Patent Attorney and Founder
[Applause] next up is a company that combines two loves into one
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product hi sharks my name is Chase Terell and I’m from San Springs Oklahoma my name is Chris Dee and I live in Austin Texas this is my son and my brother-in-law and I’m Jake rled the inventor of the chilling real today fishing for $300,000 for a 10% stake in our company wow my dad has solved one of the world’s biggest
problems hold my beer I’m got a fish on hold done beer I got one on two Jee hold my beer I can’t man my hands are full over here too how am I supposed to reel in this Fist and hold my beer at the same time there’s got to be a better way that’s why I invented the chilling reel the only drink insulator you can fish with and the only drink insulator with a handline reel on the side if you enjoy fishing and you know how much of a hassle it is to pack all your gear just to casually pitch out alot obviously the chilling reel was not made to reel in a Marlin however what it was made for is nothing short of a real good time we have the chilling real designed to be easily castable reable and of course drinkable just pitch it out grab your slack and tip it back and start reeling them in cold we’ve caught bass crappie and catfish on the chilling real but today we’re fishing for sharks who’s going to take a bite nice nice where’s the rod like how is the rod the r there is no rod that’s the rod this is it LA with the fish you’re catching this is good enough so this just is basically for smaller fish you’re not taking it at serious right so how much pound test line is on here 8 lb test is on there but actually I have thrown 50 lb braid on there and I’ve caught a 16lb blue cat I caught a 3 and 1/2t hammerhead shark really yes if you hold the line and try to reel it it’ll cut your hand but if you if you sit here and use this as your crank is that in Florida yes tell us what’s happening there well I’m reeling a fish in right now where’s the fish he’s coming he’s coming that’s a big boy that’s a big boy that’s a big boy I don’t have my phone I pull it out and show you you can look I hope you get I hope you stand it back right oh yeah let’s be clear though this is not it’s not made for the big guys it’s for those days when you just want to chill and real it’s fascinating I got to know what happened to you guys to invent this okay here’s the story my family were on a family vacation down in Florida and we’re all out in the water drinking a beer and I look down and there’s fish everywhere well well I got to catch those fish and my buddies looked at me and they said man you bring a rod out here you are going to upset everybody out here I said hey watch this I didn’t even have to say hold my beer I just went in tied some line onto the bottom of my Koozie wrapped it around would come out pull all the string out throw it out catch a fish reel it in I just kept spilling my beer everywhere did you catch anything oh yeah we were always catching fish Jake what’s your background I’ve been a Tulsa firefighter for 21 years good for you thank you so I have always wanted to come up with something and never did you ever dream you’d be fishing and drinking and ending up on Shark Tank that’s it why don’t we start with last year’s sales and now what you going to do this year uh well I’ll tell you the last 12 months we’ve done 1.34 million in sales got on this crap on this little thing lot of chill Anglers out there was not expecting that answer surprised by the sales too what they go on to talk about how this year they’re doing the year they pitched they were doing about you know 1.7 or 1.8 they did get a deal from Robert in the end um so couple things going on there um you know inventor they mentioned that and I I did check them out so I want to showcase this uh real quick so they have their they got their patent in 2020 um the Chillin real this is uh here’s their homepage Realm in cold love it real in cold love the love the puns for sure so you no they’re let’s see they they were talking about a patent earlier if I go back um they got their patent granted this is very Utility Patent and it was uh utility Pat you know that because it’s got there’s not a d here and it’s granted as of July 7th 2020 to Jacob rage Sand Springs Oklahoma and I like to go you know I like to look the pictures but what’s important with the Utility Patent of course is the written claims and I would look at that they’ve got it pretty well drawn looks professionally drawn they hired an attorney to do it um first first claim is their independent claim is a fishing cooler fishing cooler interesting rising aure and it’s a container insulating right so like a [ __ ] cozy Koozie a spool on the side of it the spool has got to be a conle or frusto frustr conical shape fishing line attached to it on one end and on a second end attached to uh a lure that’s it so they did good I think it’s well done well described it’s nice and Broad they can cover any type of aozi uh long as that you know there’s a spool on the side so that’s my take on the Pat I don’t have anything critical necessarily to say other than I think one thing they should do is in order to monetize it a little better and probably what they ended up doing already since then is assigning it assigning it to a company right now it’s owned by an individual way to be able to go B2B and and avoid personal liabilities to make sure you’ve assigned yeah jie he’s got he’s got the trademark owned by him too as an individual okay yeah yeah I’m assuming there was no LLC or Corporation set up at the time that they filed these trademarks and and patents yeah um but yeah you’d certainly want him to assign those to a company so that he’s not personally you know liable for you know anything essentially and I typically in these situations when I see an individual own a trademark application or registration like this probably the same on the patent side there’s probably no licensing agreement between you know the individual owner and the company that’s actually selling the product making the prodct yeah be right there should be yeah you got it Pierce that corporate veil pretty pretty easily did they protect the logo which we saw that kind of fist jump in the chill I didn’t I didn’t see it um I just saw chill and real but they could have separately filed an application to protect the slogan too the real am in cold real in cold let me uh I know he had an interesting spelling on that let me real quick search and uh I’ll let you know what I find here yeah take a peek uh Dave what what your reactions there that that pitch and the product it’s a great invention I you know I I completely understand for the little guys you know you’re not going for Marlin out there you’re just hanging out and catching a buzz and hopefully catching some fish yeah I guess I yeah and it was nice they showed that video and you can kind of get it but um there’s basically no drag on it right you know so you get something big you’re losing your your your whole drink probably you know it’s just it’s but you know or you can just hang on that be it’d be fun it’d be something it’s a definitely in that novelty area I would say um they managed to sell it well what they did say later and I watch the picture I want to go on too far um you know there’s always a backstory so to get that million in Revenue they spent 400,000 in marketing so it’s a ton of expense right just trying to get the product out doesn’t does not surprise me yeah and and the net they were talking in the first year was just 70 grand okay out of all that and then this year or the year current the current year they were actually negative profit so you know it wasn’t all looking all that good on the book um so Amazon is a Amazon’s a really tough place to play I mean 40% marketing is totally acceptable for most folks on on Amazon yeah sharing where you’re at with your product on in terms of product placement or spend on marketing we are and and the um our company is you know they’re pushing to Market it on Amazon as well but you know I’m doing some of my own on the side and um so I think the company of forces we don’t have the money to spend 400,000 on right you know is it true on a percentage wise would you be is that fair you know yeah 30 40 plus percent yeah goodness makes you wonder yeah I mean I mean in terms of profitability on these product kind of companies right if you’re if you’re making 10% on a product yeah right margin profit at the end of the day like that’s that’s good you make 20 it’s like incredible right you guys doing that for Tiger taale yeah you know right around right around 10 to 15 was kind of where we ended up being before we sold it got it