What is Hyconn?
HyConn connectors can potentially save a life. The HyConn slogan is Because seconds can make a difference.
HyConn connectors allow fast and easy connection of hoses to fire hydrants without any threading or wrenching.
HyConn connectors are fast and secure. They have been tested to have pressure ratings up to 1000 psi. It takes less than 3 seconds to connect hoses to hydrants. It took 30-seconds to connect hoses to hydrants.
HyConn’s products are available for homeowners and gardeners alike, with products that allow them to quickly and easily attach hoses to their faucets.
HYCONN was developed over 11 years and is currently a patent-pending product. Its super-fast speed and elegant form will help save thousands of lives and millions of dollars in property.
HyConn has passed a life cycle test over 1,000 usages by being pressure tested to 1,000 psi. It can be attached to any fire hydrant without needing adapters or equipment. Additionally, this gadget is LDH-compatible. There may be a Storz connection on the output side of the device.
The Edition is suitable for the recreational gardener and the serious professional. When you push and flick your wrist, you’re ready to water.
|Product||Fire hydrant and hose connector for fast connections|
|Investment Seeking||$500,000 For 40% equity in HyConn|
|Final Deal||$1.25 Million For 100% + $100k Per Year For 3 Years + 7.5% Royalties|
|Business Status||Out Of Business|
Who is the Founder of Hyconn?
Jeff Stroope is the founder of Hyconn. Jeff Stroope witnessed numerous homes being destroyed during his stint as a firefighter in Texas. He recognized that part of the issue was the time required to connect the hose to the fire hydrant and start the water delivery to the fire.
He determined that there has to be a better approach and therefore created HyConn. He designed a HyConn for not only firefighters but also a HyConn for the home.
Garden hoses can be connected to the HyConn for the home via a connector that simplifies the process.
HyConn connects to a hydrant in three seconds or less, far faster than the customary 30 seconds required to connect a hose to a hydrant.
Stroope had several obstacles, one of which was finding time to design and develop Hy-Conn. Not only was he a fireman, but he was also the fire brigade’s full-time captain and maintenance supervisor.
This means he didn’t have much spare time to devote to the product’s development, but he made the most of his time on nights and weekends. Jeff had already put 11 years of his life into HyConn by appearing on Shark Tank.
HyConn Before Shark Tank
Jeff Stroope has been a firefighter for years. The connection of a regular fire hose to a fire hydrant may take up to 30 seconds, which is a significant amount of time in an emergency.
He designed the HyConn connector, which connects in less than three seconds. Would the Sharks take advantage of this potentially life-saving opportunity?
How Was The Shark Tank Pitch of Hyconn?
Jeff Stroope appeared on Shark Tank requesting an investment of $500,000 in exchange for a 40% stake in Hyconn.
Jeff Stroope left the Shark Tank stage with an offer from Mark Cuban of $1.25 million for 100% of HyConn LLC.
Final Deal: Mark Cuban agreed to acquire 100% of HyConn and 7.5% royalty to Jeff.
What Happened To HyConn After Shark Tank?
Jeff Stroope, the founder of HyConn, said Mark Cuban, the Shark Tank investor, pulled out of his transaction.
Mark Cuban backed out of the deal after realizing what he had done, according to Stroope’s Facebook page.
Stroope stated that when the time came to raise funds, “Mark Cuban began modifying the terms of the contract.”
Mark Cuban has made no public comments about the transaction. Stroope’s inexperience in dealing with investors demonstrates a lack of comprehension of the due diligence process. Entrepreneurs are taught this lesson the hard way.
So what happened between Mark Cuban and Jeff Stroope, creator of HyConn? Stroope reports that Mark Cuban determined that licensing the concept to another company is best to commercialize the quick-disconnect hose fitting.
It would lower costs while increasing profit margins. Jeff Stroope objected to Cuban’s new plan, prompting the entrepreneur and investor to separate ways.
Jeff Stroope would be unnecessary with a licensing contract, making the Mark Cuban deal less tempting.
Mark Cuban is not the end of the story. Another entity, 101 Ventures, allegedly took an equity holding following the collapse of the Mark Cuban agreement.
HyConn-collaborating economic development agency Innovate Arkansas announced in a July 2011 news release that business was taking the software to manufacture, but that hasn’t happened, at least not yet.
Shark Tank would be significantly improved if Mark Cuban and other investors appeared and explained why they did not proceed with the offer.
It would make for compelling reality television and give entrepreneurs a better grasp of why investors change their minds.
Did HyConn Get a Deal From Sharks?
Mark Cuban gave Jeff Stroope a contract for $1.25 million for 7.5 percent after requesting $500,000 for 40% on Shark Tank.
Regrettably, the transaction fell through. A Facebook post confirms that the investor stopped participating in the deal and wanted to renegotiate the terms when the time came to raise the money.
Additionally, there was contention over licensing the sign to another company to minimize costs and enhance profit margins.
Following the collapse of the original deal, another venture capital firm acquired an equity share. Stroope eventually obtained a patent for Hy-Conn.
However, the product remained unavailable for purchase as of 2016, and Hy-Conn eventually ceased operations.
Is HyConn Still in Business?
The website of HyConn has been pulled out, and the company seems to be out of business as of 2022.
The HyConn system’s concept must be formulated and produced as a product that makes it possible to significantly increase the chances of homes and businesses surviving a fire.
HyConn Shark Tank Update
Stroope made his pitch for a Shark Tank investment in 2009, but the deal fell through. Stroope negotiated with Mark Cuban a deal for a $1.25 million investment and three years of employment.
Stroope almost immediately lost the deal. Stroope recently got his patent on the technology behind Hy-Conn, but the product is no longer a reality.
Jeff finally obtained a patent for HyConn, but the product was never available. HyConn eventually went bankrupt.
Hyconn still has a website and videos on how to use it and a link to where you can buy it, but there is nothing on the web that allows you to purchase it.
Stroope could not fulfill his orders without the Shark transaction, and it took him several years to secure another backer.
Hyconn website is online, but his social media sites appear inactive, and several readers have pointed out comparable products. Despite Stroope’s Shark agreement, it appears that HyConn LLC isn’t as bright as it once appeared.
Stroope currently serves as Tool and Die Shop Manager for D&M Holding Company, an Arkansas-based munitions manufacturer.
What Is the Net Worth of HyConn?
The valuation of HyConn was $1.25 million when it appeared on Shark Tank. The net worth of HyConn is unknown as of 2022 since the company went out of business.