Jeff Stroope, a full-time firefighter, makes his Shark Tank debut on episode 207 with his HyConn LLC Company. His firefighting experience inspired him to create the HyConn.
The quick-connect unit enables firefighters to swiftly and simply connect to an existing hydrant while also ensuring a safe and effective connection.
It is vital to fire as quickly as possible, as every second the house or company spends burning is a second it loses.
When putting out a fire, the most time-consuming task is attaching the hose to the fire hydrant.
Three seconds after connecting to a hydrant, the firefighter can affix the hose to the hydrant without having to tighten or loosen any nuts or fittings.
This option is not only incredibly simple and quick, but it is also really safe. This water hose will stay secured to the fire truck at 1,000 psi, so firefighters no longer have to worry about the hose exploding as they spray water.
In firefighting, time makes the difference between saving a structure and watching helplessly as it burns to the ground. The HyConn was able to save time and saved a lot of lives.
The HyConn LLC. a slogan is “because seconds do matter,” a well-known phrase from fire training.
The fire department is not the sole market for this product. Stroope has now developed a garden hose-compatible version of his fast-connect device. This enables his products to reach a broader audience.
What is Hyconn?
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 the need for 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 as well as 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 witnessed numerous homes being destroyed by fire 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 a lot of spare time to devote to the product’s development, but he made the most of the time he did have 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?
Stroope enters the Shark Tank dressed to the nines and wants $500,000 in exchange for a 40% stake in the business.
As he describes it, HyConn LLC. is the “world’s quickest way” to connect to hydrants and disconnect from them.
HyConn and a standard hose are compared side-by-side to demonstrate the significant difference in connecting to and disconnecting from a water source.
Several distributors of fire equipment have already expressed interest in purchasing the patent from Stroope. While they declined, they offered to distribute the product if the maker could get it to market.
Daymond John exits due to their apparent lack of belief in the product. Barbara Corcoran is skeptical that towns will invest around $7,000 to save approximately 8 seconds. She has escaped.
Robert Herjavec is curious about the product’s applicability to other businesses, such as a home garden hose.
Stroope reaches into his pocket and extracts an adaptor. He has already considered the possibility of creating a residential version of his product.
Mark Cuban makes an offer. He’ll pay Stroope $1.25 million and offer him a three-year work contract in addition to a percentage of the company’s income in exchange for 100 percent ownership.
Kevin O’Leary intervenes, but only for the garden hose adaptor. He is offering $500,000 for the entire product, plus a 3% royalty on sales.
Robert Herjavec believes Cuban’s offer is “excessively generous” and is not prepared to match it. He has departed.
The two proposals compete for acceptance, but only one will be considered. Stroope takes Cuban up on his offer.
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.
With a licensing contract, Jeff Stroope would be unnecessary, 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 provide 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, when the time came to raise the money, he wanted to renegotiate the terms.
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?
You can still access the HyConn website, where you can watch videos explaining how it works and purchase it, but there is nothing available for purchase.
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
While the contract may have catapulted HyConn to success, reality television isn’t always what it’s cracked up to be.
Mark Cuban later stated that he preferred to license the product rather than enter the manufacturing company.
Stroope was dissatisfied with several of the deal’s revisions, and the two finally split ways.
Due to Shark Tank’s exposure and re-airings that followed, the show was not as profitable as previously thought. Stroope could not fulfill his orders without the Shark transaction, and it took him several years to secure another backer.
His 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 as though HyConn LLCfire .’s isn’t as bright as it once appeared.
Stroope continues to identify the company as “open” on his LinkedIn profile as of July 2021. Since April 2019, no social media posts have been made.
Stroope currently serves as Tool and Die Shop Manager for D&M Holding Company, an Arkansas-based munitions manufacturer.