Brian Bloch and Chase Mitchell’s lightweight, ice-free Chill Systems seemed like a brilliant idea. The product replaced traditional heavy beverage coolers at beaches and barbecue hangouts. But when the product was pitched to Shark Tank, the founders didn’t close the deal. As of 2024, Chill Systems is worth $0 because they’re out of business.
Founder
Brian Bloch is from Los Angeles and is a USC graduate majoring in Accounting and Business Administration. Chase Mitchell is also from Los Angeles and is a USC graduate majoring in Business Administration with a minor in Network Technology and Applications.
Both have extensive resumes. Brian started out as a warehouse operations specialist at Dornbracht and later became a business analyst at Apple. Chase began his career as a salesperson at Vector Marketing, but his most notable position was as an account manager at Google.
Founded Chill Systems
The two guys had been friends since college and were both fans of Shark Tank, and they had often talked about bringing their products to the show.
Eventually, they came up with the concept of a cooler that was portable and didn’t require ice. The duo spent two years turning the idea into reality. Chill Systems was founded in 2018 after a Kickstarter campaign that raised more than $53,172 from 473 backers.
The product uses insulated packaging and cooling gel to keep temperatures low for 4-6 hours. However, it needs to be placed in the refrigerator overnight before use. By 2020, the startup had generated $111,000 in sales.
Shark Tank Appearance
The company is being sold, but at a loss in order to test the market. In 2021, Brian and Chase appeared on Season 12, asking for $150,000 for a 15% stake.
The sharks seemed intrigued by the pitch but skeptical of the product, and the pitch quickly fizzled out when the founder admitted, “Our costs are really high.”
When the group revealed that they had quit their jobs at Apple and Google to pursue this opportunity, Kevin O’Leary delivered one of his best lines on the show – “Do you want me to call you back to work?”. Mr. Fantastic was the first to go out, and the other sharks quickly followed. Overall, the presentation did not go as planned, and the founders were ridiculed by the sharks.
After Shark Tank
Kevin O’Leary suggested that they shut down the business and return to their normal jobs. After Shark Tank ended, Chase and Brian continued to work at Chill Systems until January 2022.
The product was available for purchase on its official website, which is now offline and its domain is for sale on Godaddy Auctions. The iceless cooler is sold out on Amazon and the company has not posted anything on social media in more than two years.
The two aspiring entrepreneurs eventually took Kevin’s advice. Both are now working in normal jobs. Chase works as a senior associate for partner success at Coinbase, and Brian works at Elbay Endeavors.
Categories: Shark Tank
Source: svlsf.edu.vn