Coffee temperature is a point of contention for many coffee drinkers. If you pour a cup of coffee straight from the kettle, you either have to wait for it to cool down or risk getting burned on the lips with every drink. After that, you can get sidetracked with other work and come back to your coffee when it’s cold. One presentation on “Shark Tank” sought to address the problem of reheating coffee in a microwave, which is not recommended.
In January 2013, David Jackson and Dave Petrillo (both pronounced “Julies”) appeared on Season 4 of “Shark Tank” to pitch their company Coffee Joulies (per IMDB). The inventors of the clever device, which resembles a miniature metal coffee bean, are long-time friends named Dave from Pennington, New Jersey (via Shark Tank Blog). Dave Petrillo, in his sales pitch, argues that the mugs “absorb extra heat from your coffee and make it drinkable in minutes,” before releasing the heat they accumulated to maintain a comfortable drinking temperature for up to twice as long. In that case, what became of Coffee Joulies?
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Coffee Joulies Shark Tank Update
Coffee Joulies’ pitch to the “Shark Tank” panel was well received. Founders David Jackson and Dave Petrillo told the Sharks they wanted to see their business counsel since they had conflicting ideas about the ideal marketing plan. Ultimately, they accepted the four Sharks’ offer to invest $150,000 in exchange for a 6 percent retail and 3 percent wholesale profit split. After the initial investment was returned, a $1 royalty would be given on all future sales (as reported by the Shark Tank Blog).
The Coffee Joulies website is still up and running today, nine years after the incident, although all of their products are marked as “sold out.” Similarly, Coffee Joulies’ Facebook page is still up and running, but it hasn’t been updated since 2017. According to Landscape Insight, despite the Shark’s interest in the project (which was originally the third biggest Kickstarter ever, earning over $306,000 in just two months), a transaction was never concluded.
Who Is The Founder Of Coffee Joulies?
The Coffee Joulies is the brainchild of Dave Pentrillo and Dave Jackson. In 1993, after completing his degree in mechanical engineering, Dave Pentrillo started working for Lutron Electronics. In 2011, he was named President of Coffee Joulies, a position he still holds today. He is the leader of Coffee Joulies as well as an engineer. Dave Jackson graduated at the same time as Pentrillo with a degree in mechanical engineering. He is a co-owner of Coffee Joulies and a mechanical engineer by day.
First-ever Joulies were designed and produced by the Daves. A Kickstarter campaign was started a year later, and $306,944 was successfully raised in that time. The great success of Kickstarter earned them a place in the Kickstarter Hall of Fame, which brought them much-needed attention and expanded their brand’s reach. Furthermore, the Daves were able to start mass-producing Julies because of the funding they received through Kickstarter. In the same year, they also won the Shopify Build-a-Business competition, which was a huge boost for the company.
Coffee Joulies Before Shark Tank
Two New Jersey mechanical engineers named Dave Petrillo and Dave Jackson are responsible for the creation of Coffee Joulies. The Joulies were tiny capsules made of stainless steel that contained a novel material that cooled down a hot drink in seconds. Because of this, the capsules could maintain the liquid’s temperature for a long time. Starting in March of 2011, they solicited donations using the crowdfunding website Kickstarter. They had a goal of $9,500 and they reached it in three days.
At the end of the month-long campaign, they received a sizable boost from Kickstarter. More than $30,000 was pledged by 4,800 backers to help make their concept a reality. Thanks to their early success and large funding, they were able to see their production through to completion and turn their idea into a working product.
How Was The Shark Tank Pitch Of Coffee Joulies?
Coffee Joulies co-founders Dave Jackson and Dave Petrillo went on Shark Tank looking to raise $150,000 in exchange for 5% equity. Both Daves are wearing smiles and confidence as they make their way onto the Shark Tank stage. Coffee Joulies co-founders Dave Jackson and Dave Petrillo are seeking $150,000 in exchange for a 5% interest in the company. Coffee Joulies was estimated to be worth $3 million. That should get the talks going now. It took Dave $3.65 to make each batch of Joulies. The set of 5 can be purchased for $50. More than half a million cups of coffee were purchased from Coffee Joulies in 2017, resulting in a $575,000 revenue year and a net profit of around $50,000. The company enjoys cordial partnerships with the vast majority of retail chains.
The Coffee Joulies created by Steve Petrillo and Dave Jackson has already turned a profit. They’re breaking even or making money. I don’t know the answer to that question. This year’s sales are projected to be around USD 1,000,000. Kevin O’Leary has stated that he is only interested in purchasing a company in which he owns 33 percent or more of the shares.
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Kevin O’Leary will give them the money they are asking for but wants to receive $6 for every Julius set sold until he gets his money back. He hopes to accumulate enough wealth to enjoy a long and healthy retirement. Shortly after Kevin O’Leary proposes a Deal, Lori Greiner enthusiastically agrees to help and starts working with him right away. Dave is happy to give QVC his money because he enjoys buying Coffee Juliettes from them. Kevin O’Leary approves and is prepared to back the plan.
Following Lori’s lead, Rob Herjevic negotiates the Agreement with B&T and Target, two of his clients. Daymond John quickly left the competition after realizing he could not contribute much to the team and seeing that other sharks were already circling the Deal. He would like to join in on the fun as well, if possible.
The Offer was given to 4 sharks, which appears terrific for all parties concerned. The money is sent to David Jackson and Dave Petrillo, and the Sharks get in touch with them to help them grow the business. If the Sharks want to split the $37,500, they can. Mark Cuban, the one and only Shark who strives to outdo the others at all costs, proposes his Deal and his approach to selling the Joulies. They accepted his offer of $250,000 in exchange for an 11% share.
He makes them a deal for $250,000 and 12% ownership in exchange for their holding off on joining QVC. The two Daves think that it is best to establish a company’s brand first, and then try to sell it to a larger store. Both David Jackson and Dave Petrillo pick up the phone to negotiate with a mutual buddy.
Robert rapidly comes to terms with the fact that a wholesale price of $7 for each set of Joulies is excessive for his fledgling business. He would like to trim his costs to the tune of $3. Unless they raise their bid, Mark Cuban will likely get the Deal. Cuban relaxes, convinced that everything is going his way. At this point, O’Leary stands and addresses the two Daves. They ask for only $3 for each internet purchase.
It’s unusual for all five Sharks to be interested at the same time. But, as you might guess, that does occur. Four sharks are better than one, according to Dave O’Leary and his crew, who have returned to Shark Tank. Daymond A resounding “Yes, Baby!” from John. He can relax now that he knows he received a great deal. This is very likely to occur in the next few days. A four-Shark deal was agreed upon, and Coffee Joulies was born.
Can You Still Buy Coffee Joulies?
Despite the buzz, it generated after its 2013 appearance on “Shark Tank,” Coffee Joulies doesn’t seem to be for sale at this time. According to their LinkedIn profiles, co-founders David Jackson and Dave Petrillo are still listed as owners of Coffee Joulies LLC, although the company does not appear to be actively trading at this time.
It’s unclear whether or not the little metal coffee beans will ever be offered again, even though the company has almost 13,000 Facebook followers. With the most recent customer review dating back to March of 2022, you can find this product on Amazon. “What’s the good news? Closed shop! The web page has been dormant since 2017. Is this some bad news? It was great in theory, but in practice, it fell short. I’m out $50! Always research before buying something like this!” as reported by Amazon.
There is bad news for Coffee Joulies: 24% of the reviews on Amazon are one-star, with many customers complaining that the product just does not live up to its claims. However, only 40% of reviewers rate it as excellent. In one approving review, the author says “I was taken aback by all the negative feedback. During an episode of Shark Tank, my wife surprised me with the kit. It has been four years and it is still functioning perfectly ” (per Amazon). Even though the product doesn’t seem to be for sale anymore, it nevertheless has devoted followers.