Jeffrey Miller designed CoolWraps for people who don’t have a flair for gift wrapping. Instead of a table filled with rolls of paper, scissors and tape, there is only the CoolWraps bag. Slide the gift in, remove the protective film from the adhesive strip, fold it over and seal it, just as you would an envelope. Then you blast it with a hair dryer and see the bag shrink to a wrinkle-free, snugly wrapped gift—no matter how odd the shape of the gift.
Jeffrey had been in the CoolWraps business for more than 10 years. He originally had partners, but by the time he appeared on Shark Tank, the business was all his. Jeffrey knew that he was not a salesman. He didn’t know who to go to or how to pitch his product. He had gone to trade shows, but only handed out business cards. CoolWraps needs to be demonstrated. Maybe the only plus was that Jeffrey had a utility patent.
Mark Cuban bought the whole company for $250,000 plus a royalty of 3% for Jeffrey. Other than that, we are left hanging. Did Jeffrey get the 250,000? Or did Mark bail? Did Mark try to grow CoolWraps or just chalk the deal up to a loss? There has been no trace of CoolWraps since 2015.
CoolWraps is no longer in business.