Entrepreneurs Scott Duff and Carlos Ortiz created a way to keep canned and bottled drinks cold. Their product acts as a handheld drink cooler. Will it earn them a deal on
Shark Tank My Cold Snap Update
- Entrepreneurs: Scott Duff and Carlos Ortiz
- Business: Handheld drink cooler
- Ask: $50,000 plus 12% royalty for 100% equity
- Result: No deal
- Shark: None
Scott and Carlos appeared on the tank to introduce their product, My Cold Snap, which encases any standard bottle or can in its own convenient handheld cooler to keep your drink cold while you drink it. The sharks thought the product seemed alright, but were eager to uncover why Scott and Carlos were looking to sell off the business completely.
Daymond John seemed offended by the pitch and, after making sure he understood the deal completely, accused Scott and Carlos of wanting the sharks to work for them. Carlos tried selling the idea that he and Scott already completed “the important part” by creating the product, but Daymond said the important part is having a large amount of sales.
Carlos shared that the company had $250,000 in sales, so Kevin O’Leary asked why and learned that Scott and Carlos sold through a promotional product industry. Kevin asked what happened to that deal, and learned that the promotional company was allegedly on the verge of bankruptcy and mismanaged the product. Carlos went on to reveal there were 20,000 unsold units sitting in a warehouse in Houston.
Robert Herjavec chimed in here, stating that if something seems too good to be true then it often is too good to be true. He couldn’t understand, if My Cold Snap had the licensing, the product, and some sales, why they would want to get rid of the company instead of selling it.
The sharks continued prodding to find out what Scott and Carlos were leaving out until Mark Cuban finally found out that, of the $250,000 in sales, My Cold Snap had earned a paltry $25,000 in profit.
It wouldn’t get much better from there. Barbara Corcoran asked how long ago the deal with the promotional company ended, and the two entrepreneurs revealed that it had been eight years. The sharks were shocked!
Carlos tried to sweep it under the rug, calling it a brief “period of inactivity,” but Barbara drew attention to the fact that eight years is far from brief. The two entrepreneurs tried talking their way out, but no one seemed to care.
Barbara would be the first to go out. She couldn’t get excited and didn’t feel the entrepreneurs were excited either so, for that reason, she was out. Carlos continued floundering, claiming that no one was more excited or committed to My Cold Snap than he and Scott were. Mark shut this down, stating there’s no way that could be true, since they were on the tank to sell it off completely.
Robert would go out next. He said he had no issue with their approach to sell it off and collect a royalty, but he felt the business was dead many years ago. Kevin was out next, stating he felt he couldn’t make any money on My Cold Snap, and the problems Scott and Carlos were facing were too dramatic.
Daymond too was not interested in investing, and also scolded them for asking a 12% royalty, when 5% in his opinion, would’ve been more appropriate. Carlos tried once more to save the deal, stating they could throw out the 12% royalty, but no one cared. Mark finally drove the last coffin nail, simply stating that he didn’t want it, didn’t need it, and definitely didn’t want to help.
Without any offers from the sharks, Scott and Carlos were forced to leave the tank without a deal. Did their product manage to survive regardless? Keep reading our My Cold Snap update to find out!
Unfortunately for Scott and Carlos, things did not work out well for their company. My Cold Snap shuttered in 2013, within a year of the episode. This will be our final My Cold Snap update.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!