Many applications aren’t capable of really meeting the requirements of people in the real world. One of those apps is Hidrent, which was created to assist with people’s key needs.
Hidrent saw a tremendous increase in popularity after appearing on the show, and its consumers gave it excellent evaluations. Since then, they’ve gone a long way.
As of 2022, Hidrent is valued at $8.5 million [1].
On the popular show Shark Tank, entrepreneurs have the opportunity to pitch their businesses to a panel of potential investors, also known as “sharks”. In exchange for a percentage of ownership in the business, the sharks may invest money in the company or provide valuable advice. Recently, Hidrent had the opportunity to appear on Shark Tank. We are excited to share what happened after the show!
What Is Hidrent?
With this app, you can connect with trustworthy firefighters in your area who also work part-time as handymen. They’re available to do things like lifting, assembling, fixing, and cleaning around your home.
It’s a one-of-a-kind online service that is task-based, and it’s highly recommended for senior citizens. Customers are linked to off-duty firefighters for free when they join. In the United States, as opposed to the typical person, firefighters make $41,160 per year versus $94,700. This allows them to accumulate more property by assisting others [2].
Implementing Hidrent pays off for both the customer and the firefighter. Not only does it increase payroll for Hidrent employees, but customers can complete their home repair tasks more quickly.
Pros of Hidrent
- The application has a diverse customer base;
- It allows firefighters to earn more money and get additional employment;
- It’s simple to use, making it more appealing for elderly people;
- The software does the legwork of matching the client with a fireman;
- We want customers to feel safe when they use our service, so we do background checks on all of our employees [3];
Cons of Hidrent
- The app still has a lot of work to do. It does not currently provide services in tiny cities;
- The customer base is not as wide as it could be;
- Only available in the United States;
Who is Hidrent For?
Anyone seeking part-time employment as a firefighter should apply. This includes any tasks that may be accomplished. It is also tailored to those who are looking for work – particularly individuals who don’t have house help or can’t do specific tasks themselves. This is determined by the fire fighter’s abilities and the services that they can provide. This might range from basic repairs to anything else they are prepared to perform [4].
Are There Any Alternatives?
Today, several firms exist to provide services for firefighters. Some of these companies are:
- Hook and Ladder;
- Ladder 49;
- Firehouse 51;
- Battalion Chief;
- Station 42;
- Engine Company 33;
While these companies do offer some overlap in terms of their services, they each have their unique offerings as well.
Additionally, Hidrent is one of the few companies that provide service in all 50 states. Their competitors tend to focus on specific regions or areas.
Who Is The Founder Of Hidrent?
The Hidrent app-based firm was founded and run by John Sherwin. Since 2016, he has served as the company’s CEO for 5 years and 6 months [5].
David ‘Dave’ Heimbuch is a Texas native who got his start in the digital and marketing scene. His first job was at a New York-based company working for ad tech startups in Chicago. Dave has since gone on to play significant roles in prosperous startups like Shazam, YuMe, Photobucket, and Tapad.
After marriage, Dave became a member of a firefighting family and quickly learned the benefits of their lives outside the station. His brother-in-law is a firefighter in Cincinnati, and he had an animated discussion with him about his future at one point. Dave was inspired to do so by this talk.
The firefighters did household or menial tasks for individuals to make extra money, but when he asked them why they don’t advertise more for greater exposure, they said it was because it wasn’t their specialty.
This is where Dave enters the picture, assisting firefighters by developing an internet platform to connect those in need of assistance with firefighters looking for additional income.
With time, his confidence grew after he realized that he had branched out and started to expand more. He felt his whole profession was leading up to this point, and he was completely certain of his marketing skills. After learning more about firefighters, he dove right in and founded the firm.
He had faith that this service would be a good opportunity for the community as a whole. He prioritized work and its completion with no hassle.
Hidrent Before Shark Tank
The desire to connect people and firefighters with one app that can solve any handyman issues was burning in the heart of David Heimbuch. He built the initial product in 2018 with a local Dallas agency in Texas.
Much was regretted after Dave became a perfectionist regarding the location of the developer. He chose a local one when he could have had good and cheaper deals with offshore developers in Ukraine or India.
He realized they required a product that functioned, and it did not have to be perfect. They simply needed a fit for marketing reasons; however, Dave spent too much already trying to develop it, and there were no savings left to adjust for the market.
After several loans and credit card openings, Dave and his company joined the Capital Factory, and upon selection, they entered an accelerator plan.
Through funding and campaigns, they raised $50k in the year 2019 and $75 in 2020. They saw a huge revenue boost during 2020 with the beginning of the Covid-19 pandemic.
They charged different services at different costs but a minimum of $72 is paid by the customer per hour of services. And from this, $60 is taken by the firefighter while the rest goes to the company.
More people were staying home because of it, and they needed work done in their homes. Furthermore, quarantine made people notice the things they probably hadn’t before, and an eagerness to fix and modify their houses grew increasingly.
With this going on, Hidrent also experienced an increase in Dave’s business income. However, they were still in need of media attention. They utilized platforms like Facebook and Nextdoor. etc., and captured audiences ranging from senior citizens, stay-at-home mothers, and single women.
Over time, they understood the trick to have a target audience, and their ad costs have decreased. However, they needed to earn more investors, so David went ahead and introduced Hidrent on Shark Tank.
Hidrent On Shark Tank: The Pitch
John Sherwin stepped into the Shark Tank in search of an investor for his firm. He was seeking $300,000 in return for 8% equity in his business. John Sherwin described the nature of his organization by first describing its features. He claimed that he offers services such as hiring firefighters and performing house chores like moving furniture and hanging paintings.
After Lori asked about the sales, Nirav said they were $850,000 from the beginning but refused the deal because he thought Hidrent was a typical app. Mark Cuban also didn’t choose to invest in them because he believed the entrepreneurs behind them lacked the authority of Hidrent. However, he did suggest a deal of $300,000 for 20%.
John Sherwin successfully closed a deal between Lori and Roberts in which Lori received 33.3% equity for the $300,000 contribution with some hesitance from Roberts. As part of the agreement, they also changed the name of their company to something else that all three parties agreed upon [6].
Hidrent Now In 2022
Hidrent became well-known after its appearance on the Shark Tank episode. The pair agreement between Lori and Roberts helped Hidrent become a viral phenomenon. Hidrent was made the official fireman in local areas thanks to advertisements and content providers [7].
The firm promoted the app heavily owing to Lori’s marketing and campaign expertise. Many firefighters have filled in the empty employee lots due to Hidrent’s appearance on Shark Tank. It was also noted that new services were added to their list of responsibilities available for their workers.
In the episode, Lori said she wanted to change the name. Even though people were expecting it, it did not happen.
The name Hidrent was retained, although it had been shortened. The costs remained at $72 per hour and $60 as payment to the fire-fighting employee, even though there were no longer any charges for fire damage.
Hidrent ended the presentation with a major client. The firm was promoted in publications including CBS, Yahoo!, Fox, CNBC, and Finance, which helped Hidrent gain exposure.
They amassed a large following and employees, many of whom had to deal with rivals soon after. They entered the competition with names like Atlas Van Lines, Liberty Movers, U. Santini, BulbGuy Lightning, and Brouwer Relocation Inc.
Hidrent’s list of services on the website, as well as the service costs apart, makes it convenient for clients. Customers are not confused by the site because everything is clearly defined.
Hidrent is still in business and blossoming since its feature on Shark Tank. David Heimbuch’s masterpiece was voted one of the 20 best companies to work for in Dallas or Fort Worth.
Every day, our business helps people and achieves its goal by doing good for everyone involved. The firefighters providing the services are doing good, as well as the people receiving them. All over the internet, they receive great evaluations – Hidrent procures highly positive reviews very frequently from a large number of grateful clients who appreciate every service provided.
The Net Worth Of Hidrent
In 2021, the firm earned $430,000 in total revenue and Dave expects revenue to reach $750,000 by 2022.
Not only have they partnered with a renowned property damage restoration company, but also a solar and relocation company. The founder is certain that Hidrent will bring in over $1 million by 2023. Thanks to crowdfunding from StartEngine, the business is booming and is currently valued at $8.5 million [8].
FAQ
What did Hidrent change its name to?
Lori Greiner tried to change the name to “Bagel Stuffins”. However, the rest of the Sharks thought that was a terrible idea. Mark Cuban suggested they keep the name “Hidrent” because it was unique and easy to remember [9].
How does Hidrent work?
You can choose from a variety of options, including gluten-free, vegan, and kosher. The company was started by two college students who were looking for a healthier alternative to the vending machines on their campus.
Who has invested most in Shark Tank?
Mark Cuban invested $18.7 million total, with solo deals for 32, $11.7 million investment. Group deals – 43, with $7 million worth investment [10].
Where can I watch all the Shark Tank episodes?
Currently, you can access Shark Tank through Hulu Plus. If you want to own the episodes, though, you can purchase or rent them on Amazon Instant Video, Google Play, iTunes, and Vudu [11].
Is Shark Tank scripted?
No, Shark Tank is not scripted. The show is completely unscripted and the sharks are not told what to say or do. However, the producers do screen the entrepreneurs before they appear on the show. This is to make sure that they are a good fit for the show and that their business is something that would be interesting to the sharks.
What is the most successful product on Shark Tank?
The most successful product on Shark Tank is the Scrub Daddy. This scrubber was created by an entrepreneur named Aaron Krause. He pitched his product on the show in 2012 and received an investment from Lori Greiner. To date, Scrub Daddy has made over $200 million in sales.
Useful Video: Shark Tank US | Lori and Robert Team Up To Make Hidrent An Offer
References
- https://geeksaroundglobe.com/hidrent-what-happened-after-shark-tank/
- https://wealthybyte.com/hidrent-shark-tank-update/
- https://www.sharktanksuccess.com/hidrent-from-shark-tank-reviewed/
- https://www.sharktanksuccess.com/hidrent-from-shark-tank-reviewed/
- https://geeksaroundglobe.com/hidrent-what-happened-after-shark-tank/
- https://geeksaroundglobe.com/hidrent-what-happened-after-shark-tank/
- https://thecinemaholic.com/hidrent-shark-tank-update-where-is-hidrent-now/
- https://techiegamers.com/hidrent-net-worth/
- https://www.reddit.com/r/sharktank/comments/qsqg95/s13e06_episode_discussion_hidrent/
- https://www.forbes.com/sites/datadesign/2016/10/25/which-shark-tank-star-invests-the-most-money-we-break-down-63-million-in-deals/?sh=3d73053b7f31
- https://www.tvguide.com/tvshows/shark-tank/1000455195/