A friend asks for money to market a new product he invented. He claims to have invented a "cold plate" that works like a hot plate and will cool down foods and liquids that are placed on it. Should you invest??

Should I be thinking about the second law of thermodynamics here?

When you put electricity into a hot plate the electrical energy is converted directly to heat energy by the resistance of the wire. That makes the plate hot and the heat transfers to the food by conduction and radiation

Now if we could come up with a way to put electricity into the plate and make it cold, the heat in the food would be transferred to the cold plate by radiation and conduction thereby achieving the desired result.
However there is a problem. We do not have a way for the electricity to carry heat away from the plate. It puts power in. It does not take it out. It would have to run a machine that transfers heat from the cold plate to some warmer sink. That is called a refrigerator. In fact the surface of the freezing compartment in your refrigerator would work just fine for this purpose with the cold pipes full of expanded gas running through it. The heat generated by the electricity running the compressor is dumped to the air outside the refrigerator by coils out in the air behind the unit.
This would work fine, but is not anything like the simple concept of the hot plate because we need that entire machine between the plug and the wall to pull heat out of a cold thing and dump it to a hot place.

Yes, considering the second law of thermodynamics would be beneficial when evaluating the feasibility of your friend's invention. The second law states that heat naturally flows from an object at a higher temperature to an object at a lower temperature until both objects reach thermal equilibrium. In the case of your friend's "cold plate," it claims to cool down foods and liquids, which goes against the natural tendency for heat transfer.

To make an informed decision, it would be helpful to gather more information about your friend's invention. Since you're considering investing money, it is essential to conduct due diligence and evaluate the credibility and scientific soundness of the product. Here are a few steps you can take to assess the claims:

1. Research the concept: Look up similar cooling technologies, such as thermoelectric cooling or Peltier plates. Understand how they work, the principles they rely on, and any limitations or challenges associated with them.

2. Seek expert opinions: Consult with experts in thermodynamics, refrigeration, or engineering who can evaluate the technical aspects of your friend's product. Consider reaching out to professors, scientists, or professionals who specialize in related fields.

3. Ask for evidence: Request your friend to provide evidence of independent testing or third-party validations of the product's functionality and effectiveness. Scientific data, peer-reviewed studies, or technical reports can help assess the validity of the claims.

4. Assess market potential: Evaluate the market demand and competition for such a product. Consider potential applications, target customers, and existing alternatives in the market that provide similar functionalities.

5. Analyze the business plan: Examine your friend's business plan, including marketing strategies, financial projections, and potential return on investment. Assess the feasibility and profitability of the venture.

By following these steps, you can gather information and expert opinions to make a more informed decision about investing in your friend's invention. Remember, it's crucial to approach the decision with a critical mindset and rely on evidence and expert advice rather than being solely influenced by personal relationships.