Coffee joulies, also called “magic coffee beans,” go to work as soon as a cup of coffee is hot enough to burn your lips and above 140 degrees is poured into it. They bring the temperature down as quickly as possible to the right level. Putting a few coffee joulies into a hot drink will start a chain reaction whose strength depends on how hot the glass is.
How Do You Make Coffee Joulies?
The Coffee Joulies are stainless steel, but they look like coffee beans. Putting a few coffee joulies into a hot drink starts a chain reaction whose speed depends on how hot the glass is.
When you pour a coffee cup above 140 degrees and hot enough to burn your mouth, the Coffee Joulies (magic coffee beans) go to work and bring the temperature down to the best level. Then, these beans store the extra heat and slowly release it back into the coffee over a long time, giving you a perfect cup of coffee every time.
Read More: James Franco Net Worth: Things You May Not Know About Him
Before Shark Tank, Coffee Joulies
Dave Petrillo and Dave Jackson, both from New Jersey and working as mechanical engineers, came up with the idea for the Coffee Joulies. The Joulies were small capsules made of stainless steel and filled with a clever substance that quickly cooled down a hot drink to a temperature where it could be drunk.
They used Kickstarter to raise money for the first time in March 2011. This would keep the liquid in the capsules at the same temperature for a long time. Their goal was to raise $9,500, and in just three days, they did it.
Near the end of their month-long campaign, Kickstarter gave them a big boost. More than 4,800 people gave more than $300,000 to help the idea move forward. They could finish making their idea into a finished product because they had done well early on and had a lot of money.
Who Came Up With the Idea for Coffee Joulies?
The idea for the Coffee Joulies came from Dave Petrillo and Dave Jackson. Dave Pentrillo started working at Lutron Electronics after graduating from college with a degree in mechanical engineering in 1993.
He was named President of Coffee Joulies in 2011, and he still has that job today. He has also worked as an engineer and was the leader of Coffee Joulies.
At the same time as Pentrillo, Dave Jackson got a degree in mechanical engineering. He works as a mechanical engineer and is a co-owner of Coffee Joulies.
The idea came from the Daves, and they were the ones who made the first batch of Joulies. After a year, they started Kickstarter, and in less than two months, they raised $306,944.
Because the Kickstarter was so successful, they were put in the Kickstarter Hall of Fame. This gave them the publicity they needed and made more people aware of their brand.
Also, Kickstarter gave the Daves the money they needed to start selling Julies to the public.
The company did even better that same year when it won the Shopify Build-a-Business competition.
Read More: Guy Fieri Net Worth: How Many Cars and Trucks Does Guy Fieri Have?
What Did Shark Tank Think of Coffee Joulies’ Pitch?
On Shark Tank episode 413, Dave Jackson and Dave Petrillo pitched Coffee Joulies. They want to sell a 5% stake in the business for $150,000. The Coffee Joulies are made of a secret material that melts when it gets too hot and then gives the heat back to the drink when it hardens again.
When the couple showed it to the Sharks, they said it could keep coffee at 140 degrees for five hours. Even after three hours, the Sharks’ coffee is still steaming hot. Each Joulie costs $3.60 to make and sells for $50. Last year, the business had a positive cash flow because it made $575,001 in sales and $50,000 in profit.
Thanks to deals with Bed Bath and Beyond and OfficeMax, the company thinks it will make more than $1 million in sales over the next year. About the 5 percent, Daymond John sees that the other Sharks are “ready to do some invasive surgery” on the couple. He has gone away.
Kevin O’Leary says he wants a 33 percent stake in any company he finances, but he is interested in the industry. He gives them $150,000 in exchange for $6 from each sale until he gets his money back, and then only $1.
Read More: Steve Wynn Net Worth: How Much Does He Have in the Bank?
Net Worth of Coffee Joulies Worth
How much money do Coffee Joulies have: Coffee Joulies are small “beans” made of stainless steel that quickly soak up heat. When poured into a cup of coffee, the “unique phase-change substance” Coffee Joulies solidifies and keeps the coffee at the right temperature for hours (140 F).
In 2013, the owners of Coffee Joulies, Dave Petrillo and Dave Jackson pitched their business on the show Shark Tank.
They reached a deal with Kevin O’Leary, Lori Greiner, Daymond John, and Robert Herjavec, four of the five sharks. In exchange for a $150,000 investment, Petrillo and Jackson agreed to pay them $3 per wholesale unit sold and $6 per retail unit sold. Then, they would keep giving investors $1 per unit.
Dave Jackson and Dave Petrillo, both mechanical engineers from New Jersey, came up with Coffee Joulies. The Joulies were tiny capsules made of stainless steel filled with an ingenious substance that quickly cooled down a hot drink to a temperature that could be drunk.
The tablets would then keep the liquid at the same temperature for a long time.
Since appearing on Shark Tank, Coffee Joulies has added Booze Joulies, similar to Coffee Joulies but made of stainless steel and “freeze below the freezing point of water, making them colder than ice.” For example, a glass of scotch can stay still for a long time without getting watered down.
In March 2011, they used Kickstarter to raise money for the first time. Their goal was to raise $9,500, and they did it in just three days. Near the end of the month-long campaign, they had gotten a big boost from Kickstarter. More than 4,000 people gave more than $300,000 to help their idea move forward.
With the help of their early success and a lot of money, they could finish the production process and turn their idea into a finished product.
Comments are closed, but trackbacks and pingbacks are open.