Jeff Stroope has a significant amount of experience working as a firefighter. He made a disturbing discovery: it took up to a minute and a half to connect a conventional fire hose to a fire hydrant, which is an unacceptable amount of time in an emergency.
He came up with the HyConn connector, which can be installed in less than three seconds.
Jeff Stroope, an entrepreneur, appeared on an episode of “Shark Tank” and requested $500,000 for 40 percent ownership in HyConn. Hyconn manufactures quick connections for fire hydrants and hoses.
He made his desire come true by striking a deal with Mark Cuban that gave him full ownership of the company in exchange for $1.25 million, $100,000 per year for three years, and a 7.5 percent royalty.
The Shark Tank TV exposure has helped Hyconn expand to the point where its net worth is now estimated at over $5 million.
What Is Hyconn?
HyConn is a product that has been in development for eleven years. The device is elegantly designed and works as it should. It will save lives and millions of dollars in property.
HyConn LLC manufactures fast connectors for fire hydrants. It connects to the hose with the simplest snap-on design. Connecting a HyConn to a fire hydrant takes less than three seconds without threading or twisting.
HyConn has survived over 1,000 tests at pressures of 1,000 psi. This one connects directly to any fire hydrant in less than three seconds.
You can also use Hyconn with low radial discharge hoses. It can be equipped with a Storz connector on the outside side of the device.
|Product||Fire hydrant and hose connector|
|Funds Requested||$500,000 for 40% equity in Hyconn|
|Final Deal||$1.25 Million for 100% of Hyconn + $100,000/year for 3 years + 7.5% royalty to Jeff|
|Business Status||Out Of Business|
Who Is the Founder Of Hyconn?
Jeff Stroope is the founder of HyConn. Jeff was a fireman on the scene and saw several homes damaged by fire while he worked as a fireman in Texas, which inspired him to create it.
HyConn is designed for people who want to easily and quickly install garden hoses to spigots.
HyConn can be connected to a fire hydrant in three seconds, whereas traditional mechanisms to attach a hose to a hydrant take almost thirty seconds.
This critical element causes a great deal of delay in the event firefighters to need to put out a fire.
Hyconn Before Shark Tank
Jeff Stroope, a firefighter in Texas, has witnessed the destruction of many homes as a direct result of the time it takes to bring water to the scene of a fire. As a result, he devised Hy-Conn, a rapid connector for hoses attached to fire hydrants.
There is no need for threading or twisting to connect a Hy-Conn to a hydrant; the process takes less than three seconds and is completely hands-free.
Moreover, he invented the HyConn, a household appliance clamps onto garden hose spigots to facilitate plumbing.
How Was the Shark Tank Pitch of Hyconn?
Jeff Stroope appeared on Shark Tank in episode eight of Season Two to try and get $500,000 for 40 percent of his fast fire hydrant connector HyConn.
Stroope began his presentation by emphasizing the significance of saving time in the business of saving lives. He requested $500,000 for a 40 percent stake in HyConn.
HyConn can be connected more quickly than conventional hydrants, as demonstrated by him and two firefighters. The Sharks were awestruck.
Stroope stated that there were over 33,000 fire departments in the United States, meaning that HyConn might earn millions.
HyConn devices are too expensive for government agencies to afford ($215 and $385 for the smaller and larger units, with an average department requiring 35 units). Daymond John and Barbara Corcoran lefts.
The concept captivated Robert Herjavec, and they wondered if it could be utilized on oil pipelines and in the home. Stroope then extracted his copy from his pocket and presented it to the Sharks.
The Sharks were confused as to why Stroope had not displayed the home-hose product earlier in his pitch.
Stroope stated that it was because he concentrated on the fire hydrant model, even though the agreement covered the residential model.
The disclosure of the miniature version altered the environment in the Tank, leading to the submission of proposals.
Hervajec opted out when Mark Cuban and Kevin O’Leary made proposals because he believed Cuban’s offer was inferior to his own.
Mark Cuban offered Stroope $1.25 million, a minimum three-year employment commitment of $100,000 yearly, and 7.5 percent royalties in exchange for 100 percent of the company.
Kevin O’Leary expressed interest in the garden hose adapter exclusively. He offered $500,000 plus a 3 percent royalty on sales forever for one hundred percent of the product.
O’Leary and Cuban began to argue while Stroope regarded them with amusement. O’Leary alleged that Cuban “sucked the life” out of Stroope.
Stroope agreed to Cuban’s offer.
It appears that Cuban began negotiating amendments to the agreement after it was reached when it was time to provide the funds.
The licensing of the product to another company, which would have lowered production costs and raised revenues, was met with considerable opposition.
Cuban ultimately withdrew from the deal.
What Happened To Hyconn After Shark Tank?
Hyconn deal with Mark Cuban didn’t go through because he wanted to change the payment plan.
Jeff’s Facebook page mentioned that when the investor was about to withdraw his money, he wanted to change the deal.
There was also a dispute regarding HyConn licensing the signs to other companies to reduce costs and increase their profit margins. Another venture firm purchased equity in HyConn after the first deal fell apart.
Jeff finally received a patent for the HyConn product in 2014, but as of 2016, the product was still unavailable for sale. HyConn eventually went out of business.
Hyconn Shark Tank Update
Mark and Jeff had a few conversations after the deal on Shark Tank, and Mark wanted to license the manufacturing design to be outsourced for mass production. Jeff did not agree to that, so the deal did not go through.
HyConn was acquired by a venture firm in 2016, and the product was granted a patent in 2016.
All of the information on the HyConn website is about the product, but there is no information on it being available for sale.
Is Hyconn Still In Business?
Hyconn is still available to view online, with several videos showing how it works and a link to buy it, but there is no way to purchase it in the store.
A product like Hyconn will help build more houses and businesses that will survive a fire and eventually help them rebuild.
What Is the Net Worth Of Hyconn?
Hyconn was valued $1.25 million when it appeared on Shark Tank. However, the net worth of Hyconn is unknown as of 2022 since the company went out of business.