TEC Shark Tank Update

TEC Shark Tank Pitch

Scott Jordan is a "gadget guy" who's always on the go. To accommodate his needs he started TEC, which stands for Technology Enabled Clothing. Scott made more than just a cute acronym.

Scott owns a patent that covers clothing with built-in paths for wires to run through. Scott has used the patent to win settlements with 12 big-name brands, including Northface, Calvin Klein, Under Armour, and Spyder.

Scott seeks to license out the patent to larger clothing companies. To prove the patent has merit, Scott created another company that is not included in this deal that produces clothing incorporating the wirable passages, which has done $5.1 million in revenue all-time and expects $12 million this year.

Scott has a cocky, big-wig attitude, the deminer of a con artist, and is disrespectful to the sharks.

Scott makes sure to build his authority to the sharks, or perhaps more so for his ego, by mentioning that he has to call Steve Wozniak, a co-founder of Apple.

While Kevin and Robert make offers for both businesses, Scott Jordan thinks he's the coolest guy in the world, and instead of making a counter offer, he tells Kevin and Robert that they're out. I'm guessing Steve Wozniak is less than proud to be associated with Scott.

TEC After Shark Tank

Buckle up. We have a lot to cover in the time since. First I'll summerize Shark Tank Blog

Many things were not shown in the episode, such as Robert Herjavec trying on the jacket and Daymond calling Scott "brilliant." Also, Scott dodged around verbalizing his other brand, Scottevest, because from season 1 to season 3, Shark Tank production had an option to claim 3% of profits or 5% equity in the pitched companies as an appearance fee, which Scott was not willing to provide. Scott said he would be happy to go back to the tank with Scottevest if it is not subject to a 5% equity fee to production.

In a YouTube video with Shark Tank Blog, here

Scott usually first approaches patent infringements with a kind offer to license the rights to use his patent. He pursues a lawsuit on those who ignore his invitation to set up a licensing agreement.

Scott got into a Twitter feud with Mark Cuban after the show, where Mark called Scott a "Patent Troll" and offered to pay all the legal fees to a company called AyeGear that Scott was pursuing legal action on over patent infringement.

Scotts brand Scottevest has received lawsuits from other companies over its logo and name, which resulted in a logo change.

According to Shark Tank Blog

Shark Tank Blog

In 2018, Scott Jordan made a Facebook post that got him removed from the day-to-day operations of Scottevest and was followed by Scott giving several fake apologies.

Needless to say, Scott received a ton of hate and according to Shark Tank Blog

Scott went on The Small Business Radio Show podcast in 2021 here

Perhaps the high altitude of ski mountains caused Scott to get a little confused about who the real sucker was.

According to Scott Jordan's Twitter, @scottevestceo

If even the most brilliant guy in the world, Scott Jordan, does idiotic things, then I guess we mere mortals can get over our mistakes.

After the loan incident in 2018, Scott reinjected himself into the company and remains there in 2022. Covid caused a big hit on Scottevest because it targets travelers, but Scottevest raised its prices without issues, and Scott plans to open up retail stores in the future.

In 2022 Scottevest redid its website, scottevest.com

Scott also wrote an autobiography called Pocket Man, which is on Amazon here