My Cold Snap Shark Tank Net Worth 2023

My Cold Snap is an ice cup designed to keep beer cold in hot weather. It was invented by Carlos Ortiz and Scott Duff, who were golf buddies when they decided to become business partners for the product. They received a patent for their design in 2002.

In 2013, Ortiz and Duff appeared on Shark Tank in season 4 episode 15 and requested a $50,000 investment in exchange for 100% ownership of the firm and a 12% future royalty. However, the Sharks gave this deal a cold shoulder and no deal was made.

My Cold Snap was still being marketed for sale online in mid-2013 but the company looks to have gone out of business at some point since then, with just a few remnants remaining. As of Tuesday, February 28th 2023 07:53 EST, My Cold Snap is no longer available.

What was My Cold Snap? Who was the Founder of My Cold Snap?

My Cool Snap is a convenient way to keep your beverage ice-cold, even on the warmest days. It is essentially a large cup that can hold ice and water and has a snap-in ring to secure a beer can or bottle in place.

The beverage remains cold for over 40 minutes, and if you add more ice, you’ll never run out of a refreshing cold drink. You can purchase My Cold Snap on their website, either in bulk for resale or as an advertising specialty.

The founders of the company, Scott Duff and Carlos Ortiz, were college buddies and golfing mates who were tired of their beer warming up too quickly in the Texas heat.

They searched for a hand-held cooler for individual beverages but could not find one, so they decided to create their own.

Scott demonstrated how the cooler cup works by filling it with cold water, securing it with the leak-proof ring, and inserting a can. They were granted a product patent in 2002.

My Cold Snap Shark Tank Pitch

Carlos Ortiz and Scott Duff pitched their product, My Cold Snap, on Shark Tank during season 4 episode 15, seeking a $50,000 investment in exchange for 100% ownership of the firm and a 12% future royalty. This would have valued the company at $50,000.

The duo created My Cold Snap, a handheld ice chest that keeps beer cold for up to 40 minutes, to address the problem of warm beer in Texas’ hot weather.

Although the Sharks were intrigued by the idea, the pair’s plan to sell the entire firm to the Sharks raised red flags.

Daymond John doubted the plan, saying, “Essentially, you want us to work for you.” The Sharks were also unimpressed by the pair’s lack of enthusiasm, and the fact that they had wasted their first $200,000 investment and had 20,000 unsold devices lying in storage for eight years after their licensing partner went out of business.

Barbara Corcoran stated, “It feels like you pulled a cold dead body out of the closet and are now seeking for us to buy in,” and dropped out of the deal.

Robert also dropped out, stating that the product was “long dead.” Kevin O’Leary did not see a profit in the product, and Daymond John felt that the royalty was too high.

Mark was honest and straightforward, saying that he did not like the product and did not need it. He declared, “I’m out” and dramatically ripped up a piece of paper to indicate the end of the discussion.

My Cold Snap was still being sold online in mid-2013, but the company appears to have collapsed shortly after its appearance on Shark Tank, with only a few remnants of the company remaining.

The Sharks have emphasized that enthusiasm and a willingness to work hard to promote a product are important factors in securing a deal.

When an entrepreneur is only looking to sell their company without putting in the necessary effort, the Sharks are likely to swim away.

What was Net Worth of My Cold Snap?

Carlos Ortiz and Scott Duff appeared on Shark Tank requesting a $50,000 investment in exchange for 100% ownership of the firm and a 12% future royalty. This equates to a $50,000 valuation.

Who were Competitors of My Cold Snap?

There are no Competitors identified for My Cold Snap.

My Cold Snap FAQS

What was My Cold Snap?

My Cool Snap was essentially a large cup that holds ice and water and rests a beer can or bottle in to keep it cold. A simple snap-in ring holds the can or bottle in place.

How much does My Cold Snap cost?

There are no longer in business.

Where can they buy My Cold Snap?

The product has been discontinued.

Who were the founders of My Cold Snap?

Scott Duff and Carols Ortiz, two college buddies, founded the firm in 2000.

How much were they seeking in the Shark Tank?

My Cold Snap was seeking $50,000 for 100% stake plus a 12% royalty in sales.

Did they get the deal from the Sharks?

No. They did not secure a deal with the Sharks in the Tank.

Is My Cold Snap still in business?

They shut down the business a year after the Shark Tank.

Where can they learn more about My Cold Snap?

They can read more about them at Shark season 4 episode 15.

Where was My Cold Snap located?

They were located in Austin, Texas.

What was the phone number of My Cold Snap?

There are no phone numbers listed for My Cold Snap.

Is there a website for My Cold Snap?

There is no active website located for this company.

Was My Cold Snap sell a product or service?

Their product was My Cold Snap.

How the founders did came up with the idea?

They both enjoy beer, but living in Texas forced them to consume far too much warm beer.

What is net worth of Carlos Ortiz?

Carlos Ortiz’s net worth is unavailable.

What is net worth of Scott Duff?

Scott Duff’s net worth is unavailable.