“Garage Door Lock” is an innovative security product presented on Season 5 of the popular television show Shark Tank. It was designed to augment the security of typical garage doors, which are often vulnerable to breaches.
A standard garage door may be secured by only a latch or basic sliding lock, which can easily be forced open. On the other hand, the “Garage Door Lock” introduces a more sophisticated locking mechanism.
The product’s core feature is an electronic lock system that secures the garage door from the inside. It is installed on the interior side of the garage door and engages a deadbolt into the garage door track, making it significantly more difficult for intruders to force their way in.
The lock is controlled via a wall-mounted keypad, which allows for coded access, enhancing security as it requires knowledge of the code to disengage the lock.
Notably, the “Garage Door Lock” is compatible with most existing garage doors, making it a versatile solution that does not necessitate complete door replacement. The installation process is straightforward, and the system runs on household electricity, a practical feature for a security device.
Additionally, the lock system includes a battery backup to ensure it continues functioning even in power outages, which is critical given that potential intruders may exploit power cuts.
The “Garage Door Lock,” seen on Shark Tank, is a smart investment for homeowners prioritizing security. Its robust locking mechanism, user-friendly coded access, and compatibility with most garage doors add a solid layer of protection to a common weak point in home security.
The ability to operate during power outages adds further appeal to the product, making it a well-rounded solution to garage security needs.
|Company Name||Garage Door Lock|
|Product||The Deadbolt Lock is Intended For Garage Doors|
|Investment Asking For||$275,000 For 30% equity in Garage Door Lock|
|Final Deal||$275,000 For 35% equity in Garage Door Lock|
|Garage Door Lock Episode||Season 5, Episode 21|
|Garage Door Lock Business Status||In Business|
|Garage Door Lock Website||Visit Website|
|Garage Door Lock Net Worth||$3 Million (As of 2023)|
What Is Garage Door Lock?
Garage door lock is a crucial security device to secure your garage from unauthorized access. It functions similarly to other types of locks and is typically installed on the door leading from the garage to the outside, helping to prevent break-ins.
The locks can be manual, working with a traditional key, or automatic, which are often selected for convenience and can be operated using a remote control, by a sensor, or by a code entered on a keypad.
Many types of locks are available, including deadbolts, slide bolts, T-handles, and electronic locks with alarm systems. Users often prefer electronic locking systems as they can be integrated with other home security systems.
Each serves the same function, albeit slightly differently. The choice of garage door lock depends on various factors such as the level of security desired, convenience, and budget. Properly functioning and strong door locks are an initial deterrent for potential intruders, thus vital to home safety.
Who Is The Founder Of Garage Door Lock?
The founder of the “Garage Door Lock” is Brian Kleinschmidt. Before his foray into entrepreneurship, Kleinschmidt had a varied background. He graduated from the University of Central Florida with a Bachelor’s in Interpersonal Communication.
Alongside his studies, Kleinschmidt had a passion for entertainment and performing arts; he even had a stint on CBS’s “The Amazing Race” with his then-wife, where they ended up in third place.
The “Garage Door Lock” idea came from a deeply personal experience. Kleinschmidt was a victim of a home burglary, where the criminals accessed his house through the garage door.
This incident made him realize the vulnerability of typical garage doors when it comes to home security. He saw a significant gap in the market for an effective and affordable solution to enhance garage door security, which led him to develop the “Garage Door Lock.”
Before appearing on Shark Tank, Kleinschmidt had already fully developed his product and secured a patent. However, he faced challenges in getting the product to the market, particularly due to the cost associated with manufacturing.
He had also spent significant personal savings on the development and patenting process. Despite these hurdles, he sold a few units and received positive reviews from initial customers, confirming his belief in the product’s potential.
He hoped that an appearance on Shark Tank would help him secure the investment and mentorship necessary to scale the production and distribution of the “Garage Door Lock,” ultimately making homes more secure nationwide.
How Was The Shark Tank Pitch Of Garage Door Lock?
Bryan White, the founder of Garage Door Lock, entered the Shark Tank seeking an investment of $275,000 for 30% of his company, valuing Garage Door Lock at $916,666.
During his presentation, Bryan highlighted the pressing issue of home invasions, with one occurring every fifteen seconds in the U.S., and many people fail to properly secure the largest door to their homes – the garage.
Demonstrating his product, Bryan showed how the Garage Door Lock significantly improved security, with a steel deadbolt that automatically locks the garage door from the inside, effectively deterring common burglary techniques.
The Sharks engaged in active discussion about the product. Kevin O’Leary raised concerns about the common assumption that garages are locked when homeowners leave, to which Bryan clarified that traditional garage door clickers don’t necessarily secure the door against burglaries effectively.
Bryan’s demonstration of his product’s installation and operation piqued the interest of Barbara Corcoran, who sought more information about the financial aspect.
Bryan disclosed that the Garage Door Lock was selling for $249.95, and he had sold about 450 units, totaling a little over $100,000 in sales. He also revealed his significant personal investment of $250,000 in product development and patenting.
While the Sharks generally agreed on the potential of the Garage Door Lock, they had reservations about Bryan’s ability to market the product effectively.
Robert Herjavec and Kevin O’Leary expressed concern about Bryan’s marketing strategy, and Barbara Corcoran felt Bryan lacked the skills of an entrepreneur necessary to sell the product, even if he could secure meetings with large retail store owners.
Barbara, Kevin, and Mark Cuban eventually decided to opt out of the deal, citing these concerns.
However, Daymond John saw merit in Bryan’s product and its potential to help people protect their homes. He offered Bryan $275,000 for a 40% stake in the company, contingent upon them finding a suitable licensing deal.
In a surprising twist, Robert Herjavec made an offer of $275,000 for a whopping 70% of the company, citing a valuable connection he had in the manufacturing industry that could potentially aid in the production and marketing of the Garage Door Lock.
Despite Robert’s attractive connection, Bryan opted to negotiate with Daymond, countering his offer of 35%. Daymond accepted this counteroffer, which is quite rare in the Shark Tank.
Following the show, Bryan successfully closed the deal with Daymond John. They secured a partnership with Guardians Lock, a manufacturer of locks and other home equipment, in 2015.
The partnership significantly reduced its production costs by over 60%, and as of 2023, Garage Door Lock is still in operation and selling its patented automatic deadbolt locking system online for $439.
Final Deal: Daymond John agreed to invest $275,000 for a 35% stake in Garage Door Lock.
What Happened To Garage Door Lock After Shark Tank?
After his successful pitch on Shark Tank, Bryan White’s Garage Door Lock made significant strides. Securing an investment from Daymond John, the company could continue its operations and evolve, despite some rumors to the contrary.
White had initially entered the Tank seeking $275,000 for 30% equity in his company, ultimately agreeing to Daymond John’s counteroffer of $275,000 for 35% equity, contingent on finding a licensing deal. This successful negotiation provided the much-needed capital and strategic partnership required to propel the company forward.
One of the most important post-Shark Tank developments was the company’s rebranding. In November 2022, Bryan’s company launched an updated version of the Garage Door Lock through a rebranded website known as ELockSys.
This move refreshed the company’s image and helped consolidate its online presence, allowing for a streamlined customer purchasing experience. Therefore, despite challenges and rumors of the company’s dissolution, Garage Door Lock remained in business and even progressed and innovated.
With the support of Daymond John and the rebranding to ELockSys, the company could continue offering its automatic locking solution, contributing significantly to the home security market.
Garage Door Lock Shark Tank Update
Garage Door Lock, known as ElockSys, appeared on Shark Tank in March 2014. Bryan White, the entrepreneur behind the product, pitched his lock designed for garage doors to the Sharks.
Daymond John offered $275,000 for 35 percent equity, which Bryan accepted. After the show, Garage Door Lock partnered with Guardian Locks, a lock manufacturer in California, to redesign and simplify the lock’s components, resulting in a 60 percent cost reduction.
The partnership with Guardian Locks allowed for enhanced garage security, easy installation, and versatile compatibility. The company even released an updated product version with LED lights, a screen, and Bluetooth compatibility.
However, there are conflicting reports regarding the current status of the business. One source states that ElockSys, the company behind Garage Door Lock, based in Phoenix, Arizona, went out of business, and their website is no longer active.
Additionally, their Garage Door Locks were listed for sale on SecuritySnobs for $500. Another source mentions that Elocksys is still active and selling an updated product version through the ELockSys website.
Although the online presence is limited, with inactive social media pages and low views on their YouTube video, Garage Door Lock is still in business with the new name Elocksys Garage Lock.
Is Garage Door Lock Still In Business?
According to our findings, Garage Door Lock is still in business. The sources provided do not provide conclusive information about the current status of the business. Garage Door Lock has rebranded itself as Elocksys Garage Lock.
There are several smart garage door opener options available on the market that offer convenience and security. These smart garage door openers allow you to monitor and automate your garage door through your smartphone, providing features such as remote control, scheduling, and integration with smart home platforms.
Suppose you require a device to monitor your garage door remotely. In that case, you can consider products like the GarageDoorBuddy Monitor, which allows users to monitor their garage doors but not control them.
An automatic garage door lock, a smart device compatible with certain garage door opener models, is also available. This lock automatically secures the door when closed, providing extra protection against burglars.
What is the Net Worth of Garage Door Lock?
According to our research, the net worth of Garage Door Lock is estimated to be $3 million as of 2023. The valuation of the Garage Door Lock was $785,000 after securing a deal from Daymond John on Shark Tank.
Also, read other notable businesses from Season 5 of Shark Tank: