Which Shark Will Invest In CoatChex Despite ZERO Sales? | Shark Tank US | Shark Tank Global
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- Опубликовано: 2 июл 2023
- Derek Pacque is seeking $200,000 for a 10% stake in his ticketless technology for checking services, Coatchex.
From Season 4 Episode 1
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Which Shark Will Invest In CoatChex Despite ZERO Sales? | Shark Tank US | Shark Tank Global
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“I want to, but it’s just too warm in Indianapolis right now” 😂😂
Better than watching the new clips with a live audience. Those are horrible. The audience reaction ruins the show.
That was only one episode, and the reaction was so negative that I doubt they'll do it again
@@owenhicks787it hasn’t been only one episode, they made more
Yeah just made it feel cringe
i hope they atleast make the live audience a once a month kinda thing. I kinda like it.
@@Lemuelzwrong, only one episode. S14 E1.
Interesting fact, in her younger years Barbara Corcoran wanted to become the first female MLB player. She quit, because every pitch, she was out.
It's true I was the scout
@@SharkTankGlobal Crazy, you're actually responding to comments.
lol
😂😂😂
man I always know the punchline is coming but it always gets me rolling in laughter when reading these type of comments 😂😂
For those who are wondering where he is now, Coat Chex has gotten into some big time events including the Super Bowl so he’s doing pretty good with it and growing
You right that they’re doing great, but this episode took place 12 years ago and it took them about 8-9 years to grow into an actual business which would have been instant with mark cuban on board.
@@johneternal7854that’s not necessarily true. Many businesses failed with mark.
it’s gone bro 😂
Mark Cuban's offer of 200K for 33% is without a doubt a fair offer. Why? Because at the time, Coatchex had 0 sales and was just a pilot program. So, Cuban immediately saw how much work it was going to take to get traction going.
it's all about execution!
@@SharkTankGlobal Exactly. Had CoatChex had any sales and verified partnership with various bars and other venues, then Cuban can sort out whether 15% or 20% is justified.
Bear in mind professor is not a businessman.Just imagine what Mark cuban can bring to the business.I rest my case
2023. Coat Chex has
$ 5 million in sales annually.
Under the name of Chexology.
His company blew up not giving up 33% for 200K saved him millions and millions of dollars
Daymond was just bullying the guy without even offering any advice
YEP
that’s why i hate him
that’s a good chunk of the show, not saying it’s right but they all do it
don't work with the guy. He's a bad partner
Daymond is Trash
Ryan started the fire.
I was looking for this comment 😂
I’m glad I didn’t have to scroll too far to find someone calling him Ryan. Was my first thought the second I saw the thumbnail 😂
Mark asked if he was capable of making the tough decisions. He confirmed the answer is yes
That's a good point
He didn't make the decision. Anyone can tell he wanted to say yes, but his partner made the decision of saying no for him. So he proved Mark right, he couldn't make the tough decisions and lacked leadership. I hope he turned himself around.
No when he has to call his partner and follow his directions 😅
@@Ralelugono you’re just salty and don’t have money therefore will take anything the fact he was willing to say I wanna prove to you I can do it that’s actually showing he is. Leader now go cope
Mark asked that simply because he was going to ask for 33 percent of his company...
Why is Daymond complaining if he’s not making a deal
Same reason Mr. Wonderful and Robert were "complaining." They articulated exactly why.
Same reason Robert, Kevin, and Mark threw a git and walked off see when Daymond & Lori closed a deal once. *ARE YOU SLOW?!*
@@brooklyndecemberI'm slow, can you break it down for me
i think the other sharks, mainly daymond, were too caught up on the coat check application and not valuing the potential to expand into valet service
The app was NEVER tested. Didn't you hear? It was too warm in Indianapolis lol. It took the guy years and years of testing and investors plus a name change to be successful. He went in too early and didn't want to budge on equity, can't have it both ways.
I think Mark could have scaled this quickly to get ahead of potential competitors.
Could be used not only for coats but also parking/valet, and dry cleaning.
He said he can double it in 15 seconds
Dont reinvent the wheel, theres a reason why traditional tickets work. (You dont need a 10k investment to adopt this tech)
he made 5 million by now
“I would have done this but it’s a little too hot right now” 🤣. That was one of the funniest moments in Shark Tank. BTW I would take Marks deal because he would be successful anyway and a lot sooner
Mark the savviest shark there instantly shot down his professors business plan they had countless hours to methodically prepare to pitch. I would’ve already been second guessing my professors judgement walking me into the shark tank to look foolish. Him trusting his professor over Mark Cuban and Cubans business experience is crazy.
Exactly
anyone else love the way mark says "bubbling in the tank" at the end of some of these videos?
I like when he says and for those reasons I'm out
Glad that they made it till now. Feel bad for the guy at first. But then I saw the update that the company is worth around 7 million now and still thriving. So, may be, it's not such a bad idea to turn down Mark.
I think that’s just an arbitrary valuation based on a guess. More than a decade on, they’ve got a few big single venue clients like MOMA but they’ve never expanded like they thought they could - I’d say the main issue is that most venues already have systems that people are used to, so spending a lot of money on a complete new install and maintaining that isn’t too attractive. Nobody’s increasing their business just by installing a more expensive coat check
Maybe so. But with Mark's help. He could have turned it into 50+ maybe 100 million dollars company.
@tohutoyeptho3302 homie chill not 50 nor 100 million mark cuban is not jesus christ himself
@@raymondel-haddad7312 Cuz we all know Jesus loved making money!! Jesus on the cross "Father!!! Why have thee forsaken me? I will die before I'm a millionaire!".
@@mrhaltonok the tech is being used for all kinds of things not just coats
Either the instructor is very wealthy or just wanted him to go in front of national television for an ad.
Why was Daymond so against throughout. Its okay , if you don't want to make a deal.
Its the same like when you sell beers for 5 dollar and your neighbour sells it for 3 dollar, you need to tell him to stop doing it.🤣
Daymond is correct he isn't educated enough in the space saying their is no other company doing it their is someone who does it just a different form factor solving the same problem. Their is no proof of concept its maybe a few pilots but no consumer data . He came in too early though to get funding. I've Pitched at 1.5 raise before you got to know your stuff cold.
@@robertdiez3091 might be true but let other sharks make their own decision. You can't take decisions on behalf of others. If you are out , stay quiet and let the room talk.
On one hand, it made sense that since it was untested, they wouldn’t be willing to give him much without a whole lot of equity, so marks deal was fair and maybe even a little generous from his standpoint, willing to take that big of a risk for 33%
But on the other hand, it makes perfect sense that the company owner wouldn’t want to give away 33% of his company, it’s just not worth it
His business partner made the right call telling him to say no, and the other sharks only called him crazy because from their standpoint, marks offer was generous, but regardless, he’s not making a mistake by choosing not to take that.
Mark has a soft spot for kids
Wow you need to be careful before Chris Hansen shows up
Specially people that's just got out of college. Or people that has connections to his college, kinda just noticed that xD
he went into the shark tank in 2012. The company was inactive until 2015 when it changed its name and now makes 10 million dollars a year for a few years in a row.
It´s not about how much the company worth on that day, but where it can go with Mark. 500K + - in valuation is nothing comparing the millions he would do more with mark. Having a shark on board is another level of company... it opens so many doors that he could never even image
The business partner refuses Mark Cuban? Is that the professor? No wonder he's teaching.
😂😂😂😂😂
Dr. Gerry Hays. He'd been a founder/co-founder of 3 different businesses, 2 of which he was still running, when this episode aired. CoatChex (now Chexology) is worth millions today. Seems to me that professor made the right call.
@@dismalthoughtshe's not an entrepreneur that's why he is a professor
@@dismalthoughts cap
And that is why you're still unemployed or just earning a minimum wage.
Look at their business now, it's worth 7miliion USD. They still succeed after declining the offer.
Mark felt violated big time. That look said it all.
Absolutely. 200K at 15% or 20% is ridiculous. 0 sales and just a pilot program, c'mon. That is going to require a lot of a shark's time and effort to get any traction going.
I think he made a ball call listening to his teacher. I rather listen to a businessman about business than a teacher who only teaches it. You can't learn how to run a successful business from a book. It's outdated advice in an ever-changing business world.
So true
Exactly
His Professor was an investor tho.
Precisely
His profesor is also a successful business man, their decision worked out best for them.
Imagine listening to a school teacher instead of Cuban....
Company is now making 5-10 million per year. Chexology is the new name.
Source zidanes hair
@@Skillpointer10😂
@@Skillpointer10 best comment i've ever read
what's zidanese
@@n3wt zidane is a legendary football/soccer player who is bald!
When he countered roberts offer 200k for valuation of 1.5 mil that supposed to be 13.3% not 15%.
Daymond's respose to Mark's offer is much funnier when you know that when invited to the show Mark's plan was to outbid everyone and buy everything to drive the other sharks crazy.
Now they make 7 mil a year. Has deals with maddison Square garden and Lincoln center. So he did pretty well.
And its now called Chexology
whats better? 100% of 7mil or 66% of 100 mil?
@@psychopeoples4384 I prefer 1% of a peanut
Woah!!
He didn't want to say no to Mark, and The only reason he had to turn down the offer, his partner said, "No." I bet if his partner were with him and heard Mark's request directly, he would've accepted it.
The partner was right.
He listened to a school teacher instead of Cuban lol what a fool
Professor is a fool.
@@Tonysopranoyafinook That's what amazes me. If the school teacher knew so much about business they wouldn't have been a teacher
@@dauferm nah, i will take it. even losing 33%, even his company worth 7 mil and he only get 3,5mil from 50%.
if giving Cuban 33% dan make company worth 75m. he get 25mil far more than worth it.
Just like Comfy and Scrub Daddy. Having a Shark at can boost your progress very fast. remember the connection is not free.
He made the right call. Worth 7million now. At least the little info online at first glance says so.
I mean it would've been worth way m ore if he took thew investment, even with his 67%
lmao thats not the right call. Cubans got the connections.
It took 12 years to be worth 7 million. He would have grown faster and be worth more money in 2-3 years if he accepted Mark Cuban. He was very silly to not accept that deal.
@@AutumnPlainshe would also have 33% less of the company than he does now
Robert might have accepted a Million valuation but Daymond wouldn't shut his mouth. Barbara Mr Wonderful also turned down the offer but kept quite, Daymond should of just kept quite.
That professor I think proves the saying "Those that cant, teach"
6:15 Coat hanger actress nods and agrees with Mr. Wonderful that Derek doesn't have a plan
I love this guys energy
😊😊 its ok u said your going to prove yourself first.... Thats a very good idea.....
I really hope his business does well. If it fails he's going to regret not bringing on Mark Cuban every single day for the rest of his life
He is doing ok. He was able to get some accounts and proved the concept and get a round of seed funding. Revenue now is somewhere between 1 - 10 million (no one really knows the number of these startups)
I think he could have countered 200K for about 25 to 28%, that would have be pretty alright if you ask me, no track record but there's an obvious need to be fulfilled.
@@CasualGuy60 He should have lowered the asking price to $100K or $200K and royalties until he's paid back and then asked for 20%
@@TheShockwave44royalties is funny- 5 cents every cost that’s checked?
@@TheShockwave44u can’t lower the amount of money that u ask for. Its the rules of the shark tank
Imagine working with Mark, someone highly intelligent and you let your body who didn’t even think about this opportunity tell you to say no😂💔
His business is now worth around 7 million dollars, so I doubt he regrets his decision
99% of a grape is way less than 10 % of a watermelon. I would take it. Imagine when the product is worth 10 Million and 66% is still yours.
He looks like Ryan from the office!
Can't believe he refused the offer 🤣
Well, it was probably the right move since the company is now worth 7 million
🎱 I might but the wheel games have really caught my attention. There's always something new to try
Why does the intro that looks like an audition tape? Huge amount of peer pressure at the end from the Sharks though he did prove to Mark that he could make tough decisions by listening to his partner. This ep was shown back in 2012 and they have made this a successful business.
His professor/business partner is a fool!! The company is currently doing $5M annually but Cuban would have made it $50M annually.
I would’ve told Mark “Can we do 30%?” And would’ve run outta there knowing I just got in the fast track to being a millionaire.
The professor draws a number , a square , a line, says some busnissey words. But can he write a cheque? 🤔
Seemingly yes, because he was an investor in the business himself.
Glad you did well in college and your professor liked you.
Mark is literally the Best Shark EVER! He is still Human and uses his brain!
Even if he does well without Mr. C, he could have, would have, done so much better thus he should have accepted the offer.
He only ignored mark cause of his business partner.... indeed he's not capable of making decisions!
Mate, if his business partner owns more than him then he can’t decide it.
M : horrible horrible.....
D : Let me ask you something, how do you really feel about it 😂
He did what he had to do. Good for him. We'll see how it works out.
10:28 Well that didn't age well lmao "I can flip it in silicon valley in about 15 sec"
That guy reminds me an awful lot like Ryan from The Office
The company is actually doing more than two million annually so its the right or ok choice for me ( mark cuban could have atleast 0.5x though)
What is the revenue of Chexology?
Derek Pacque and Chexology's annual revenue was $5 million in 2023.
His professor teaches for a reason.
Did you know that they are earning milluons now a year and have a 7million value? Now, what's your daily salary?
@@kendy4991 not sure what your point is. I was actually complimenting them.
What of some one have the same coat with the same size how whould you know the difference between the coats
I would’ve take taken the deal in a heartbeat and not have listened to his professor, but even though his professor is an investor he won’t take him places mark Cuban would’ve taken him.
they are making 10 million a year now
@@sravan6492 yeah and if he would’ve said yes to Cuban it would’ve been a lot more
@@manuelalcaraz9305probably not man. they probably woulda shut down with him. since Cuban would b taking sm equity
@@epking6195 yeah but with the amount of money they’d make they wouldn’t feel the equity they had given up
@@manuelalcaraz9305nope, Cuban himself said he only wanted to flip it. The guy made the right choice.
Guy looks familiar. Isn't he the intern from Kramerica Industries?
Update: Today the company is rebranded into Chexology and is a multi-million dollar tech company. He really knew his decisions.
looks like the dude came in lit. His pupils were way to dilated for the lighting.
College professorship of not negotiating. Regardless, it would have been more beneficial to make a deal with Cuban.
I’ll tell you what happen you listen to your professor instead of your brain Mark literally could’ve put this at the Mavericks stadium who by the way play a good portion of their games during winter and if it worked, he would’ve had enough credibility to get it other places and he probably could’ve even got it in other stadiums. If you then add a revenue percentage every time one is used well, needless to say it would’ve been a smart deal
Why are they showing old episodes
Make it into an automated kiosk and let fascial recognition and automation do all of the work. Basically an automated locker kiosk where you could store anything.
His professor should've known to not have it on Shark Tank before having sales or testing it while it's in season.
Any investor or company can evaluate your bushiness for however much you want when there's no sales if they think it's a good idea.
The guy came to The Tank at the wrong time. All he has to do is get this proven through some testing, get some paying clients, and increase the valuation.
The real question is whether or not the technology actually works yet. If he needs $200K for additional R&D, he cannot wait.
If you think this guy is going to be a successful enterprise systems and software R&D leader, 20% is worth $200K. Point-of-sale technology is an important category. We didn't see them explore the technology, the development plan, or his tech leadership ability.
I havent seen a coat check in like 15 years 😂
Why is Daymond acting like he's the wealthiest shark there?! Lol
MARK: Are you capable of making tough decisions.. GUY: Yes.. Mark: Gives offer .. Guy: Let me call someone 😢
Arguably, maintaining integrity and loyalty to your obligations -- your business partner -- when you really want to say "yes" is making a tough decision.
His professor probably made him do a dcf valuation that he never understood because Indiana is a terrible school.
🏏 I'm planning to use mine on some cricket bets. There’s a great match coming up this weekend
This idea was in impractical jokers and was funny
This is a lifetime regret that will NEVER go away 😅😅😅
Telling you to pass on a once in a lifetime opportunity for his own greed. A small piece of big pie is better than big piece of small pie
"How'd you really feel about it?"
"Horrible!!"
Passing that offer is crazy
they are now Chexology and have some major corporate accounts
nope
How is 200K @ 15% makes 1.5M Valuation ? My brain is not mathing
1.33M, I think he just rounded up.
20% is 1M, 10% is 2M. 1.5M splits the difference, maybe he thought he could do the same with the %.
Thank you, I was looking for this comment.
get a calculator air head
Now I've seen *everything* 😂😂
I think Derek made the right decision because he's not just in it for himself but his partner also has to agree . Plus they're asking for track record so he can always come back two Shark Tank or other investors at a later date with more leverage !
can you go back to shark tank with the same company. I've never heard of that before. Kinda doubt it.
He should have brought his partner. His partner did not know the context of what was going on.
Patents? I have clothes hangers with patent numbers. 😂
He needs to comeup with ideas for a use of the booth year round."don't forget you need to show the business owner that he needs it ,his customers will love it,and it will make him money,everything is all ready in place to test the market for it." I would have taken the deal. Never let a third-party tell you how to manage" YOUR MONEY " You can do it you can make decisions have confidence in yourself. I would love 😍 to see you become a millionaire ❤🎉❤
His technology has been used in the superbowl, new York fashion week and Mercedes fashion week. So yeah he did well. The sharks are scared to invest.
You understand VERY little. Let me give you a big clue. The sharks' most precious commodity is time. This company would need a TON of their time to MAYBE make money and they would have to babysit a very inexperienced founder.
your professor what happened lol
Only lesson here is never listen to your professor. Lol
Smart man 🎉
Its called Chexology now
He reminds me of Ryan from the Office... not a good sign, lol.
Also, this is not necessarily seasonal. Valets work all year.
🚀 I saw those! Planning to use one on my next deposit. It’s perfect for regular players, right
Cuban is a genius!!! visionary Boss!
Hoosier baby!!
📈 I m more about the long game with cricket. Analyzing the players and conditions makes the bets more interesting
Mark has to same college 😂
He should have said 25%. Also, I know what happened, his partner wasn't there and before checking I feel like they don't work together anymore. I liked the idea from the beginning but the sharks were right, he would have had help AND sharks. Some mistakes take a Ph.D. to make.
10:26 What happens to his hand?
I became interested in that school..
I still dont understand why these people just randomly assume they are worth millions even before they jump in the market.
Just did a Google search. The company is worth seven million dollars. Honestly good on him for sticking it out.
I think no, the company is 13 years old and seven million dollars.
If Comfy, Squatty Potty, Bombas and Scrub Daddy with the help of shark they can improve so fast with connection.
While right now is worth 7mil he get 50% which is 3,5m.
if he gave cuban 33% and the company worth 75m. which is 25M each. its more okay. since there is no sales or even connection. that's just a prototype. that's why other shark angry at mark because he value the company high since there is no sales or even the machine fully function.
He made a mistake by listening to his business partner. His business partner/professor gave him very bad advice. He could learn a lot from Mark Cuban. But seems he did okay anyways with a 7 million revenue stream. So maybe it was the sharks that made the mistake.