What happened to My Cold Snap after the Shark Tank Pitch?
What was My Cold Snap?
My Cool Snap was simply a huge cup that contained ice and water and was used to chill a beer can or bottle. The can or bottle is held in place by a simple snap-in ring.
Drinks stay ice-cold for almost 40 minutes; simply adding extra ice ensures that you’ll never be without an ice-cold beverage, even on the hottest day.
My Cold Snap is available for purchase on their website in quantity for resale or as a promotional item.
Who Founded My Cold Snap?
Two college friends, Scott Duff and Carols Ortiz, formed the business in 2000. Carlos Ortiz and Scott Duff, golfing buddies, were tired of their beer fast warming up following a round of golf in the Texas heat.
They searched for a portable cooler for individual beverages but were unable to locate one, so they decided to build their own.
Scott demonstrated by pouring cold water into the cooler cup, sealing it with the leak-proof ring, and inserting a can.
In 2002, they were given a product patent.
What Happened to My Cold Snap During Shark Tank Pitch?
Carlos Ortiz and Scott Duff appeared on Shark Tank in season 4 episode 15 and requested $50,000 in exchange for 100% ownership of the business and a future royalty of 12%. This amounts to a valuation of $50,000.
Drinking beer in sunny Texas weather often entails sipping warm beer.
Ortiz and Duff designed My Cold Snap to solve the issue. The device is simply a portable ice chest that keeps beer chilled for up to 40 minutes.
The pair’s novel strategy of selling the entire company to the Sharks might backfire.
While the Sharks are fascinated by the novel concept, the offer raises concerns.
Daymond John casts scepticism on the proposal, stating, “In essence, you want us to work for you.”
Duff waffles slightly, but claims that they’ve sold 250,000 copies through promotions.
They’d entered into a license arrangement with a company that went bankrupt, leaving them with 20,000 gadgets sitting in a warehouse.
They admit to squandering their first $200,000 investment and storing merchandise for eight years.
Barbara Corcoran is disappointed with the pair’s apparent lack of zeal. “It’s as if you dragged a cold dead body from the closet and are now pleading with us to join.” I cannot be enthusiastic about your business until you are.” She has departed.
Robert deemed the product “dead” and compared the firm to a falling rock. He, too, left with little explanation, and none was required.
Kevin O’Leary is not confident in his ability to earn from the product. He has departed.
Daymond John notifies them that they have overcharged for their product. According to the value, he is out.
Mark was unrelenting in his candour. He had no interest in the product, no desire for it, and no need for it.
He quickly confirmed ‘I’m out’ and left the Texan entrepreneurs sweaty and uncomfortable, with no contract in hand, by theatrically ripping up a sheet of paper to mark the end of negotiations.
What Became of My Cold Snap Following the Shark Tank Pitch?
My Cold Snap was still being sold online in mid-2013, but the company appears to have sunk into the freezing waters of bankruptcy at some time since then, with just a few relics left.
Without a Shark contract, my Cold Snap quickly dwindled. They were canceled less than a year after its first 2013 broadcast.
The Sharks declined this offer, and My Cold Snap is no longer available online.
The Sharks have frequently stated that their excitement for the firm is a critical aspect in securing a deal.
When an entrepreneur is eager to sell yet is unwilling to invest in the time and effort required to market their own product, the Sharks just turn and swim away.
What was the Net Worth of My Cold Snap?
Carlos Ortiz and Scott Duff came on Shark Tank to seek a $50,000 investment in return for 100% ownership of the business and a future royalty of 12%. This amounts to a valuation of $50,000.
Who were Competitors of My Cold Snap?
There are no known competitors for My Cold Snap.
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My Cold Snap FAQS
1. What was My Cold Snap?
My Cold Snap was simply a huge cup that contained ice and water and was used to chill a beer can or bottle.
The can or bottle is held in place by a simple snap-in ring. Drinks stay ice-cold for almost 40 minutes; simply adding extra ice ensures that you’ll never be without an ice-cold beverage, even on the hottest day.
2. Who Founded My Cold Snap?
Two college friends, Scott Duff and Carols Ortiz, formed the business in 2000.
3. How Scott Duff and Carols Ortiz did came up with the idea?
Scott Duff and Carols Ortiz, golfing buddies, were tired of their beer fast warming up following a round of golf in the Texas heat.
They searched for a portable cooler for individual beverages but were unable to locate one, so they decided to build their own.
4. What did Shark Tank Investors say about My Cold Snap?
Carlos Ortiz and Scott Duff appeared on Shark Tank in season 4 episode 15 and requested $50,000 in exchange for 100% ownership of the business and a future royalty of 12%.
5. Who invested in My Cold Snap?
None of the Sharks were willing to invest in My Cold Snap.
6. Is My Cold Snap still in business?
My Cold Snap was still being sold online in mid-2013, but the company appears to have sunk into the freezing waters of bankruptcy at some time since then, with only a few relics left.
Without a Shark contract, my Cold Snap quickly dwindled.
7. Where can they learn more about My Cold Snap?
They can read more about them at Shark season 4 episode 15.
8. Where was My Cold Snap located?
They were located in Austin, Texas.
