SCOTTeVEST Technology Enabled Clothing Net Worth Shark Tank Update

Technology has made our lives so much easier. Nowadays, it has become a major part of Everyone’s daily routine like mobile phones, laptops, earphones, etc. But carrying all of these together with comfort is a common dilemma for everyone.

Scott Jordan faced the same challenge and tried to make something that consisted of all these things in one. So, he introduced his company, Technology Enabled Clothing(TEC). This company makes SCOTTeVEST. It is a vest containing waterproof pockets that have inner wiring and allow users to carry multiple technology devices, like tablets, phones, cameras, etc, together. These devices are built into this vest. So, It was a comfortable and easy solution to this problem. 

Jordan sought a $500,000 investment for a 15% equity in TEC, excluding the successful SCOTTeVEST retail business from the deal. Will the entrepreneur get a deal on Shark Tank? Check out our Technology Enabled Clothing update to find out!

SCOTTeVEST Net Worth 2024 Shark Tank Update

Scott Jordan was looking for an investment of $500,000 in exchange for 15% equity in Technology Enabled Clothing (TEC), excluding the SCOTTeVEST retail business. At the time of the episode, he valued his company at approximately $3.33 million. However, Scott did not secure a deal with any of the Sharks. The company continued to operate and faced challenges, including a significant drop in revenue from $20 million in 2013 to about $3 million in 2023. As per my rough estimate, the current net worth of Technology Enabled Clothing (TEC) in 2024 is around $3 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$1 million for 30% ownership of the retail company and patent (if Robert joins) $500,000 for 15% equity (after Robert declined)	N/A	No
Robert Herjavec	$500,000 for 15% equity in the whole business	N/A	No
Barbara Corcoran	Out	N/A	N/A
Daymond John	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

Founders Backstory-Initial Pitch

Jordan’s inspiration behind this product was his own challenges that he faced as a corporate lawyer when he had to carry and handle multiple devices together. This made him uncomfortable. His wife, Laura, often had to carry his gadgets in her purse, which led to frustration. His personal experience made him realize the need for this vest. So, he introduced the world to SCOTTeVEST. This was the first product that carried multiple devices with itself.

In the early stages of TEC, Scott and his wife Laura faced several issues, including the design of the product, the weight of these devices, and to make this vest comfortable for people. They also faced some trademark issues. Additionally, gaining customer’s attention was also a hurdle for them.

During his pitch in Shark Tank, Scott highlighted his past experiences, and how this product helped him. Also, he mentioned the features and specifications of this vest and which devices it has. Scott also elaborated on the safety and comfortness of this product, and how to use this vest. 

Scott was in search of a $500,000 investment for a 15% equity stake in TEC,  excluding the successful SCOTTeVEST retail business from the deal. He was seeking a Shark partner for contribution in his business. So, he can expand his company. Keep reading our *company update to find out what happened next!

Queries, Shark’s Response, & Final Deal

Sharks asked several questions about the SCOTTeVEST from Jordan. They inquired about the market demand and growth potential of this product. They also wanted to know about the sales figure. They questioned how this product is secure while it has wiring inside. Furthermore, they were curious about the strength of this product.

Sharks were confused and discussed about the market demand and the sales performance, How Scott will attract the market towards his SCOTTeVEST. Sharks also discussed if they share their investment in Scott’s business, what changes will he make for people and how will he expand his business.However, they were impressed by the idea of SCOTTeVEST.

Convincing Sharks was a great deal for Scott. MarkCuban was criticizing the lack of a clear strategy for scaling this vest. So, he didn’t agree to contribute. Daymond thought the same as Cuban and refused. Barbara didn’t care, and she was out too. Despite this, Kevin and Robert showed their interest. Robert offered Scott $500,000 for 15% equity in the whole business, for which Scott thought 15% was too much. After further discussions, Kevin offered $1 million for 30% ownership of the retail company and patent (if Robert joins) & $500,000 for 15% equity (after Robert declined). But, Scott Didn’t accept their offer for some reason.

What Went Wrong With Technology-Enabled Clothing On Shark Tank?

Scott Jordan sought a $500,000 investment for a 15% equity stake in the patent rights of Technology Enabled Clothing (TEC) but excluded the successful SCOTTeVEST retail business from the deal. Initially, the Sharks were interested, but then they hesitated. They were concerned about the long-term market demand and how Scott would handle this large demand. They wanted to know about the efficiency of this vest as it contains wire inside.

Scott did not succeed in securing a deal with the Sharks. There are so many factors that made Sharks hesitant to contribute. These factors include potential growth, comfort and efficiency, safety, etc. Sharks were doubtful how TEC would stand in a crowded market. Also, Scott didn’t present well.

Mark Cuban, Barbara Corcoran and Daymond opted out because of various reasons like unclear presentation, profit, market demand, efficiency, etc. However, Robert and Kevin offered Jordan a contribution, but after further discussions, Scott declined to accept.

Product Availability

This SCOTTeVEST is available on the official website of the company. This site provides a wide range of products, including jackets, vests, hoodies, etc, with information about benefits and prices.

The prices of these products range from $100 to $250, depending on the model and specifications. In terms of TEC update, the retail online presence of SCOTTeVEST primarily sells its products online, with about 85% of sales coming through its website as of 2013. While having a limited offline presence. 

What Happened to the Company After Shark Tank?

In our TEC update research, the company is still working and also faced some sales fluctuations in 2013. In 2013, the company generated sales of around $20M, but by April 2023, annual revenue had reduced to approximately $3M. In 2017, he was forced to step down as CEO because of his own mistakes.

In 2019, he resumed control of the company after addressing financial issues related to a $2 million loan for advertising that had not been efficiently managed. During COVID-19, Sales were reduced to 50%. In 2024, TEC is still active and focusing on market demand and making progress. The Company’s owner tackled all the problems very well after Shark Tank.

Conclusion

Scott Jordan, the founder of TEC, introduced his technology-based vest to sharks, highlighting its specifications, benefits, and usage. He also elaborated on the security and efficiency of this product. He demanded a $500,000 investment for a 15% equity in TEC, excluding the successful SCOTTeVEST retail business from the deal. He was in search of a shark partner for contribution.

However, Sharks were concerned about the market potential and scalability of this product. Cuban, Barbara, and Daymond opted out due to various reasons. But Kevin and Robered offered to contribute for which Scott refused. So, he couldn’t make any deal with sharks. After Shark Tank, the company faced several challenges but remained steadfast and made progress in the market uptill now.