SCOTTeVEST: This Ketchum, Idaho-based clothing company makes clothes with conduit systems, pockets for cell phones, tablets, and other portable electronics, and cable management features. The company primarily serves tourists, but law enforcement and military personnel who need to transport various equipment can also use it.
SCOTTeVEST Net Worth
Notwithstanding a 50% decline in revenue amidst the COVID-19 pandemic, their annual revenue amounts to millions of dollars. Jordan’s estimated net worth as of 2024 is $65 million.
The company predicted that website revenues would reach $10 million by December 2013. They supposedly carry some of the best tech clothing. They have developed a multitude of inventive garments that are cozy, portable, and suitable for military and travel purposes.
To prevent cable accidents, garments now distribute the weight of items stored in pockets, including cables and wires.
Lulu Bang Sauce Net Worth Update 2024: What happened After the Shark Tank?
Scott Jordan appearance on The Shark Tank
Scott appeared on Shark Tank to promote his innovative TEC technology, which enables devices to be hardwired to apparel. His proposition centered on securing licenses for the technology from other brands in return for a substantial payment from one or more Sharks who assisted in the deal’s organization. Jordan, with TEC’s valuation at $7.5 million, demanded $500,000 in exchange for a 15% stake in the organization. The fact that he was donning a ScotteVest specifically designed to accommodate the TEC technology was not a subject of conversation during the discussions.
As the sharks attacked from all sides, it became immediately clear to him that such an approach was not prudent. They need more information about whether his other business generates most of this patent’s revenue to make an informed decision. The only problem was that he avoided mentioning ScotteVest in conversation for fear of losing equity.
This business, of which Jordan is also the proprietor, is projected to generate $12 million this year. Jordan achieved a remarkable end-of-year revenue of nearly $24 million, surpassing initial projections by more than threefold. Additionally, Mark Cuban criticized Scott for obtaining a patent on such a simple idea. Jordan, having been cornered, began to guard his business or businesses as if they were his children, which he refused to relinquish easily.
Some people thought Scott was arrogant and incapable of reaching a consensus. Some saw his actions as a rejection of the Sharks, and he refused to reveal information that would have cost him over a million dollars had he mentioned “ScottVest” on TV the year before.
Jordan was heavily criticized after this episode, but not everyone knew the details. After seeing the sharks in a new show scenario, they naturally sided with them.
SCOTTeVEST Honors
Despite the company failing to garner any nominations or awards, consensus holds that it is operating quite successfully. The likelihood that the organization will be granted permission to resume operations is extremely high.
Jordan, who plays Scottevest on Shark Tank, turned down $1 million investment offers on March 2, 2012. October 30, 2014, marked the publication of Jordan’s autobiography, Pocket Man: The Unauthorized Autobiography of a Passionate, Personal Promoter.
Jordan asserted on social media at the end of January 2018 that the company ran advertisements on Fox News due to the perception that its audience consisted of “idiots” and “gullible” individuals. In response to negative publicity, the social media accounts and comments were removed, and an apology was issued.
The organization promptly severed connections with its former CEO, who resigned in 2017, after firmly condemning his remarks as “irresponsible and rash.” Conversely, Jordan assumed the position of CEO of SCOTTeVEST in March 2019.
Scottevest Origin
Scott Jordan established the organization in Chicago, Illinois, in 2000, operating under the moniker “ScotteVest.” The term “eVest,” which refers to the company’s initial product, implies “a technological version of the traditional fisherman’s vest.”
Due to a lawsuit, the company name was changed in 2002 to avoid resembling IBM’s lowercase “e”. Corporate headquarters moved from Chicago to Ketchum, Idaho, in 2003. In 2004, Idaho-based Scott USA settled a lawsuit against the corporation for using “Scott” without permission by combining “Scott” and “eVest” into one word.
After that, the company became Scottevest and grew 20–40% annually. In December 2013, the organization expected $10 million in annual revenue, with 85% from the website.
