Halloween’s airing of Shark Tank included the founder of a company called Titin, a maker of weight training equipment. The unique twist is that this is equipment you wear. Founder Patrick Whaley explained that it was a shirt with weights incorporated into the fabric so as to be positioned over the chest. He said this helped athletes increase their jump height by 13%. He also said it was patented, as if he was the only one who could incorporate weights into a shirt.
The Sharks distrusted him on numerous counts. They should. I did a quick patent search and only found one patent. It was a measly design patent—and it was on a pair of pants that look like football pants. There was nothing about a shirt with weights. If you care to look it up, it is U.S. Patent No. D703,919.
Distrust on not, he received two offers. Damon offered a 20 percent stake for $500,000. Kevin offered the same amount for only 15 percent.
He was smart and took Damon’s offer. Personally, I wouldn’t pay $250 for a weighted shirt, but evidently some people do. In any event, it’s not protected by a patent and if it does become successful, it’s fair game if anyone wants to compete. Only time will tell.