Shark Tank episode 523 aired on March 21 and featured Bryan White pitching his Garage Door Lock product.
He received a patent for his invention in 2002 and is now hoping to turn his invention into a profit-making product with Shark’s assistance.
The Garage Door Lock secures your garage door the same way it opens and closes.
Most automatic garage doors do not have a deadbolt locking mechanism, which means that this lock provides an added layer of security.
Elocksys Inc, White’s company, brings in somewhere between $1 and $5 million in revenue.
A massive industry exists to manufacture automatic garage doors with no locking mechanism, indicating millions (if not billions) of them exist.
The Sharks may be willing to help White secure a deal with a large manufacturer of automatic garage doors.
What Is Garage Door Lock?
Garage door locks are specifically designed for garage doors – generally, the largest doors in a home and the ones left unlocked the most.
The Garage Door Lock deadbolts garage doors every time they are closed. It works with pre-installed door openers. You don’t need a professional to install it – you can do it yourself.
|Company Name||Garage Door Lock|
|Product||The Deadbolt Lock 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|
|Episode||Season 5 Episode 21|
|Business Status||In Business|
Who Is The Founder Of Garage Door Lock?
Bryan White is the entrepreneur who founded Garage Door Lock. A garage door lock is a device that secures the largest door in the home.
Bryan developed the idea after discovering that the remote controls used to close most garage doors are insufficient to deal with the problem.
The system Bryan built to avoid this was neither expensive nor complicated.
The Garage Door Lock locks your garage door with the push of a button, as it links the gate to the door.
Suction cups secure the garage door in place, and the remote control is hooked to them. This remote control case is durable plastic and looks like metal, but it does not interfere with the remote control’s movement.
Garage Door Lock Before Shark Tank
Garage Door Locks are used to secure the largest entrance to a house that criminals can enter.
The idea came to Bryan when he discovered that standard remote controls are insufficient to close garage doors.
The technology that releases parasails from a boat and retrieves them was introduced by Bryan, who has a background in product development.
However, as most inventors do, he did not have a business or marketing product in place before appearing on Shark Tank.
Bryan generated a respectable quantity of sales before appearing on the show without marketing, owing to the high volume of people searching for a garage door lock following a break-in.
He applied for Shark Tank in the hope of resolving his marketing dilemma with the Sharks’ assistance and was invited to Season Five.
How Was The Shark Tank Pitch Of Garage Door Lock?
Bryan comes to Shark Tank seeking a $275,000 investment in exchange for 30% equity in Garage Lock Door.
He describes a home invasion situation every 15 seconds, showing how unsafe the typical garage door is, allowing burglars to enter.
Kevin O’Leary is interested in learning how to “resolve this heinous problem that exists throughout America?” Put an end to the madness!”
The average homeowner can install the lock on their garage door in around two hours with the help of Bryan. The lock can be used with any door type.
He has sold 450 units so far at a price of $249.99 each, netting him over $112,000 from his website.
Sharks are interested in how he markets and educates consumers about the Garage Door Lock.
Bryan readily confesses that marketing is his weak spot. He’s looking for a partner who can assist him in launching the product into retail outlets and establishing a brand identity.
He is an accomplished inventor, having previously patented a gadget critical to parasailing, but his marketing and sales experience is limited.
He discloses a “guaranteed introduction” to the proprietor of a significant garage-door manufacturer.
The Sharks caution him against such ties, stating that anyone seeking payment in exchange for an introduction is unlikely to be acting in his best interests.
Barbara Corcoran takes a stand. “May I inform you of what you’re missing in this transaction? The most critical component. You are in desperate need of an entrepreneur.”
She explains that she does not believe Bryan can sell to big-box stores and that he requires the assistance of a high-powered salesperson.
She explains that the business cannot exist without the product being sold. She has escaped.
Kevin O’Leary concurs. He says he’ll go out and purchase one, but he doesn’t see the opportunity as an investor. He has departed.
Mark Cuban informs Bryan that he is searching for a marketing infrastructure and cannot provide one due to his current financial situation.
Daymond By making an offer, John alters the tides. He’s willing to pay $275,000 for 40%, subject to them securing a licensing contract. He would finalize the deal.
Robert Herjavec also makes an offer. He intends to introduce Bryan to garage door manufacturers in exchange for $275,000 for 70% of the company, without further contingencies.
Bryan asks Daymond whether he would consider 35%. Daymond accepts Bryan’s offer and leaves the Shark Tank with a deal.
Final Deal: Daymond John agrees to invest $275,000 for a 35% stake in Garage Door Lock.
What Happened To Garage Door Lock After Shark Tank?
The Garage Door Lock hasn’t seen much action after the Shark Tank deal, as one might expect from a startup that landed a deal on TV.
The company’s Facebook page remains relatively inactive despite consumer demand for reruns of Bryan’s show.
Therefore, it is probable that the sale failed, either due to Daymond’s inability to get a license agreement or because the venture encountered more obstacles than Daymond anticipated. The Garage Door Lock is still available on Bryan’s website.
Bryan’s pitch demonstrates what the Sharks look for in a business and an entrepreneur to aspiring entrepreneurs.
Sharks hope that the entrepreneur is aware of any business problems and admits them as Bryan did.
They hope, however, that the entrepreneur has attempted to fix this problem or at the very least has a strategy to do so with the money they would receive, but Bryan lacked such a plan.
By failing to address this, Bryan reveals that he lacks the commitment necessary to expand the company over the long run and generate revenue for investors.
Bryan could have gained a contract without licensing if he had demonstrated his love for the product or how he would handle his marketing challenges. The Sharks understood the product was amazing and had a large market.
The Garage Door Lock is available for purchase on the company’s website, which is located at http://elocksys.com. There do not appear to be any retailers selling the product at the moment.
Garage Door Lock Shark Tank Update
The garage door lock company partnered with California-based lock maker Guardian after its appearance on Shark Tank.
Guardian declared it had updated circuitry, resourced parts, and simplified assembly of the Garage Door Lock.
Guardian reports that 60 percent savings were achieved. According to All Shark Tank Products, the company that created Garage Door Lock, ElockSys of Phoenix, Arizona, has ceased operations.
We discovered ElockSys Garage Lock Doors for $500 on SecuritySnobs (2 remotes are included).
Is Garage Door Lock Still In Business?
Bryan may have done well in securing a deal with Daymond John, but it appears that the Garage Door Lock did not get the licensing deal that John had hoped for.
Consumers can still order Garage Door Locks online through the website, but the company’s social media pages ceased to exist in 2014.
Bryan’s Garage Door Lock has been shelved even as he might have progressed to greater and better things.
Security Snobs is still selling the locks on its website as of December 2021. They either bought the business or licensed it from Bryan.