Jeffrey Miller created a gift wrap solution, to make wrapping gifts a cinch. Will his product earn him a deal on
Shark Tank CoolWraps Update
- Entrepreneur: Jeffrey Miller
- Business: Shrinkable gift bags
- Ask: $100,000 for 40% equity
- Result: $250,000 for 100% equity and a 3% royalty
- Shark: Mark Cuban
Jeffrey could barely contain his excitement regarding his business, CoolWraps. After demonstrating how easy it was to stuff, seal, and shrink the bags around the gift, he was seemingly speechless, leaving the sharks confused as he stammered through the pitch.
Eventually, Mark Cuban moved things along, encouraging Jeffrey to talk about the business. Jeffrey said that it was on the market ten years ago but, due to lack of funding, he and his partners were unable to fill orders. Every partner except Jeffrey ended up walking away, leaving Jeffrey as the sole equity holder.
Robert Herjavec couldn’t understand why the bank refused to provide a loan. Jeffrey said they needed $300,000 to $500,000 to fill orders with QVC and CVS. In order for the loan to go through, the bank wanted them to put up their homes as collateral, but not everyone was willing.
Lori Greiner asked if he was giving the demonstration at the tradeshows, and Jeffrey said he was not. Because he didn’t have money to purchase an actual booth, Jeffrey was instead walking the floor and handing out business cards.
Robert said CoolWraps really relied on the demonstration to sell. Daymond John asked if CoolWraps had any direct competitors and, because of Jeffrey’s utility patent, there was nothing else like it out there. After discussing the cost and retail price of CoolWraps, Daymond asked if Jeffrey ever considered licensing it to a manufacturer with good distribution channels. Jeffrey said he never did because he wasn’t sure how.
Robert said he was having trouble seeing a market for CoolWraps, so he was out. Lori, on the other hand, saw the potential, but felt it needed some revamping. She asked what Jeffrey would do if she offered him $150,000 to purchase the company from him and take it off his hands.
Before he could contemplate the offer, Mark outbid Lori by offering $250,000 for 100% equity, and he threw in a 3% royalty per unit sold too! The catch– Jeffrey had to say “yes” right away. Without hesitation, he accepted Mark’s deal. Did Mark help the company succeed? Keep reading our CoolWraps update to find out!
When Mark took over CoolWraps, the product was not available anywhere. This required Mark to build the business from scratch, and perhaps was the reason the deal shown in the episode never closed. By 2015, Jeffrey ironed out the kinks and sold CoolWraps online again, but it was short-lived before all items were out of stock again. As of 2023, CoolWraps is not sold anywhere, and considered out of business. This will be our final CoolWraps update.
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!