My Cold Snap Drink Cooler Cup
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 8, 2013
Asking For:
$50,000 for 100%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
My Cold Snap is an ice chest that fits in your hand, keeping drinks cold with a simple ice and water cup design.
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Background Story
My Cold Snap was presented by Scott Duff and Carlos Ortiz on Shark Tank. The founders aimed to secure $50,000 in exchange for a 100% stake in the company and a 12% royalty on future sales. Scott and Carlos introduced their product as an innovative solution for keeping drinks cold in hot outdoor settings like poolside or on boats.
They had previously secured a deal with a large promotional company, which ultimately went bankrupt, leaving them with unsold inventory. Despite facing setbacks, they were determined to revive the business and sought the Sharks’ investment to propel it forward.
The Product
My Cold Snap is a portable ice chest designed to keep drinks cold in outdoor settings. The product utilizes a simple cup filled with ice and water, which fits into a specially designed container, sealing it with a leak-proof ring. This compact design allows users to enjoy cold drinks even in the hot sun, with the last sip being as cold as the first.
My Cold Snap was initially marketed through the promotional products industry, with each unit costing a little over a dollar to produce. Despite facing challenges, the founders expressed their commitment to relaunching the product and believed in its potential.
How It Went
The company’s position before Shark Tank
My Cold Snap had faced challenges in the past, including a failed deal with a large promotional company that went bankrupt. As a result, they were left with unsold inventory, but the founders remained committed to reviving the business. They had invested significant resources, including $200,000 in prototypes, tooling, and patent work. However, their revenue from licensing and promotional efforts was limited, totaling only $25,000. The company’s structure and current funding sources were not explicitly mentioned in the pitch.
The Negotiations:
The negotiations did not lead to a deal as the Sharks expressed concerns about the company’s past performance and viability. Despite the founders’ determination to move the business forward, the Sharks were hesitant to invest due to the challenges faced by the company, including unsold inventory and limited revenue. Ultimately, all Sharks declined to invest, citing concerns about the product’s marketability and the founders’ ability to execute the business effectively.
