My Cold Snap from Shark Tank

My Cold Snap shark tank

My Cold Snap is an ice cup you can use to carry your beer in so it stays cold in hot weather. It’s simple and functional and is basically a cup that can hold ice under a plastic layer, keeping the beer inside the cup cold. It was invented by Carlos Oritz and Scott Duff.

The two friends were golf buddies when they decided to become business partners for a product they invented to keep their beers cold in the hot Texas heat. They managed to get a patent for their design in 2002. The concept behind My Cold Snap was to be portable enough for anyone to hold easily while drinking beer with friends.

The product’s name comes from a ring mechanism with a snap that is supposed to hold the can in place.

Are They Still an Active Company?

No, they are currently not active and out of business.

How Did the Shark Tank Pitch Go?

Carlos and Scott came to Shark Tank seeking an investment of $50,000 for a 100% share of their company. They also added a 12% royalty on any future sale to their offer. They started their pitch by sharing the concept of hot Texas weather behind their product. They summarized their product as a hand-held cooler that was supposed to keep beer cold for almost 40 minutes.

The Sharks were put off by the way that the two entrepreneurs were willing to give up the whole company. Giving up the shares would mean that the investors would have to be doing all the work in the company. Daymond was the first Shark to point this out. Scott didn’t address this concern immediately and instead moved on to the sales.

He shared that so far, they’d managed to sell almost 250,000 units just from promotions alone. And that they’d already managed to secure a contract with a licensing company. However, once that company went out of business, they ended up having a lot of leftover units, almost 20,000- which was why they were seeking to sell all the shares of the company. They admitted that it was primarily because of the loss of $200,000 of the initial investment and the fact that the units in the warehouse hadn’t been sold since the business started.

Then it was time for the Sharks to respond to their pitch. Barbara went first, sharing that she felt they simply weren’t passionate enough about their company and only seemed to want to get rid of it. She added that the enthusiasm of an entrepreneur was necessary to convince an investor, and they didn’t have it. Robert stepped out after Barbara, citing the same reasons.

This was followed by Kevin, Daymond, and Mark’s exit. Kevin called quits because he felt the product wasn’t profitable enough, while Daymond had a problem with the valuation. Overall, My Cold Snap Shark Tank review was negative, and they left without a deal.

Since the company was already struggling, they had needed a Shark Tank investment to survive, but when they failed to get it, they went out of business.

Our Review of My Cold Snap

The good news is that My Cold Snap was a very easy-to-hold hand-held cooler for beer because it was lightweight and designed to fit into your hand. It was essentially a glass that you could place your beer into unlike conventional coolers which are much larger and heavier to carry, plus are harder to transport because of their size. It’s also an affordable product unlike conventional coolers.

The bad news is that it could only keep beer cold for up to 40 minutes. It wouldn’t have held more than one beer so it’s only suited to a single person and not a group of people.

Pros of My Cold Snap

  • Affordable
  • Well-designed
  • Easy to hold
  • Keeps beer cold for 40 minutes
  • Lightweight

Cons of My Cold Snap

  • Doesn’t keep beer cold for long
  • Only suited for a single person, not a group of people

Who Is My Cold Snap for?

My Cold Snap is mainly targeted at adults of drinking age who live in Texas and frequently experience their beer quickly turning warm in the hot Texas weather.

Are There Any Alternatives?

My Cold Snap isn’t the first portable cooler system, there are many others on the market already.

CleverMade Collapsible Cooler Bag is one good alternative to My Cold Snap. It’s a compact cooler that’s easy to store in the trunk of your car while you’re on the road. It’s solid material and can easily keep your drinks and snacks cold because it’s insulated inside. The cooler’s easy to carry because of its handles on the side and also offers a shoulder strap if you’re carrying a lot.

On top of that, it also comes with a bottle opener on the handle side, making it convenient to open your drinks. The cooler bag can handle almost 35 pounds which means that you can fit a lot in there. It has a stable bottom made of baseboard and little plastic feed. The durable polyester of the bag will ensure that it lasts a long time.

Our Final Thoughts

Although My Cold Snap never received the opportunity to make a lot of sales, the product itself was innovative and successfully kept beer cold. It was also affordable and made of insulated and durable material. It would’ve been a good product if the entrepreneurs had managed the company better.

Unfortunately, the market for insulated hand-held ice boxes is oversaturated with options, and there are better alternatives available for people to try.  On top of this, the inventors could’ve added other features to the product but they didn’t, which is why it failed to be successful.