What Happened to HyConn LLC After Shark Tank?
What is HyConn LLC?
HyConn LLC is a manufacturer of fire hydrant hose quick connections. It takes less than three seconds to connect a HyConn to a hydrant and requires no threading or twisting.
During Jeff Stroope time as a firefighter in Texas, several homes were devastated by fire. He recognized that the time it took to connect the hose to the hydrant and feed water to the fire was an issue.
He reasoned that there had to be a better way, so he created HyConn. He not only invented a HyConn for firefighters, but also a HyConn for the residents.
He also designed a HyConn for the home, a connector that clamps into garden water spigots. The firefighter can utilize HyConn to connect the hose to a hydrant in three seconds or less, without threading or twisting.
It is not only quick and easy, but it is also safe. The firefighter, or anybody else, does not need to worry about the water pressure blowing off the hose because it has been confirmed and tested at 1,000 psi.
Who is the founder of HyConn LLC?
Jeff Stroope founded HyConn after witnessing countless houses destroyed by fire during his time as a firefighter in Texas.
He recognized that the time it took to connect the hose to the hydrant and feed water to the fire was an issue. He believed there had to be a better way, so he founded HyConn.
His expertise as a firefighter influenced him to develop the HyConn. The quick-connect device enables firemen to connect to an existing hydrant quickly and easily, while also ensuring a safe and effective connection.
The HyConn for the Home contains a connector that makes it easy to connect garden hoses to spigots. HyConn attaches to a hydrant in three seconds or less, which is much faster than the standard 30-second connection time for a hose to a hydrant.
One of the challenges Stroope faced was finding the time to develop and implement HyConn. He was not just a firefighter, but also the fire department’s full-time captain and maintenance supervisor.
This meant he didn’t have a lot of free time to spend on product development, but he concentrated the time he did have at night and on weekends on his notion; Jeff had already invested 11 years of his life into HyConn.
What Happened to HyConn LLC’s Pitch on Shark Tank?
Stroope chose to pitch his concept to Shark Tank investors in episode 8 of Season 2 of HyConn of Shark Tank in order to extend the product’s potential market.
Stroope entered the Shark Tank dressed in full turn-out gear, seeking $500,000 in return for a 40% ownership in his firm, worth $1.25 million.
He characterizes the HyConn LLC idea as the “world’s fastest procedure” for connecting and detaching from a hydrant.
He compares the time it takes to attach and detach the HyConn to that of a conventional standard hose, revealing the huge difference in time required to connect to the water supply.
Stroope has already approached the major fire equipment distributors about obtaining the patent. They rejected but offered to distribute the product if he could make it.
Daymond John exits because they appear to have lost trust in the product.
Daymond John exits because they appear to have lost trust in the product.
Barbara Corcoran was skeptical that communities will spend $7,000 to save 8 seconds. She exits.
Robert Herjavec wants to know if the gadget, like a garden hose at home, maybe utilized in other enterprises.
Stroope reaches inside his pocket for an adaptor. He’s already planning a home-based version of his product.
In exchange for 100% ownership of the company, Mark Cuban gives him $1.25 million and a three-year work contract, as well as a portion of the firm’s income.
Kevin O’Leary steps in, but he’s just interested in the garden hose adapter. He offers $500,000 for full ownership of the product, plus a 3% royalty on sales.
Cuban’s offer was “too generous” for Robert Herjavec, and he refuses to match it. He exits.
Mark Cuban raised his offer to $1.25 million for 100% ownership of the firm, plus $100,000 per year for three years and a 7.5% royalty.
There were two proposals on the table, but only one of them will be accepted. Stroope accepts Mark Cuban’s offer and exits the pitch with a deal.
What happened to HyConn LLC After it appeared on Shark Tank?
Although the deal struck propelled HyConn to success, reality television isn’t always what it’s cracked up to be.
Following further discussions, Mark Cuban chose to license rather than produce the device. Stroope was displeased with some of the changes to the deal, and the two eventually separated up.
In this case, the Shark Tank exposure and subsequent re-airings were not as advantageous to the firm. Stroope was unable to complete his orders without the Shark contract, and it took him many years to find a new sponsor.
His website is up and running, but his social media accounts appear to be lagging, and numerous people have pointed out identical products on the market.
Despite the Shark agreement Stroope obtained, it looks that the HyConn LLC fire isn’t as bright as it once was.
Stroope’s LinkedIn page still lists the company as “open” in July 2021.
Social media has not been updated since April 2021. Stroope is presently the Tool & Die Shop Manager for D&M Holding Company, a munitions manufacturer in Arkansas.
HyConn LLC’s Net Worth
During and after the pitch, the firm was valued at $1.25 million. Since then, the firm has ceased operations, and so the current net value is unavailable.
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HyConn LLC FAQs
Who founded HyConn LLC?
HyConn LLC was founded by Jeff Stroope, a former Dallas firefighter, and captain at Fort Worth Fire Department.
What did HyConn LLC do?
HyConn LLC’s product was a quick-connect connector to connect garden hoses. It allowed firefighters to connect hoses in three seconds, as opposed to 30 seconds for a standard hose.
What was HyConn LLC made of?
The product was made from plastic.
Where was HyConn LLC based?
The firm was based in Fort Worth, Texas.
What did HyConn LLC look like?
The device consists of a couple of pieces. A male adapter can be inserted into a fire hydrant and connected to a hose. A female adapter at the end of the hose is inserted into the male quick-connect device and can be turned to uncover it and connect to the valve.
What was HyConn LLC’s revenue model?
HyConn is only a hose connector, which is a necessary tool for fire fighters. The firm has a patent pending on this device and confidently expects to charge $75 to $100 for each item it sells.
What was HyConn LLC’s success rate?
Stroope has gotten positive results in establishing fire departments as potential customers. The first fire department he approached adopted the product and will pay a three-month test drive fee.
How did HyConn LLC get customers?
Stroope tries to obtain the sales opportunity by approaching a fire department and convincing it that his product will save time and money.
How long HyConn LLC did take to connect?
The product only took three seconds to connect a hose.
What is the current status of HyConn LLC?
The firm has reportedly abandoned operation.
How did I make payment to HyConn LLC?
The firm accepted payment by check, as well as electronic transfer.
How can I contact HyConn LLC?
It is unknown if customers can presently contact the firm. The firm isn’t active on any social media network.
How do I invest in HyConn LLC?
It is unknown if it was possible to invest in this company, but it’s unlikely that this investment opportunity exists anymore.
Was HyConn LLC a scam?
No, HyConn LLC isn’t a scam. Jeff Stroope is a legitimate entrepreneur with a proven track record of creating successful companies.
What happened to HyConn LLC on Shark Tank?
Mark Cuban likes the product and offered $1.25 million for 100% ownership, plus $100,000 per year for three years and a 7.5% royalty. He also offered to buy a garden hose adapter as well as sell it if he could.