Embarking on a journey beyond the glitzy confines of the Shark Tank, this article delves into the post-show trajectory of Technology Enabled Clothing (TEC). Introduced by Scott Jordan, a non-practicing attorney turned entrepreneur, TEC stormed into the tank with its innovative fusion of fashion and technology. Beyond the spotlight, tensions flared on social media, specifically with Mark Cuban.
However, as the dust settled, TEC thrived, witnessing a surge in sales and unveiling new, tech-infused designs. Join us as we unravel the highs, lows, and technological strides that unfolded after the critical gaze of the Sharks shifted away.
What Is Technology Enabled Clothing (TEC):
This accessory can be appended to any jacket or vest to facilitate carrying and expedite the checkpoint process. The pockets in the vest offer the convenience of stowing nearly anything without giving the impression of being overly voluminous or imbalanced.
Certain pockets are fashioned from a material that allows seamless operation of your touchscreen smartphone without the need to extract it. To prevent entangled wires, there is a designated area specifically allocated for your headphones.
Pros of TEC:
- Innovative Design and Functionality. One of the key strengths of TEC is its ability to seamlessly integrate advanced technology into clothing, resulting in innovative designs with enhanced functionality. Products like smart jackets, responsive fabrics, and embedded sensors offer consumers a unique and futuristic clothing experience. These designs often cater to specific needs, such as fitness tracking, temperature regulation, or even safety features for outdoor activities;
- Convenience and Connectivity. TEC has the potential to transform the way we interact with our clothing, introducing a new level of convenience and connectivity. Imagine garments that can wirelessly connect to your smartphone or other smart devices, allowing you to control music, answer calls, or adjust settings with a simple touch on your sleeve. This interconnectedness not only adds a layer of convenience but also opens up possibilities for further integration with smart home systems and other IoT devices;
- Health and Fitness Monitoring. Several TEC products showcased on Shark Tank focus on health and fitness monitoring. From smart activewear to garments equipped with biometric sensors, these innovations aim to provide users with real-time data on their physical well-being. This not only promotes a healthier lifestyle but also creates a symbiotic relationship between fashion and wellness, catering to an increasingly health-conscious consumer base;
- Customization and Personalization. TEC allows for a high degree of customization, enabling users to tailor their clothing experience to their preferences. Adjustable settings, personalized color schemes, and even programmable LED displays are just a few examples of how TEC products can be personalized to reflect individual styles and tastes. This customization not only enhances the user experience but also contributes to a sense of identity and self-expression;
- Educational and Inspirational Value. TEC products featured on Shark Tank often come with an educational aspect, introducing consumers to the possibilities and potential of combining technology with fashion. The entrepreneurs behind these innovations share insights into the development process, the challenges they’ve overcome, and the vision driving their creations. This educational component not only raises awareness about the intersection of technology and fashion but also inspires the next generation of innovators and creators [2];
Cons of TEC:
- Cost and Accessibility. One of the most significant challenges facing TEC is the cost associated with integrating advanced technology into clothing. While the innovative features are undoubtedly appealing, the price point of many TEC products can be prohibitive for a wide range of consumers. This raises questions about the accessibility of these innovations, potentially limiting their adoption to a niche market rather than reaching mainstream consumers;
- Durability and Maintenance. The integration of technology into clothing introduces concerns about the durability of these garments, especially given the wear and tear associated with regular use and washing. Consumers may worry about the longevity of TEC products and the potential costs associated with maintenance or repairs. Issues such as battery life, water resistance, and overall robustness become crucial factors that need to be addressed to ensure the practicality and longevity of these high-tech garments;
- Fashion Trends and Rapid Technological Obsolescence. The fast-paced nature of both fashion and technology raises concerns about the rapid obsolescence of TEC products. As fashion trends evolve quickly, so too does technology, potentially rendering once-innovative garments outdated in a short period. This creates a challenge for both consumers and manufacturers, as keeping up with the latest advancements may require frequent upgrades or replacements, contributing to electronic waste and environmental concerns;
- Privacy and Security Issues. Several TEC products come equipped with sensors and connectivity features that raise privacy and security concerns. Garments that collect biometric data or have the capability to connect to the internet may pose risks in terms of data breaches and unauthorized access. Addressing these concerns is crucial to building trust among consumers, as the intersection of fashion and technology necessitates a heightened focus on data protection and cybersecurity;
- Limited Application and Market Niche. While TEC offers exciting possibilities, some products showcased on Shark Tank may have limited applications, targeting niche markets rather than appealing to a broad audience. This raises questions about the scalability of TEC innovations and their ability to become mainstream. Entrepreneurs in this space must carefully consider market demand and positioning to ensure the long-term success of their products;
Who May Benefit From Using?
- Tech Enthusiasts and Early Adopters: Tech enthusiasts and early adopters who are eager to embrace the latest advancements in both fashion and technology may find TEC particularly appealing. The cutting-edge features, innovative designs, and integration of smart technologies make TEC products attractive to those who seek unique and futuristic experiences;
- Fitness Enthusiasts: TEC products that focus on health and fitness monitoring cater to individuals committed to an active lifestyle. Smart activewear with built-in sensors for tracking physical activity, monitoring vital signs, and providing real-time data can benefit fitness enthusiasts by offering a more comprehensive understanding of their workouts and overall well-being;
- Outdoor Enthusiasts and Adventurers: Individuals engaged in outdoor activities, such as hiking, camping, or extreme sports, may benefit from TEC designed for safety and performance. Smart clothing with built-in GPS, temperature regulation, and emergency communication features can enhance the outdoor experience by providing added convenience and safety measures;
- People with Specific Health Conditions: TEC that includes health-monitoring features, such as biometric sensors and vital sign tracking, can be valuable for individuals with specific health conditions. For example, those with cardiovascular issues or chronic diseases may benefit from continuous health monitoring integrated into their everyday clothing, providing them and their healthcare providers with valuable data;
- Fashion-forward Individuals: Fashion-conscious individuals who are always on the lookout for the latest trends may be drawn to TEC for its innovative designs and customizable features. The ability to personalize clothing through adjustable settings, color schemes, and even programmable LED displays can appeal to those who view fashion as a form of self-expression;
- Professionals in Specialized Fields: Certain TEC applications may cater to professionals in specialized fields. For instance, individuals working in healthcare, sports, or emergency services could benefit from smart garments that enhance their performance, provide real-time information, or even offer safety features tailored to their specific work environments;
- Students and Researchers: TEC’s educational value and potential to inspire future innovators make it relevant to students and researchers. Exploring the intersection of technology and fashion can be an engaging and practical way for individuals in academia to understand the possibilities and challenges associated with merging these two domains;
- Aging Population: TEC with health monitoring capabilities may benefit the aging population, allowing for continuous monitoring of vital signs and providing a sense of security for both individuals and their caregivers. Features such as fall detection or reminders for medication intake can contribute to the well-being of older individuals [3];
About Founders Of Technology Enabled Clothing
Introduced by Scott Jordan and featured on the popular reality show Shark Tank, TEC has made waves in the tech-fashion.
Technology Enabled Clothing, as the name suggests, is a line of clothing designed to integrate digital devices seamlessly into one’s wardrobe. The idea came about in 2000, with Jordan realizing the need for a solution to address the growing digital lifestyle of consumers.
The patented TEC design includes a series of internal waterproof pockets and wiring systems that can house various gadgets like iPads, cell phones, etc.
Currently, Jordan exclusively applies his patented TEC technology within his own retail business. However, his aspirations extend beyond his retail enterprise; he envisions licensing this patented innovation to renowned outerwear manufacturers.
Jordan is confident that TEC’s appeal will extend beyond his existing customer base, particularly among technology enthusiasts who already appreciate his popular ScottEvests. Recognizing the need for strategic connections, he enters the Shark Tank, seeking a partnership with one of the prominent and influential business figures to facilitate the licensing deal he desires.
The Pitch Of Technology Enabled Clothing At Shark Tank
Upon entering the Shark Tank, Jordan disclosed his asking price of $ 500k for a 15% stake in Technology Enhanced Clothing (TEC). Describing himself as a “gadget guy,” he emphasized his constant need to carry various technological devices, such as cell phones, tablets, and digital cameras. Given his frequent travels, Jordan found it burdensome to carry multiple gadgets, leading to the creation of TEC. This specially designed vest accommodates diverse pieces of technology, allowing users to carry them without appearing bulky or feeling unbalanced [5].
Furthermore, certain pockets, crafted from a material enabling touchscreen interaction, offer added convenience, with a designated section for headphones to prevent wire tangling.
Jordan envisions licensing the patented TEC design to various outerwear manufacturing companies, aiming for global recognition and anticipating a billion-dollar success. When questioned by Robert Herjavec about potential competition, Jordan revealed his retail business, ScottEvest, which has generated approximately $ 5.1 million in sales and is projected to reach $ 12 million by year-end. However, Jordan clarified that he sought investment not for the retail business but to license his patented design to established brand names.
The Sharks’ reactions varied, with Herjavec expressing concern over a similar product he saw in a magazine. Jordan clarified that ScottEvest was created to validate the popularity of technology-enhanced clothing, and now, with the patent secured, he seeks to license it. Kevin O’Leary accused Jordan of greed for not offering a stake in the retail business, while Jordan emphasized his focus on licensing the intellectual property for broader market impact.
Daymond John questioned the uniqueness of TEC, given the existence of other clothing with headphone features. Jordan explained that his patent protected the design allowing wires to pass through the clothing, detailing legal victories against brands like North Face, Ralph Lauren, and Under Armour, resulting in royalty compensation.
The revelation of Jordan’s background as a former lawyer triggered a heated exchange between Mark Cuban and Daymond John, who criticized the patent’s validity. Herjavec commended Jordan’s strategic approach, recognizing the potential of both the patent and ScottEvest as a company.
Amid the chaos, Herjavec made an offer: $ 500k for a 15% stake in the entire ScottEvest company. This offended Jordan, who deemed it low considering ScottEvest’s $ 5 million in sales [6]. Barbara Corcoran and Mark Cuban opted out, citing concerns about working with Jordan. Cuban argued against investing in TEC, suggesting a shift toward wireless technology. O’Leary sympathized with Cuban’s viewpoint but admired Jordan’s business growth, making the same offer as Herjavec.
Jordan stepped away to consult with an advisory board member, a co-founder of Apple. It returned to reject both offers, citing advice against accepting the low valuation for an established business. The exchange became heated, with Jordan displaying disrespect. Ultimately, he rejected both O’Leary and Herjavec, leaving the Sharks frustrated at what they perceived as a waste of time.
Technology Enabled Clothing After The Shark Tank
Following the Shark Tank episode, the drama escalated as Mark Cuban took to Twitter, openly labeling Scott Jordan as a “patent troll” and accusing him of endorsing Aye Gear, a perceived copycat of ScottEvest. The conflict extended to podcasts and blogs, with supporters on both sides contributing to the ongoing debate.
Despite the controversy, SCOTTeVEST continued to thrive. Within a year of its Shark Tank appearance, the company’s sales soared to $ 20 million. They took legal action against Aye Gear for infringement, underscoring their commitment to protecting their patented technology.
The company continued its innovative streak by introducing a new version of the TEC jacket. This updated iteration featured embedded speakers in the collar, detachable sleeves, and solar panels on the shoulders for on-the-go charging.
An example is the Revolution Plus 2.0 Jacket, constructed from 100% polyester and boasting 26 pockets. The removable sleeves, tablet-sized pockets, and detachable hood exemplify the company’s dedication to functionality. Priced at $ 379, the jacket is available in six sizes.
Beyond jackets, SCOTTeVEST offers a diverse range of products, including vests, tees, hoodies, windbreakers, and button-up shirts, all featuring strategically designed pockets. The product line is inclusive, with a women’s collection mirroring the offerings for men. Gender-exclusive items, such as the Daisy Dress with eight pockets priced at $ 119, showcase the brand’s commitment to providing practical and stylish solutions.
The pricing of SCOTTeVEST’s products spans from $ 29 to $ 300+, depending on the type of item. Jackets are generally pricier than shirts and cardigans. The company offers discounts through an outlet section on its website, providing opportunities for customers to find deals on selected items.
While the controversy and drama surrounding Jordan persisted, his assertive demeanor remained unchanged. In 2017, he stepped down as CEO after making controversial remarks about Fox News viewers. However, he reclaimed ownership in 2019 after securing a $ 2 million loan, utilizing the funds for TV advertisements.
Despite a 50% decrease in sales during the COVID-19 pandemic, SCOTTeVEST’s annual revenue remains in the millions. As of 2023, Scott Jordan boasts an estimated net worth of $ 65 million, highlighting the enduring success of his venture at the intersection of technology and fashion.
The Net Worth Of Technology Enabled Clothing
The company’s founder, Scott Jordan has a personal net worth estimated at $ 65 million. This wealth accumulation can be attributed to the success of TEC and its other endeavors.
In terms of revenue, TEC has made significant strides in 2023. As of April, the company’s annual revenue was reported to be $ 3 million [9]. However, more recent reports suggest that the company’s earnings have risen to around $ 5.1 million. Furthermore, it is projected that TEC could finish the year with a profit of about $ 12 million.
The significant increase in revenue and the projected profits for the year reflect the growing popularity and acceptance of TEC products among consumers. The company’s success can be attributed to its unique product offering that seamlessly integrates technology into clothing, providing consumers with a convenient way to carry their digital devices.
Alternatives To Technology Enabled Clothing:
1) Wearable Technology Devices:
Instead of embedding technology directly into clothing, individuals can opt for standalone wearable devices such as smartwatches, fitness trackers, and health monitoring gadgets. These devices offer similar functionalities, such as fitness tracking, biometric monitoring, and connectivity, without the need to incorporate technology directly into apparel.
2) Smart Accessories:
Accessories like smart eyewear, jewelry, or even shoes provide an alternative to TEC. These items can integrate technology for specific purposes, such as augmented reality in eyewear, GPS tracking in jewelry, or pressure-sensitive insoles in shoes. This approach allows users to embrace smart features without a full integration into their clothing.
3) Modular Clothing:
Modular clothing offers a versatile alternative, allowing users to mix and match different components to create various outfits. While not inherently technological, modularity provides flexibility, enabling individuals to adapt their clothing to different situations without the need for embedded tech features [10].
4) Advanced Fabrics and Materials:
Without incorporating electronic components, advancements in textile engineering have led to the development of fabrics with enhanced properties. Moisture-wicking materials, UV-resistant fabrics, and temperature-regulating textiles offer performance benefits without needing embedded sensors or electronics.
5) Fashion Tech Accessories:
Instead of integrating technology into clothing, individuals can explore fashion tech accessories. These include items like LED-embedded handbags, smart scarves with built-in Bluetooth speakers, or gloves with touchscreen compatibility. These accessories add a tech-savvy touch to an outfit without requiring the entire garment to be technologically enhanced.
6) Customizable Clothing:
Brands that offer customizable clothing options provide an alternative to TEC’s personalization features. Customizable apparel allows individuals to choose colors and styles, and sometimes even add personalized elements without necessarily incorporating electronic components.
7) Traditional Performance Apparel:
Performance-oriented clothing designed for specific activities, such as sports or outdoor adventures, may not have embedded technology but still offers features like moisture management, breathability, and durability. These garments cater to functional needs without the integration of electronic components.
8) DIY Wearable Projects:
For those who enjoy a hands-on approach, do-it-yourself (DIY) wearable technology projects provide an alternative to purchasing commercially available TEC. DIY kits and components allow individuals to experiment with integrating technology into their clothing, fostering creativity and customization.
9) Smartphone Apps:
Some functionalities provided by TEC, such as fitness tracking, health monitoring, and connectivity, can be achieved through smartphone apps. Utilizing dedicated apps for health and wellness, fashion inspiration, or even smart home control offers a digital alternative to the integrated features of TEC.
10) Fashion Tech Collaborations:
Collaborations between traditional fashion brands and tech companies result in products that bring together the best of both worlds. For example, a fashion brand might partner with a tech company to create a limited-edition smart accessory or a line of clothing that incorporates specific technological features without fully committing to TEC.
FAQ:
- How did ScotteVest start?
ScotteVest was founded by Scott Jordan, a non-practicing attorney, who leveraged his love for technology and the need for convenient gadget storage while traveling. The company gained prominence with its innovative line of clothing featuring Technology Enabled Clothing (TEC), specifically designed internal pockets to protect portable electronic devices.
- Does ScotteVest ship internationally?
Yes, ScotteVest does offer international shipping. Customers outside the United States can enjoy the convenience of having ScotteVest products delivered to their location.
- What are the different designs of ScotteVest?
ScotteVest offers various designs, including jackets, vests, tees, hoodies, windbreakers, and button-up shirts. Each design is meticulously crafted to incorporate functional pockets for carrying gadgets and other essentials.
- How many colors are available in ScotteVest?
The color options for ScotteVest products may vary across different styles and designs. The website typically provides a range of color choices for customers to select according to their preferences.
- How many ScotteVest Jacket Styles are there?
ScotteVest offers multiple jacket styles, each with unique features and pocket configurations. The diversity in styles allows customers to choose jackets that align with their specific needs and preferences.
- What are ScotteVest’s new jacket styles?
ScotteVest periodically introduces new jacket styles, often incorporating the latest advancements in technology and design. Customers can explore the company’s website or official channels for updates on the latest additions to the jacket collection.
- How does ScotteVest work?
ScotteVest works by seamlessly integrating technology and fashion, providing clothing with strategically designed pockets for carrying gadgets and personal items. The patented TEC technology ensures that users can carry their devices conveniently and access them when needed.
- Where can you find ScotteVest online?
ScotteVest products are available for purchase on the official ScotteVest website. Customers can explore the online store to browse through the various designs, styles, and color options offered.
- What are the manufacturers of ScotteVest?
ScotteVest manufactures its products through a combination of in-house production and collaboration with trusted manufacturing partners. The company prioritizes quality and innovation in its manufacturing processes.
- Are there any discounts or systems that you can use with ScotteVest?
ScotteVest occasionally offers discounts or promotional systems, which customers can utilize to make purchases at a more favorable price. Checking the official website and subscribing to newsletters can keep customers informed about any ongoing promotions.
- What is ScotteVest’s return policy?
ScotteVest has a return policy in place, allowing customers to return items within a specified period if they are dissatisfied or encounter issues with their purchases. Details of the return policy can be found on the official ScotteVest website.
- What was the biggest Shark Tank fail?
The biggest Shark Tank fail refers to a business or product that did not gain traction or experience success despite appearing on the show. Various instances in Shark Tank history could be considered significant failures, with some entrepreneurs unable to secure deals or sustain their businesses post-show.
- What is the most successful Shark Tank ever?
The most successful Shark Tank stories involve businesses that have achieved remarkable success after securing deals on the show. Examples include the likes of Scrub Daddy, Ring, and the Simply Fit Board, which have gone on to become household names and generate substantial revenues.
- Which “shark” was removed from Shark Tank?
No “shark” has been removed from Shark Tank. The panel of sharks has remained dynamic, with occasional changes in the lineup, but no shark has been permanently removed from the show.
- Why don’t most Shark Tank deals close?
While deals are made on Shark Tank, not all of them close. The reasons for this can vary and may include issues uncovered during due diligence, challenges in negotiation, or changes in the entrepreneurs’ plans. The complex nature of business deals contributes to the occasional non-closure of agreements made on the show.
Useful Video: Best Shark Tank Clip Ever: Scott Jordan Tells the Sharks That THEY’RE Out!
References:
- https://onlinebizbooster.net/what-happened-to-technology-enabled-clothing-tec-after-shark-tank/
- https://www.sharktankblog.com/business/technology-enabled-clothing/
- https://gazettereview.com/technology-enabled-clothing-update-see-happened-shark-tank/
- https://www.sharktanksuccess.com/scottvest/
- https://www.scottevest.com/pages/sizing
- https://biznewske.com/scottevest-shark-tank-update/
- https://en.wikipedia.org/wiki/Scottevest
- https://nextshark.com/scottevest-founder-why-shark-tank-is-not-a-good-way-to-raise-money
- https://www.inc.com/graham-winfrey/how-shark-tank-s-most-controversial-contestant-is-making-millions-without-funding.html
- https://www.ecommerce-mag.com/one-of-shark-tanks-most-controversial-contestants-reflects-on-his-17-years-in-ecommerce