Coffee Joulies Shark Tank Summary
|Episode||Season 4 Episode 15|
|Business||stainless steen beans that absorb heat to keep coffee at the perfect temperature|
|Entrepreneur||Dave Jackson and Dave Pertrillo|
|Asked For||$150,000 for 5%|
|Accepted Offer||$150,000 for $6 per unit royalty until $150,000 is repaid|
|Shark||Kevin O’Leary, Lori Greiner, Daymond John, and Robert Herjavec|
|Business Status||In Business|
What is Coffee Joulies?
Coffee Joulies are small beads of an advanced phase change material. They can be added to coffee directly, or inserted between the walls of a Joulies coffee cup.
The Joulies work by initially absorbing heat rapidly, cooling coffee to drinking temperature (140 degrees). Once 140 degrees has been reached, the Joulies release heat gradually, keeping the coffee at a constant temperature for several hours.
Who Owns Coffee Joulies?
Coffee Joulies were invented through a collaboration between Dave Pentrillo and Dave Jackson. After obtaining a degree in mechanical engineering Dave Pentrillo became a design and development engineer for Lutron Electronics.
In 2011 he became the President of Coffee Joulies, a position he retains today. Alongside his Coffee Joulies presidency, Pentrillo has continued his career as a design engineer.
Dave Jackson graduated alongside Pentrillo as a mechanical engineer. He continues to pursue his mechanical engineering career, alongside being part owner of Coffee Joulies.
The Daves’ designed and produced the first batch of Joulies themselves. They then launched the idea of Kickstarter in 2011, raising $306,944 in less than two months.
The huge success of the Kickstarter earned them a place in the Kickstarter Hall of Fame, providing welcome publicity and raising awareness of the brand.
The Kickstarter also gave the Daves the capital to begin manufacturing Julies commercially. The business received a further boost later in 2011 when it won the Grand Prize in the Shopify Build-a-Business competition.