What Happened to Garage Door Lock After Shark Tank?
What is a garage door lock?
The Garage Door Lock is a tool that guards the largest door that robbers may use to access a property. Bryan had the idea when someone broke into his property and he noticed that the remote controls that most garage doors utilize are insufficient to fix the situation.
Bryan spent two years building a system that is neither expensive nor difficult to run in order to avoid this.
The Garage Door Lock is a clever design that locks the gate by linking it to the door, allowing you to lock your garage door with a single button.
The remote control is connected to the suction cup that holds the garage door in place. It is composed of hard plastic and has the appearance of metal, yet it does not obstruct the movement of the remote control.
Who is the creator of the Garage Door Lock?
Garage Door Lock was created by Bryan White. White got a patent for his idea in 2002, and he is now hopeful that a Shark can assist him in making his patent and product profitable.
The Garage Door Lock locks and unlocks your garage door with a remote, exactly as you do when you open and close it. This lock offers an extra degree of protection because most automated garage doors lack a dead bolt locking mechanism.
White’s firm, Elocksys Inc., has an estimated $1-$5 million in revenues coming into the Tank. There are literally millions (if not billions) of automatic garage doors without any form of locking mechanism, thus the market is enormous. The Garage Door Lock is a simple, practical, and low-cost solution that will make people’s lives safer.
What Happened to the Garage Door Lock During the Shark Tank Pitch?
Bryan White chose to pitch his idea to Shark Tank investors in order to land a contract with a well-known manufacturer of automatic garage doors.
Bryan entered the Shark Tank asking for $275,000 in return for 30% ownership of his company, which worth $916,667.
He describes a scenario in which a house invasion occurs every 15 seconds and highlights how dangerous the ordinary garage door is, leaving houses open to burglars.
Kevin O’Leary was interested in learning how to “address this dreadful problem that exists all over America.” “Stop the insanity!”
Bryan explains that the lock was a do-it-yourself installation that takes the typical homeowner around 2 hours to install on their existing garage door.
It is interchangeable and may be used with any door brand. He has sold 450 smartphones for $249.99 apiece and has earned more than $112,000 through his website.
The Sharks are intrigued by his efforts to educate consumers and publicize the Garage Door Lock. Bryan admits that marketing is his weak point.
He was looking for a partner that could help him launch the product into retail locations and develop a name for the brand.
He was an experienced inventor, having previously designed paragliding equipment, but his marketing and sales knowledge is lacking.
He claims to have a specific introduction to the owner of a major garage-door manufacturer. The Sharks urge him to avoid such ties, noting that anybody who wants money in exchange for an introduction is most likely not acting in his best interests.
Barbara Corcoran takes a position. She claims that Bryan was incapable of making sales to big-box stores and that he need the support of a high-powered salesperson. “The business has no purpose until the product is sold,” she explains. She went out of the deal.
Kevin O’Leary agrees. He says he’ll go acquire one, but as an investor, he doesn’t see the value. He’s out.
Mark Cuban informs Bryan that he was looking for a marketing infrastructure and was unable to supply one, thus he went out too.
Daymond John changes the tides by making an offer. He’s willing to pay $275,000 for a 40% stake in the firm if they can reach a deal on a license. He would license the deal.
Robert Herjavec also offers a proposal. He feels he can put Bryan in front of garage door manufacturers, but he’s only paying $275,000 for 70% equity shares with no further contingencies.
Bryan asks Daymond if he would be interested in a 35% share in the company, and Daymond agrees. Bryan walks away from the Shark Tank with a deal.
What Happened to the Garage Door Lock Following the Shark Tank?
Despite Bryan’s success in negotiating a license deal with Daymond John, the Garage Door Lock does not appear to have achieved the licensing deal that John had hoped for.
The website is still operational, allowing customers to purchase a Garage Door Lock, however the social media profiles have been deleted since 2014.
Bryan may have moved on to bigger and better things, but the Garage Door Lock is no longer in use. The locks are still available on a website called Security Snobs as of August 20, 2021. They either bought the company or Bryan licensed it to them.
Garage Door Lock’s Competitors
SmartLocks Inc. is a major competitor of Garage Door Lock.
Garage Door Lock’s Net Worth
During the pitch, the firm was valued at $916,667; however, because the company has discontinued operations, the company net worth is unavailable.
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Garage Door Lock FAQs
What was the purpose of the Garage Door Lock?
Garage Door Lock locks and unlocks the garage door with a remote. This lock offers another degree of protection because most automated garage doors lack a dead bolt locking mechanism.
What were all the components and materials used in the construction of Garage Door Lock?
Garage Door Lock was composed of hard plastic that looks like metal, yet it did not obstruct the movement of the remote control. It also had a suction cup that holds the garage door in place.
When was the Garage Door Lock not waterproof?
Garage Door Lock was waterproof when it is in place. However, if the garage door was open, it’s not really waterproof.
How many times can the Garage Door Lock be locked and unlocked?
The lock can be locked and unlocked up to 10 times. However, depending on how long they lock the door, it will only last a few days before needing to be replaced.
What was Garage Door Lock made of?
The Garage Door Lock was made of plastic and a suction cup to hold the door in place. The plastic was strong and durable, which required little maintenance.
Why was Garage Door Lock useful?
The Garage Door Lock was useful because it prevented break-ins from happening when the homeowner left the garage door open. This can also save money from paying for an alarm system or homeowners insurance.
What was the return policy of Garage Door Lock?
Garage Door Lock has a 60-day return policy if the product was unused upon delivery and as long as it was unopened.
What were the shipping charges of Garage Door Lock?
Garage Door Lock’s shipping charges were $5.00 per order, but it does not include S&H charges, which depends on the number of units ordered.
What was the current sales price for Garage Door Lock?
The current sales price for a Garage Door Lock is $24.95 plus $5.
What was the warranty of Garage Door Lock?
Garage Door Lock has a limited warranty of 90 days. The product will be replaced if it was found to have manufacturing defects within the first 90 days. If customers would like more information on Garage Door Lock.
When will I receive my Garage Door Lock?
It can take up to three weeks for the order to ship out and arrive at their doorsteps depending on the shipping method selected by them.
What were the payment terms of Garage Door Lock?
The payment terms of Garage Door Lock were through PayPal, credit card or gift card.
