Cool Wraps entrepreneur Jeffrey Miller pitches his line of shrink wrap gift bags in the Shark Tank in episode 319. Miller designed Cool Wraps for people who don't have a flair for gift wrapping. Instead of messing with scissors and tape, all you need to do is slide a gift – even something irregularly shaped – into a Cool Wraps bag and blast it with a hair dryer. The gift bag will “magically” shrink to a wrinkle – free, snugly wrapped gift and you'll look like you stopped at the wrapping booth to have it professionally wrapped. Miller has appeared on QVC with the product and has an “as seen on TV” type of commercial for the product. Cool Wraps are packaged for gift store retail displays and can be branded for specific stores. Miller also sells on the fundraising circuit.
Cool Wraps Shark Tank Recap
Jeffrey Miller is offering 40% equity in Cool Wraps in exchange for a $100,000 investment. He presents the bag, giving a demonstration of the shrink-wrap gift bags. When Robert Herjavec asks about the pre-wrapped gifts on display, he flounders, losing his place and becoming visibly flustered.
He explains that the product was on the market 10 years previously, but his former partner was unwilling to put up the collateral for necessary loans. Now Miller owns the company, but his own sales skills have been an obstacle. Robert Herjavec is skeptical. “Obviously you're not the sales guy,” he says. “I don't see the market, and I'm out.”
Lori Greiner sees potential in the product, but she wants to buy Miller out for $150,000.
Mark Cuban jumps in, offering $250,000 and a 3% royalty, but he wants an immediate answer.
Miller accepts the offer.
Cool Wraps Shark Tank Update
Normally a Shark Tank appearance launches a product into the atmosphere, a phenomenon known as “the Shark Tank effect,” but in the case of Cool Wraps, customers were, at first, disappointed to find the product unavailable and nearly impossible to find online. Cuban had his work cut out for him. He'd purchased a product with a proven track record and robust potential market, but the brand needed to be built from the ground up.
Today, Cool Wraps has a strong web presence. The social media is a bit slow to update, with the last posts showing up in February and May, but it's clear the product is available for sale. Cuban took a product that had been tossed aside, and turned it into a successful business, providing wrapping-challenged customers everywhere with a new way to wrap their awkwardly-shaped gifts.