TEC-Technology Enabled Clothing
NO DEAL
EPISODE SUMMARY
🕓 Air Date: March 2, 2012
Asking For:
$500,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
TEC offers revolutionary clothing designs equipped with specially engineered pockets and features to seamlessly carry and access various gadgets and devices.
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Background Story
Scott Jordan’s inspiration for TEC stemmed from his own experiences as a gadget aficionado who found it burdensome to carry numerous devices while traveling. Frustrated by the inconvenience, Scott envisioned a solution that would integrate technology seamlessly into clothing. After years of dedication and development, Scott successfully patented his technology-enabled clothing system. Prior to seeking investment in “Shark Tank,” Scott had established a retail clothing business to validate the concept and build brand recognition for TEC.
The Product
TEC’s clothing boasts patented pocket designs that can accommodate a wide array of devices without adding bulk or sacrificing comfort. One standout feature is the ClearTouch fabric, which allows users to interact with their devices without the need to remove them from the pockets.
Additionally, TEC’s integrated wiring system enables hassle-free headphone usage, eliminating the tangled mess of wires often associated with traditional headphones.
Scott envisions licensing this groundbreaking technology to major clothing companies, aiming to establish TEC as an industry leader in technology-enabled apparel.
How It Went
The company’s position before Shark Tank
TEC’s retail arm has achieved impressive sales figures, generating $5.1 million in revenue to date with projections to reach $12 million in the current fiscal year. The company has cultivated partnerships with prominent clothing corporations and has successfully settled patent disputes with several major brands, securing ongoing royalty streams. TEC is structured to focus on licensing its patented technology rather than continuing to operate as a traditional retail clothing business.
The Negotiations:
Despite expressing interest in Scott’s innovative technology, the sharks were hesitant to invest solely in the licensing aspect of the business, preferring to also acquire a stake in the lucrative retail clothing segment. Scott’s refusal to include his retail business in the deal led to tense negotiations and the eventual rejection of all offers.
The sharks expressed concerns about the sustainability of the wired technology in the face of emerging wireless alternatives, but Scott remained steadfast in his vision for TEC’s future. Ultimately, the inability to reach a compromise on the terms of the deal resulted in no agreement being reached.
