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Coat Chex – Ticketless Coat Check System from Shark Tank

By   /   September 14, 2012  /   5 Comments

Season 4, Episode 1

CoatChex website
CoatChex on Twitter
CoatChex on Facebook

People: Derek Pacque
Original Offer to the Sharks: $200,000 for a 10% stake

One of the coolest concepts to appear on Shark Tank, CoatChex represents a simple and new technology that replaces the “old-fashioned” way of checking coats and garments at an event. CoatChex Ticketless Technology attempts to revolutionize an industry with their creative product, which also is an opportunity for fellow entrepreneurs.

Coat Chex, based out of Indianapolis, is focused on bringing innovation and value through today’s technology to an industry that hasn’t been touched in decades. Our patent-pending process optimizes coat check-in and retrieval functions and reduces the risks that are commonly associated with checking coats, making it the hassle-free solution to running a secure, profitable, and efficient coat check station.

Will the Sharks bite — check your coat at the door and stay tuned!

Spoiler Alert:
Wow, what a crazy ending to this pitch. Mark Cuban offers $200K for 33% and Derek turned him down after phoning his partner in the business.

Did CoatChex make a deal on Shark Tank? NO

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About the author

Owner

Andrew, a Chicago-based web professional and entrepreneur, has owned and operated InTheSharkTank since 2011. Some of his favorite past Shark Tank business pitches include UniKey, Lollacup, Daisy Cakes, and Pork Barrel BBQ. When he's not busy running the website or live-tweeting, Andrew actively pursues disappointment by following the Chicago Cubs, Bears, and Bulls. Google+

5 Comments

  1. Philip says:

    He def should have started selling his product before he goes out in the real world. Therefore he can understand the ups and downs of it and THEN present it to an investor.

  2. matt says:

    This kid and his professor are clueless. There’s no issue presenting the idea and trying to get an investor in early out of the gate, but who in their right mind turns down a quarter mil for an idea with zero sales? Let alone the opportunity to partner with Mark Cuban who has the ability and connections to scale the business like crazy.

  3. mark says:

    Google it, other companies they already have these for sale, including a fingerprint scanner, which sounds better that a picture…this kid and professor are clueless and if that’s the type of teachers at that school, give me a break.

  4. Mike says:

    I agree with Matt. Clueless. they didn’t research the applications fully. Being in the nightclub industry, I could think of at least six things that have been an issue with our coat check systems, (things I am sure he never even thought about) and what keeps our coat checks going in the summer months. Good idea, bad decision.

  5. Kevin Green says:

    I agree with Mark. Gotta do your research. There has been a coat checking system out for a couple years now. It has a neater look and less clutter. Check out below. Should’ve taken the $

    http://www.amazon.com/CoatScan-Biometric-Check-Management-System/dp/B001D1Q7IE

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