On April 11, 2014, one of the firm’s clients, Scar Designs, LLC, and its founder, Matt Scarpuzzi made an appearance on the hit ABC reality TV show “Shark Tank.”
The series showcases entrepreneurs and inventors who pitch their ideas to celebrity venture capitalists, such as Mark Cuban and Jeff Foxworthy, among others.
Matt Scarpuzzi is a professional firefighter in San Diego, California and developed revolutionary new ways for firefighters to stop fire sprinklers from pouring endless amounts of water into buildings after false alarms, or after a fire has been extinguished.
The technology can not only prevent millions in property damage, but saves time and energy for fire departments and property managers across the world. The firm has filed various patent applications for Scar Designs, LLC on the technology and to protect the revolutionary designs.
At the conclusion of a very thorough pitch, the sharks made an offer to Scarpuzzi, but since it would have entailed handing over 50% of the business in exchange for some funds, he respectfully turned down the offer and thanked the show for the opportunity to make a pitch. Scar Designs is pressing ahead with its established business and has already made significant inroads to supplying firehouses across the country.
An important take away from the show is that whether on a reality show or elsewhere, venture capital can be “expensive” money and must be carefully considered. Not everyone on the show is offered a deal, or walks away with a deal, but the show is hugely popular and does highlight the importance to entrepreneurs of publicizing an invention, and making strategic alliances to maximize distribution and profits for a technology.
Article written by John Buche, Esq. John Buche is a patent attorney and specializes in helping inventors and startups. www.southerncaliforniapatents.com. © 2014 Buche & Associates, P.C., all rights reserved.