Scottevest Net Worth 2023: What Happened To Scottevest At Shark Tank Pitch?
The Ketchum, Idaho-based clothing firm SCOTTeVEST specializes in clothes with conduit systems, specific pockets, and compartments for holding cell phones, tablets, and other portable electronic devices, as well as managing and controlling their cables. Although the business targets tourists, it also serves military personnel and law enforcement personnel who must carry a number of equipment.
Scottevest Net Worth
While their sales went down 50% during the Covid-19 pandemic, their yearly revenue is still in the millions. As of 2023, Jordan has an estimated net worth of $65 million.
The business had predicted that in December 2013, sales from their website alone would total $10 million. However, as of January 2021, their net worth was $65 million. They are regarded as having some of the greatest tech clothing. For tourists and the military, they have developed a number of creative designs for comfortable apparel that is also simple to store.
In order to prevent mishaps involving cables, they have produced solutions to store wires or cables as well as clothing that evenly distributes the weight of the goods kept in pockets throughout the garment.
Scott Jordan On The Shark Tank Show
Scott appeared on Shark Tank to promote his patented TEC technology for hard-wiring your clothes to your gadgets. His pitch centered on licensing the technology to other brands while collecting a nice royalty from one or more Sharks for assisting in the deal’s structure. Jordan was asking $500k for a 15% stake in TEC, valuing it at $7.5 million. He was wearing a ScotteVest designed specifically to accommodate the TEC Technology within the vest, but that was not part of the negotiations.
He quickly learned not to underestimate the Sharks as they began attacking from all sides. If his other business is generating the majority of the revenue from this patent, they will require more information to make an informed decision. The only problem was that he couldn’t bring up ScotteVest for fear of losing equity simply by mentioning the name during negotiations.
Jordan also owns this company, which is on track to make $12 million this year. (Jordan actually ended the year with more than $24 million, more than doubling earlier estimates.) Furthermore, Mark Cuban began criticizing Scott for obtaining a patent on such a simple idea. Jordan felt cornered and began to defend his business(es) as if they were his own children, and he wasn’t going to give them up easily.
Scott came across as arrogant to some, and he had no intention of ever making a deal. Others saw him as standing up to the Sharks on their level, and he was not going to be bullied into disclosing information that would have cost him over a million dollars just last year if he had slipped up and said “ScottVest” on TV.
Jordan received mostly negative feedback from viewers after this episode aired, but no one knew all of the facts at the time. They had just witnessed the Sharks in a situation never before seen on the show, and they instinctively sided with the Sharks.
Although the company hasn’t been able to bag any awards or nominations, we can nevertheless agree that it’s doing just fine. The company has a very high chance of being reinstated for their work very soon.
Representation on Media
Jordan represented Scottevest on Shark Tank, an episode of the ABC programme, on March 2, 2012, where he declined investment offers of up to $1 million.
On October 30, 2014, Pocket Man: The Unauthorized Autobiography of a Passionate, Personal Promoter, Jordan’s autobiography, was released.
Jordan said in remarks on social media that the corporation advertised on Fox News because viewers were “gullible” and “idiots” in late January 2018. The social media accounts and comments were deactivated after receiving negative press, and an apology was given.
The business quickly distanced itself from its previous CEO (who resigned in 2017), calling his remarks “impulsive and irresponsible.” Jordan, however, returned to his position as SCOTTeVEST’s CEO in March 2019.
Scott Jordan established the business in Chicago, Illinois, in 2000 under the name “Scott eVest.” “A technological version of the traditional fisherman’s vest,” as the company’s initial item was dubbed, is referenced by the name “eVest.”
After a lawsuit threat in 2002, the company name was changed to lessen its resemblance to IBM’s lower-case “e”.
The business relocated its headquarters from Chicago to Ketchum, Idaho, in 2003.
The case was resolved by combining the words Scott eVest into one word in 2004, after another Idaho company, Scott USA, sued the company for using the word “Scott” without permission.
Since then, the business has gone by the name Scottevest and has seen steady annual revenue growth of 20 to 40 percent. The business estimated its annual sales at $10 million in December 2013, with 85% of those sales coming from the website.