This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Snuggie Cashes In Where Others Failed

Stocks in this article: WMT BBBY TGT

According to Slanket Chief Executive Officer Gary Clegg, the Snuggie people poached his idea several months after QVC started selling the Slanket in summer 2007. That was 10 years after Clegg's freshman year of college at the University of Maine, when he was struggling with an age-old, cold-climate, couch-potato problem.

"My remote control signal wouldn't work from beneath the blanket," he says. "I expressed my frustration to my roommate, and he was like, 'Just cut a hole in the blanket.' And within five minutes, I had this idea. I went home that Christmas, and I asked my mom if she could make a blanket with sleeves."

After a year of successful QVC sales, "we were planning that summer to knock ourselves off with a cheaper, discounted version," Clegg says. He was set to approach brick-and-mortar retailers with the cheaper version of the Slanket, dubbed the Snuzzle, when the Snuggie attacked the TV-sales market in the fall of 2008. Snuggie hit retail stores in September 2009.

"They undercut us and got into Bed Bath & Beyond, Target, etc.," Clegg says.

Clegg says he tried to protect the Slanket by applying for a patent several years ago, during the product's infancy, but to no avail.

"To be patentable, an invention must be new and useful, and must not be an obvious combination of known inventions," says Jeffrey Schox, a patent attorney and founder of the Schox Patent Group in San Francisco. "Most inventions satisfy the 'novelty' and 'utility' requirements, but only a few satisfy the 'non-obvious' requirement. Essentially, the sleeved blanket is just a robe that's on backward, and robes have been around for several millennia, so there's no way to patent that."

2 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs