What Exactly Is CoatChex?
CoatChex is an electronic coat check system that lets consumers check in their belongings using their smartphones. Derek Pacque, a recent Indiana University graduate, created CoatChex, a ticketless coat checking system.
|Product / Business||Checking Services without Tickets|
|Investment Asking For||$200,000 for 10% Equity in CoatChex|
|Final Deal||No Deal|
|Episode||Season 4 Episode 1|
|Business Status||In Business|
Who Is the CoatChex Founder?
Coat Chex Was Founded by Derek Pacque. Derek Pacque Travelled from Mc Lean, Virginia to Participate. He Eventually Chose Indiana University Kelley School of Business for His Study, Earning a Bachelor of Science in Business Administration.
Derek Pacque, a Senior at Indiana University, Found It Difficult to Navigate Pubs and Restaurants While Wearing His Winter Coat. He Tried to Come up With a Creative Solution to This Dilemma Whenever He Could.
He Came up With a Way to Modernise an Old Notion Like Coat Checking. After Missing Tickets and Stolen Outerwear Made the Ticketing System Inconvenient, Derek Modified It into A Safe, Ticket-Free System.
Derek Really Needed Encouragement and Someone Who Believed in His Ability. CoatChex Was Founded as A Result of His Partnership with A Former University Lecturer.
Before Shark Tank, CoatChex:
After His Pricey Jacket Was Stolen from A Small Bar in His College Town of Bloomington, Indiana, Derek Pacque Created CoatChex. Mark Cuban Was a Student and An Instructor at Indiana University Throughout His College Years. Clients Were Regularly Left Chilly on The Way in Or Risked Having Their Coats Stolen or Misplaced Since Those Area Bars and Clubs Did Not Conduct Regular Coat Checks.
Derek Started Hoosier Coat Check Llc as A Side Gig in A Couple of Local Pubs. Despite the Fact that It Was a Ticketed System, It Met a Need that Most of The Restaurants in The Neighbourhood Were Unable to Meet. Derek’s Initiative to Simplify the Procedure to Make It More Effective and Convenient Led to The Creation of The Coatchex System.
His College Professor Acted as A Mentor and Invested in His Company. Derek Applied to Shark Tank and Was Accepted Despite Never Having Tried His Innovative Strategy. Was This a Good Decision? What Would Happen if The Sharks Ate Derek Whole? or Was This Just the Beginning?
How Did CoatChex’s Shark Tank Pitch Go?
Derek Came to Shark Tank Looking for A $200,000 Investment in Return for A 10% Stake in CoatChex. Individuals that Attend Venues Are Faced with A Dilemma. if Their Coats Are Not Kept in Good Condition, Their Coat Check Tickets May Be Lost. Coat Checks Are Disliked by Venue Owners Because They Are Cumbersome to Use.
Coatchex Helps Venues Address Problems and Generate New Income Sources. The Software Includes a Credit Card that Streamlines Money Management While Also Earning Income Through Service Charges. Coatchex’s Data Collecting Skills Will Delight Marketing Organisations.
Derek Enters Shark Tank with No Sales Under His Belt and Intends to Generate Money by Offering Franchise Possibilities without First Proving Their Viability and Reliability. Mark Cuban Calls His Method a Bad Concept without Putting It to The Test.
Daymond John Paints Derek Paque as A Crook by Seeking so Much Money. in His Patent, He Claims to Have Created Valet Parking, Dry Washing, Baggage Claims, and Coat Checking. Daymond Claims He’s Pulling out Because He’s Aware of Competitors in The Sector and Feels Derek Lacks Market Knowledge.
Daymond Appeared to Be on The Lookout for Derek After Rubbing Him the Wrong Way. Daymond’s Dislike for Derek and CoatChex Would Be Intriguing to Learn More About. Kevin O’Leary Dislikes Seasonal Businesses and Has Decided to Stay Away. Barbara Corcoran Thinks the Procedure Is Too Onerous, so Derek Tells Her that She Can Check in And out Using Her iPhone App. Barbara Is No Longer in The Picture.
According to Shark Tank’s Robert Herjavec, He Feels that Institutions Have a Chance. He Objects to The $2 Million Appraisals. Derek Implies that The Pricing of Coatchex Will Be Negotiated. Mark Cuban Is on Board with The Idea, but Derek Will Have to Make Some Tough Decisions. He’s Testing Your Willingness to Make Difficult Decisions. He Says Him Will and That He Is Looking Forward to Hearing from You.
Derek Agrees to A $1.5 Million Value when Robert Herjavec Asks a New Offer, at Which Time Robert Withdraws. The only Surviving Shark Tank Investor Is Mark Cuban. Because He Lacks Experience, Mark Feels They Should Take a Step Back.
He Must Establish a Track Record Across a Range of Platforms. Mark Makes a $200,000 Offer for A 33% Share in The Business. Daymond Thinks Mark Is Crazy. Derek Has to Talk to His Business Partner, so He Phones His Professor, Who Thinks He’s Giving up Too Much Ground Too Soon. Because His Lecturer Said that He Would Pass, He Should Not Do So.
Derek Appears and Confirms that You Are Accurate; I Entered Too Soon. He Feels He Should Keep Working on It. He Turned Down Mark Cuban’s Offer. Mark Cuban Refuses Derek’s Offer of $200,000 for A 20% Share in The Company. Derek Leaves without Having Reached a Deal with Mark Cuban.
After Shark Tank, What Happened to CoatChex?
What Would Coat Chex Have Done without Mark Cuban’s Guidance and Financial Backing? Simply Because of The Show’s Exposure, the Company’s Earnings and Sales Have Increased.
It Also Gave Some Exciting Possibilities. the Performers Were Chosen by Life in Color, a Festival that Combines the Color Run with A Music Festival. 7,000 Stations Were Provided by Coat Chex for Participants to Wash and Store Extra Items, Including Jackets.
The Festival-Goers Were Drenched in Perspiration and Covered in Paint, Which Proved to Be Quite Beneficial. Coat Chex Has Also Been Booked for New York Fashion Week 2013. Since His Debut on Shark Tank, Derek Pacque’s Business Strategy Has Changed Considerably.
Instead of Charging Customers, Sponsors Fund Coat Chex Stations. This Arrangement Benefits All Parties Involved. Coat Chex Is Still Paid, Clients May Use the Service for Free, and Advertisers Get Vital Marketing Data. Coat Chex Seems to Be Gaining Popularity.
Shark Tank Update from CoatChex:
Derek Pacque Will Be Known for Declining Mark Cuban’s Offer. This Will Almost Probably Help His Company in The Future. Coat Chex Has Been Steadily Growing, with A New Site Planned to Start This Winter in Chicago. Deals Are Also Being Negotiated by Coatchex in New York City and Washington, D.C.
Chexology Is the New Name for The Firm. in Addition to Jackets, They Now Evaluate a Range of Things. Not only Do They Provide Services and Kiosks in Nightclubs, but They Also Do so At Other Types of Events.