest as its foundation instead of one designed for wired applications.
Jordan’s abrasive demeanor might seem off-putting to the Sharks as a whole, but O’Leary understands.
Jordan recognizes that Cuban has a valid point regarding cellular technology, but he believes Jordan is doing an excellent job expanding his brand through his efforts.
He offers Jordan the same offer Herjavec made to Jordan rather than competing with him.
As Jordan is away from the tank, he gets a call from a member of Jordan’s advisory board, who just so happens to be the co-founder of Apple.
He discusses the offers with the recipient and inquires about their reactions.
When he returns to the sharks’ tank, he informs them of his advice, saying that this purchase is too low for an established company.
When Jordan continues to show contempt to the Sharks after that, things get tense between the two sides once more.
Jordan tells O’Leary and Herjavec they’re gone since he doesn’t need them at the end of the day.
John feels furious that he has wasted their time, but he leaves without saying anything about it.
Final Deal: No deal between Sharks and Technology Enabled Clothing.
What Happened To TEC Clothing After Shark Tank?
Kevin O’Leary and Robert Herjavec both approached Jordan with proposals. Steve Wozniak, a co-founder of Apple and Jordan’s friend, called him, but Jordan walked away empty-handed with Americans accusing him of being greedy.
The Sharks, including Mark Cuban, complimented Jordan for his performance during the episode’s post-production.
Robert Herjavec was the only one who refused to shake his hand, telling him, “Show some respect.”
TEC Clothing Shark Tank Update
Scott Jordan and Mark Cuban’s feud further intensified due to their appearance on Shark Tank.
Cuban made it clear in their heated Twitter debate that he believed Jordan was promoting a ScottEvest copycat brand called Aye Gear, a patent troll.
The Twitter spat may have been beneficial for the two participants as they released some of their pent-up rages.
ScottEvest has done exceptionally well despite the Sharks’ animosity. They sold roughly $20 million worth of merchandise in 2013, and as a result, Aye Gear was sued for patent infringement.
Later, Jordan revealed that the TEC jacket would be upgraded with the release of a 2.0 version.
Solar panels on the shoulders, detachable sleeves, speakers built into the collar, and other eco-friendly charging options.
ScottEvest’s jacket designs can be seen on their website (http://www.scottevest.com/).
There are many options available to both men and women. ScottEvest has expanded its product line beyond jackets to include hats, slacks, and a variety of additional high-tech accessories.
Jordan may not have pleased the Sharks, but it appears that business is still booming.
Is TEC Clothing Still In Business?
TEC-Technology Enabled Clothing, the licensing arm of the original company, is still in operation today.
The company is headquartered in Ketchum, Idaho. Customers may also purchase the company’s products in participating retail locations worldwide and purchase them from its website and several e-commerce platforms like Amazon.
Patent protection makes it impossible to copy the product. Many outdoor and travel-related clothing shops sell storage vests of a similar design.
Several different vests are available from Columbia Sportswear, a well-known brand, with several pockets for accessories.