SCOTTeVEST, a clothing company founded in Ketchum, Idaho, specializes in apparel with conduit systems, dedicated pockets, and compartments for holding cell phones, tablets, and other portable electronic devices, as well as cable management and control. Despite catering mostly to visitors, the company also provides services to law enforcement and military personnel who are required to carry a variety of equipment.
Scottevest’s Net Worth
Despite a 50% decrease in sales during the Covid-19 pandemic, they still make millions of dollars a year. Jordan’s estimated net worth as of 2024 is $65 million.
The company had projected that revenues from its website would reach $10 million by December 2013. They are thought to have some of the best tech apparel. They have created a lot of innovative designs for easy-to-store, cozy clothing for travelers and the military.
They have created ways to store cables and wires, as well as clothes that equally distribute the weight of the items stored in pockets throughout the item, to help avoid accidents involving cables.
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Who is the Founder of ScotteVest?
Former attorney Scott Jordan started ScotteVest in 2000 and is now the CEO of the company. The brand focuses on giving customers a means to keep all of their personal stuff organized while traveling, and it offers a range of styles and colors for both men and women.
Scott Jordan Faces Sharks: TEC Tech Pitch and Defending His Business
Scott made an appearance on Shark Tank to advertise his unique TEC technology, which allows you to hardwire your devices to your clothing. His proposal focused on getting other brands to license the technology in exchange for a large income from one or more Sharks who helped organize the deal.
Jordan, who valued TEC at $7.5 million, was seeking $500k for a 15% share in the company. He was wearing a ScotteVest that was made especially to fit the TEC Technology inside of it, but it was not discussed during the discussions.
The Sharks attacked from every angle, and he soon discovered that he should never underestimate them. They will need more details to make an informed choice if the majority of the money from this patent is coming from his other business. The only issue was that he was unable to bring up ScotteVest during discussions due to his concern about losing equity merely by bringing up the name.
This business, which is expected to generate $12 million this year, is also owned by Jordan. (In actuality, Jordan concluded the year with almost $24 million, more than tripling initial projections.) In addition, Scott received criticism from Mark Cuban for getting a patent on such a basic concept. Feeling backed into a corner, Jordan started to guard his business or businesses as though they were his own kids, and he wasn’t willing to give them up easily.
Some thought Scott was conceited and that he would never make a deal. Some perceived him as confronting the Sharks head-on, and he refused to be intimidated into revealing information that, had he slipped up and mentioned “ScottVest” on TV the previous year, would have cost him over a million dollars.
After this episode aired, fans largely had unfavorable things to say about Jordan, but at the time, not everyone was aware of all the details. They had just seen the Sharks in a scenario that had never been seen on the show before, therefore, they naturally took the Sharks side.
Scottevest Awards And Honors
Even though the company hasn’t received any nominations or awards, we can all agree that it’s doing rather well. There is a very good likelihood that the company will soon be allowed to resume operations.
Scottevest Media Representation
On March 2, 2012, Jordan appeared as Scottevest on Shark Tank, an ABC television show, and turned down offers of up to $1 million in investments. Jordan’s autobiography, Pocket Man: The Unauthorized Autobiography of a Passionate, Personal Promoter, was published on October 30, 2014.
In late January 2018, Jordan claimed on social media that the company ran advertisements on Fox News because its audience was made up of “idiots” and “gullible” people. Following unfavorable press coverage, the social media comments and accounts were deleted, and an apology was made.
The company swiftly severed ties with its former CEO, who left in 2017, denouncing his comments as “impulsive and irresponsible.” But in March 2019, Jordan took a new role as CEO of SCOTTeVEST.
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Scottevest Origin
In 2000, Scott Jordan founded the company in Chicago, Illinois, going under the name “Scott eVest.” The term “eVest” alludes to “a technological version of the traditional fisherman’s vest,” as the company’s first product was called.
The firm name was altered in 2002 in response to a litigation threat, making it less similar to IBM’s lowercase “e.” In 2003, the company moved its corporate headquarters from Chicago to Ketchum, Idaho. After another Idaho firm, Scott USA sued the corporation for using the name “Scott” without permission, the matter was settled in 2004 by combining the terms Scott eVest into a single word.
Since then, the company has changed its name to Scottevest and has consistently grown its revenue by 20 to 40 percent a year. In December 2013, the company projected that its yearly sales would reach $10 million, with the website accounting for 85% of those sales.
