Garage Door Lock hit the big time when it appeared on Shark Tank in early 2014. The product, which is a lock that attaches to your garage door, was pitched by its inventor, Bryan, and received an investment from shark Daymond John. Since appearing on the show, Garage Door Lock has been featured in magazines and online media outlets, and continues to receive rave reviews from customers. But what happened after Shark Tank? Keep reading for the inside story on what happened to Garage Door Lock after the show.
History of the Product and Its Founders
The garage door lock he created was called Elocksys, it’s basically a push-button deadbolt with a wireless remote control. It had the capacity to support up to four remotes and could be installed without professional help thanks to its easy DIY instructions. The product was developed back in 2002 and he also began selling these the same year.
It’s worth mentioning that this isn’t the first creation of Bryan White, as he had already created a remote garage door opened in the early 1990s. So he already had a few other inventions under his belt before this one.
The reason he came up with this product is quite simple, there’s just no other solution out there that could help you secure your garage. He knew this would be an essential security measure and decided to do something about it. In fact, 90% of garage door openers do not lock the doors when they close, so this would be an invaluable addition to any home’s security system.
And the garage doors are incredibly easy to break into if you don’t have a proper lock. The thieves could easily get in and steal valuable items, or even worse cause harm to the people inside. So this was an important invention of Bryan White and he wanted it to be known by the public.
The best thing about this device is that it’s 100% automatic and remote-controlled. This means you don’t have to worry about remembering to lock your garage door every night, or even when you’re away for an extended period of time. It’s all done for you by the Elocksys device, and it’s much more secure than locking with a key!
This would be a great opportunity for him to demonstrate what he had created and what kind of impact it could have on the lives of homeowners across America. Bryan had huge hopes before appearing at the show as he believed the exposure would help him to pump up the production and the sales of his product. [1] [2]
Garage Door Lock at Shark Tank Pitch
Bryan White arrived at the Shark Tank in 2013 and immediately, the Sharks were impressed by his invention. He explained all the features of Elocksys such as how it was easy to install, no wiring required, and that it could be used with any type of garage door.
Bryan asked the sharks for $ 275,000 for 30% of the company. Then he presented sharks with a scenario, every 15 seconds a home invasion happens in the US which gives you a clue how insecure an average garage door is, and with Elocksys he proposed that this could be reduced significantly.
Kevin is shocked by all the madness of the home invasions and wonders how exactly can Bryan deal with it. Bryan answered that Elocksys is a DIY solution and it provides accessible security for everyone. The installation shouldn’t take more than 2 hours and it’s a lot more advanced than any other product in the security market.
It’s also incredibly versatile since it works with any brand of door including modern ones. The remote control feature is also great since it allows you to lock the door from a distance.
Each unit costs about $ 250 and so far he has sold 450 of them online. The total sales he had done was $ 112,000 and Bryan was also looking forward to mass production.
The Sharks were still not sure about the viability of the product and wanted to know what kind of marketing strategy Bryan had in mind. And he admits that it’s the weak point of his business. He was still relying on word of mouth and hadn’t done any research about it yet. Improving his marketing strategy would help to educate more people about the product and also increase sales.
What Bryan is proficient at however is his inventions and he is constantly developing new ideas. In fact, he had created a device for parasailing which is a lot more complex than Elocksys. And he managed to patent it as well. Bryan also claimed he had a guaranteed introduction to one of the larger garage door companies.
However, sharks warn him about so easily accepting such an offer and suggest he do thorough research first. If someone asks you for payment before partnering with your product, it might be not the most profitable move.
Then the negotiations begin, Barbara is being perfectly honest with Bryan and admits that she doesn’t think that his product is worth anything until it’s sold. She doesn’t believe that Bryan is good as an entrepreneur but rather a good inventor. So she’s out.
Kevin also doesn’t think he’s made enough progress with the product. While Kevin likes the product and would even buy one, he doesn’t want to invest in it.
Mark says that what Bryan needs is a marketing infrastructure and he can’t provide it. So he’s out too.
Daymond however turns the pitch in a better direction. He likes the idea and thinks that with some proper marketing, Bryan can make something out of this product. He offers to invest in Elocksys but he wants 40% of the company for $ 275,000. Robert too makes a deal, he can provide Bryan with help to put him first in the business of garage door manufacturers. However what he offers is $ 275,000 for 70% of the company.
At this point, Bryan has two offers and he needs to make a decision, but which one is better?
He decides to go with Daymond’s offer because it gives him more control over his business as well as access to Daymond’s team of experts that can help him with marketing his product. However, before that, he asks Daymond whether he can lower his percentage so that Bryan can have more control.
Daymond agrees to lower it to 35% but still wants the $ 275,000 investment. In the end, they close the deal and Elocksys has a new partner! [2]
What Happened to Garage Door Lock After the Show
So after the show, Bryan continued to develop and improve Elocksys. He was able to participate in several large conferences where he showcased his product, which resulted in a lot of interest from potential customers. The exposure he achieved at the show had helped him to secure a mass production deal with one of the larger garage door companies.
Bryan managed to close his deal with Daymond and the two of them continued to work together to promote Elocksys. Daymond’s team of marketing experts helped Bryan come up with a strategy to reach his target customers and they also provided him with capital and resources to execute it.
The improved marketing strategy paid off and sales of Elocksys started to grow. Bryan was able to reach more customers and with the help of Daymond’s team.
In the year of 2015, Bryan managed to secure a partnership with Guardian Locks, a large garage door company that agreed to manufacture Elocksys in bigger batches. This partnership allowed Bryan to grow his business exponentially, as it gave him access to a much larger customer base.
This partnership also helped Bryan to reduce the production cost of Elocksys by 60% and thus, enabled him to profit even more from his product. In order to be closer to the manufacturing process, Bryan had decided to move to San Diego, California, and work with the Guardian Locks team.
As of 2023, the Elocksys are still in business and Bryan is still running it. The product continues to evolve, with new features being added and technology being improved. Elocksys has become a leader in the market of garage door locks and continues to gain more customers every day.
They even began developing a network of installers for the product and are now selling it online on their website. The show definitely helped Bryan to bring his product to life and achieve success with it.
Their website also offers instructions for the installation and replacement of Elocksys locks, as well as various support options if customers have any troubles. The website also offers a variety of discounts and deals for customers from time to time.
In the year 2022, they released an updated version of Elocksys which now comes with a LED light and screen to ease access during night hours. It is also compatible with Bluetooth devices, allowing customers to control their garage door lock from anywhere close by if they have the official app installed.
You can also purchase a remote control button separately, which comes in handy if you want to lock or unlock your garage door without having to get out of the car. This is a great option for people who are always on the go.
Bryan isn’t really big on social media as of now, the product’s social media accounts were created only recently in 2022. So there aren’t many if any followers on any of his social media platforms.
However, that doesn’t mean they aren’t selling their products. In fact, they are still doing well and continue to grow every day. For anyone looking for a reliable garage door lock, Elocksys is definitely one to consider. They have been in the market for many years now and have developed a strong reputation among customers. As of the year 2022, the annual sales of Elocksys are estimated to be around $ 3 million, and Bryan is a success story of the Shark Tank. [2] [3] [4]
FAQ
Who owns Elocksys?
Bryan White owns Elocksys, the company behind Garage Door Lock. After appearing on Shark Tank in 2014, White established a partnership with Daymond John, who offered a $ 250,000 investment for 35% of the company.
Since their appearance at Shark Tank, Bryan White has continued to develop the product. Elocksys now is compatible with the phone app, which allows users to control their garage door from anywhere nearby. White also developed a special remote control button for the device, which allows users to open or close their garage door without their phone.
How is Elocksys doing Shark Tank?
Since appearing on Shark Tank, Elocksys has experienced a surge in success and recognition. The company’s product offerings have expanded and introduced an updated version of its garage door lock, a Bluetooth-enabled smart lock system that allows users to control access to their home’s garage from their smartphone.
In addition to the new product, Elocksys has also seen an impressive increase in sales of its original model. According to Bryan, they have achieved $ 3 million in annual sales within a few years.
Elocksys has also raised additional funds from angel investors and private equity firms, allowing it to continue growing and expanding its product offerings.
Can you replace the garage door locks?
Yes, you can replace garage door locks in most cases. The first step is to determine the type of lock that is currently installed on your garage door. This can be accomplished by looking at the existing hardware and consulting your owner’s manual or contacting a local locksmith for further assistance. Replacement locks come in a variety of types, styles, and sizes to fit almost any garage door, so it is important to determine the exact type needed for your specific door.
Once you have identified the type of lock required, you will need to purchase the correct replacement lock. Many home improvement stores carry garage door locks that are easy to install and can typically be done with basic tools. Alternatively, if you cannot locate the right size or style online or at your local store, contact a professional locksmith who can help identify the correct part number and order it for you.
Finally, once you have obtained the replacement lock, simply follow the instructions on how to properly install it onto your garage door.
Useful Video: Garage Door Lock — What Happened After Shark Tank $275,000 Deal?
Conclusion
Bryan White was concerned about the thief problem in the US that not many garage door companies seem to care to solve. He was determined to make a difference. His ingenious invention, the “Elocksys”, became the most successful product of its kind in Shark Tank history. After seeing the success of his business on the show, Bryan decided to expand internationally and offer installation services for both residential and commercial customers.
Bryan had managed to seal the deal with Daymond in the tank, and his company became a success. Elocksys has become one of the most popular garage door locks on the market today, and Garage Door Lock’s mission is to continue providing superior service and products for customers globally.
Bryan White had an idea that he turned into a successful business venture with help from Shark Tank investors. He was able to make a name for himself and his product so it could be seen as an effective solution for both residential and commercial garage doors. He managed to turn his idea into something tangible that many people can benefit from.
Right now his company is constantly hitting $ 3 million in annual sales. As for where to order the product, it is available online. Thanks for reading our article about what happened to Garage Door Lock after Shark Tank. We hope you found it useful and informative. Please feel free to share your experience with us in the comments section below.
References:
- https://www.sharktankblog.com/elocksys-garage-door-lock/
- https://www.sharktankblog.com/business/garage-door-lock/
- https://elocksysgaragelock.com/
- https://www.facebook.com/people/The-Garage-Door-Lock/100076623970516/