April 11, 2014. One of the firm’s start-up clients, Scar Designs, LLC, and its founder, Matt Scarpuzzi appeared on the hit ABC reality TV show “Shark Tank.” The series features entrepreneurs who pitch their inventions to celebrity venture capitalists, such as Mark Cuban and Jeff Foxworthy.
Scarpuzzi works as a professional firefighter in San Diego, California and developed novel ways for firefighters to quickly stop fire sprinklers from dumping water into buildings after false alarms, or after a fire has been extinguished.
The technology not only prevents millions in property damage, but saves time and energy for fire departments and property managers. Buche & Associates, P.C. has filed various patent applications for Scar Designs on the technology and to protect the inventions.
At the conclusion of a comprehensive pitch, the sharks made an offer to Scarpuzzi, however, since it would have meant giving 50% of the business away in exchange for capital, he cordially turned down the offer and thanked the show for the opportunity. Scar Designs is moving ahead with its business and has already made meaningful inroads to supplying firehouses across the country.
An important lesson from the show is that whether on reality TV or elsewhere, venture capital can come at a steep price and should be carefully weighed. Also, the show is important because it highlights the importance of protecting inventions, getting publicity for an invention, and making proper alliances to maximize profits and distribution for an invention.
Article written by John Buche, Esq. John Buche is a patent attorney and specializes in helping inventors and startups in San Diego, Los Angeles and Texas. www.pacificpatentlawyers.com. © 2014 Buche & Associates, P.C., all rights reserved.