If you’re a fan of Shark Tank, then you know the story of HyConn. This fire hydrant connector company landed a deal with Mark Cuban and went on to become a major success. But what happened after the show in the long run? In this article, we’ll answer common questions about HyConn’s post-Shark Tank journey and provide tips for aspiring entrepreneurs who want to follow in their footsteps!
Story of the Founders
The swift-connect unit helps firefighters swiftly and efficiently connect to the existing hydrant, offering a secure and reliable link. Firefighters are constantly risking their life and seconds may matter when it comes to saving the lives of people from a burning building. HyConn was the solution to this problem and it proved itself to be extremely successful in quick-connecting fire hoses during fires. This is something firefighters had been trying to do for decades.
As a firefighter, Stroope had the unfortunate privilege of witnessing firsthand how lives and property were destroyed. He was inspired to find a solution that would help prevent such tragedies from occurring in the future.
Not only does Stroope’s quick-connect device work in the fire service, but he also has a home version that is designed to fit garden hoses. This opens up an array of possibilities for expanding his product reach even further.
Besides the quick action, Stroope also designed his quick-connectors to be convenient as well. With his innovative design, people now could utilize the same technology to quickly and easily connect or disconnect their garden hose right at home! No more lugging around awkward hoses; just attach and go.
They were contacted by the Shark Tank in 2010 and this contact gave the founders of HyConn LLC a great chance to present their product and idea to millions of viewers in the US. Even prior to the show their orders were all full, and it was about to get even better. [1]
HyConn at Shark Tank Pitch
HyConn, the makers of the revolutionary fireman’s nozzle, pitched their product to the Sharks on season 2 of ABC’s hit show Shark Tank. The inventors, Jeff Stroope with the team of firefighters enter the scene to explain the idea of a nozzle that would revolutionize firefighting.
He requested $ 500,000 in return for 40% equity in his company. Then he begins by presenting the specs of his product, going as far as calling it the world’s fastest way to connect a fire hose to the hydrant. He proceeds by demonstrating how exactly it works, and how much time this mechanism saves when responding to a fire: Firefighters can get the hose connected to the hydrant in 20 seconds with HyConn instead of two minutes.
Jeff already contacted several fire equipment distributors about patenting his idea, however, he was turned down for that. Still, they offered help with distributing the product.
This fact, however, had planted doubt in Daymond John and he decided to go out, Barbara Corcoran doesn’t believe that the bigger cost is worth saving a few seconds and follows Daumond.
Robert Herjavec is inquiring whether the product can be adapted to other industries, such as a residential garden hose. Stroope reaches into his pocket and extracts an adaptor. He has already conceptualized a domestic version of his invention.
Mark Cuban however is more interested in the product and offers $ 1.25 million with a 3-year employment agreement, in addition to a percentage of the profits, for 100% of the company. Kevin makes an offer as well, it’s $ 500,000 for 100% of that product, plus a 3% royalty on sales. However, he is only interested in the garden hose adapter, and not the wire hydrant quick-connector.
Robert initially wanted to make a deal as well however decided to back off after seeing the deal Mark Cuban offered. In the end, Jeff makes a deal with Mark Cuban! [2]
How is HyConn After the Show
SoHyConn had managed to strike a great deal at Shark Tank, or so it seems. After thorough discussions, Mark Cuban decided it would be more beneficial for him to obtain a license for the product instead of taking on the costs and responsibilities associated with manufacturing. This took Jeff by surprise and other changes lead to them parting ways.
While the Shark Tank effect had definitely helped HyConn’s sales, it was nowhere near the numbers Jeff had hoped for. However, he gained valuable exposure and feedback from the Sharks which he used to improve his product further.
Without the Shark deal, Stroope found himself unable to meet customer demands – a problem that took him several years to solve by acquiring a new investor. However, Jeff still has the company as open on his LinkedIn, but you can’t order anything from their website. Jeff, however, works as a Tool & Die Shop Manager as of now and could not be reached for comment.
This aftermatch could be because of the sheer competition in the market, or maybe because of the new challenges that came with the first-mover advantage. Either way, HyConn can still be seen as a successful venture for Jeff and his team, albeit not a fully achieved success. [3] [4] [5]
What is HyConn’s Net Worth
It is difficult to determine the net worth of HyConn since no official reports have been released. However, it can be estimated that the company has made some revenue and profits over the years since its appearance on Shark Tank in the second season of the show.
The deal with Mark Cuban was never actually fulfilled as both parties decided it was best for Jeff’s company to remain independent. HyConn had managed to reach out to several customers during their time and did receive some positive reviews from them. Although they were unable to keep up with the production and delivery, it can be assumed that they had some success as a business.
FAQ
Did HyConn get a deal?
HyConn managed to secure a deal with Mark Cuban after appearing on Shark Tank in 2015. Cuban invested $ 1.25 million with a 3-year employment agreement.
However, the two had some disagreements after the deal was made. Cuban wanted to change some of the terms of his investment and HyConn refused, leading to a breakdown in negotiations.
Nonetheless, this did not stop HyConn from continuing its journey after Shark Tank. Despite the failed deal with Mark Cuban, the company continued to find success on its own merit. However, in the year 2023, it seems like they aren’t available for purchase anymore.
Does Mark Cuban still own HyConn?
Unfortunately no. After the airing of HyConn’s episode on Shark Tank in the second season, Mark Cuban and Jeff Stroope decided to go their separate ways. Cuban mainly focused on his other business ventures and Jeff Stroope continued to pursue HyConn full-time.
After parting ways, HyConn faced a number of challenges in trying to stay afloat without the financial investment from Mark Cuban. Despite having a strong vision for the product, Jeff Stroope was unable to secure any additional investments beyond those acquired during Shark Tank, and eventually, the company died down.
While the company is still stated as open for business on the official HyConn website, any attempts to contact them have been met without response. It’s likely that HyConn is no longer in active development and has been put on an indefinite hiatus.
Despite this, Jeff Stroope should be applauded for his hard work in bringing HyConn to life, even if it was only short-lived. His determination and passion were evident throughout the Shark Tank episode and he should be remembered as a pioneer of this unique firefighting technology.
How much is HyConn worth now?
While HyConn isn’t as active anymore, its legacy continues to reverberate through the tech world. According to reports, HyConn earned a valuation of $ 5 million after appearing on Shark Tank in the very second season of the show. This was due to the efforts of founder Jeff Stroope who managed to carry his company despite not getting a planned deal with Mark Cuban.
The competition was tough, however, and HyConn was eventually outdone by other competitors in the fire hose coupling industry. However, despite not being as active as before, their legacy lives on due to the innovations they introduced in space.
Do firefighters use HyConn?
Yes, firefighters do use HyConn. While not as popular as other quick connectors, firefighters have adopted HyConn as a reliable tool for connecting hose lines quickly and securely. The unique design of the connector allows it to be easily connected in low-light environments and difficult terrain while still maintaining an airtight seal. It has also been used in specialized equipment such as firefighting robots and automated aerial vehicles.
And you can use HyConn as a hose connector for your garden hose too! It can be easily connected to most standard garden hoses, providing a secure seal with minimal effort.
What is HyConn on Shark Tank?
HyConn is a firefighting tool invented by Firefighter Jeff Stroope and his team of firefighters, who pitched their business on Shark Tank in the second season. The product is essentially a quick-connect device that allows firefighters to easily connect a hose line to any fire hydrant in less than 30 seconds. This potentially life-saving device was designed to help firefighters quickly and easily accessible water sources, thereby reducing the amount of time needed to extinguish fires.
While on Shark Tank, Jeff Stroope made an agreement with Mark Cuban however that didn’t go any further. After Shark Tank, Stroope decided to focus on continuing to develop and market the product himself. However, as of 2023, it seems the company is on sabbatical.
Useful Video: Hy-Conn Home Edition Garden Hose Connector
Conclusion
Jeff Stroope’s success with HyConn after Shark Tank has been a testament to his determination and adaptability. Being a passionate firefighter he wanted to create a product that could save lives and reduce fire-related property damage. The Sharks saw the potential of his product and Mark Cuban decided to invest. However, the deal didn’t go any further past the show.
Despite not getting a deal on Shark Tank, Jeff didn’t give up. He continued to pursue his idea and eventually found success with HyConn. You could buy it in several firefighter equipment stores and on the HyConn website.
As of the year 2023 however, it seems that the company is now barely active as the website orders are no longer available. It’s unclear what Jeff Stroope and HyConn have been up to in the years since Shark Tank, but it’s clear that he has achieved success with his product
It goes to show that even if things don’t go your way on a tv show like Shark Tank, it doesn’t mean you should give up. You can still find success and create something meaningful if you focus on your idea and never stop believing in yourself. We can only hope that one day, Jeff Stroope and HyConn make a comeback.
The post-Shark Tank journey of HyConn proves that with hard work, determination and a never give up attitude you can reach your goals no matter what obstacles may stand in the way. It’s an inspiring story for any entrepreneur looking to apply for Shark Tank or pursue their own dreams.
References:
- https://www.sharktankblog.com/hyconn-jeff-stroope-preview/
- https://www.sharktankblog.com/business/hyconn-llc/
- https://www.sharktankblog.com/mark-cuban-dumped-hycon/
- https://hy-conn.com/
- https://www.facebook.com/hyconninc/
- https://insidergrowth.com/hyconn-net-worth/