HyConn Update 2024 | What Happened To Hyconn After Shark Tank?

Shark Tank is an international instalment of the Japanese reality business TV show Dragons’ Den.

The premise and format of the shows are the same whereby budding entrepreneurs of a start-up or about to have a proper market, pitch their ideas and products to the panellists of the show, who are venture capitalists eager to invest in a profitable business idea.

Entrepreneurs get into the show present the scope and purpose of their products/ ideas, and state the stake and capital they want for further production and development of the products, with the hope that the investors would invest in them.

With many instalments and expansions to the franchise, in various countries, including India, this article is about one such product that caught the attention of both the panellists and the viewers with its unique and thought-provoking product business.

Get to know more about the creator of the product, their start-up, profits earned pre and post-shark tank and more.

Hyconn Key Highlight

• HyConn connector is a hose that is easily attachable and detachable from the fire hydrant thus saving time in helping the people, Founded by Jeff Stroope.
• Hyconn cracked a deal with Mark Cuban for 100% equity in return for 1.25 million dollars, with a stable $100,000 per year and a royalty of 7.5%.
• After the Shark Tank episode, Jeff Stroope gained exposure about his motive and his products, increasing the orders for the products showcased in the episode.

Please Follow Us on Google News

Also Read

RokBlok Update 2024 | What Happened To RokBlok After Shark Tank?

Susty Party Update 2024 | What Happened To The Susty Party After Shark Tank?

Ora Organic Update 2024 | What Happened To Ora Organic After Shark Tank?

Angel Lift Update 2024 | What Happened To Angel Lift After Shark Tank?

What is Hyconn?

HyConn connector is a hose that is easily attachable and detachable from the fire hydrant thus saving time in helping the people, rather than trying to fix the hose for longer minutes.

Hyconn was formed by Jeff Stroope who was a firefighter, and seemingly came across situations and circumstances that required saving people’s lives within seconds’ time. And such previous time were lost in attaching the standard hose to the fire hydrant, that wasted seconds and minutes. 

Who Is The Founder Of Hyconn?

Jeff Stroope, a fireman, is the founder of Hyconn. During his years of service as a fireman, he found that some places are more susceptible to catching fire quickly and fast response is more effective.

In that case, when the hose for channelling water from the fire hydrant is hard to connect with, it takes much longer than necessary before saving lives.

So, Jeff came up with the idea of changing the mechanics and lock and open system of the hose which takes around 3 seconds to fix and release from the fire hydrant, compared to the standard hose which takes a little bit longer to attach/ detach.

With the main goal of saving lives and saving precious time during crisis, this Hyconn is a god-send for its secure and fast connectivity.

Hyconn offering for the investor

HyConn was offered 40% equity in return for 500,000 dollars in manufacturing hoses and connectors based on the sizes of nozzles of fire hydrants. Small and medium-sized hoses were made to display the action required for fixing such hoses.

The panellists were impressed with such a product and admired the nobility behind it, but were faced with multiple doubts and risk elements considering the vast change required to adapt the product.

Did Hyconn get a deal on shark tank? With explanation

Hyconn cracked a deal with Mark Cuban for 100% equity in return for 1.25 million dollars, with a stable $100,000 per year and a royalty of 7.5%.

This profitable deal comes after the deal offered by Kevin for the garden hose that was introduced later into the pitch by Jeff. Kevin offered $500,000 for 100% of the garden hose product, with a royalty of 3% on sales in perpetuity (security paid for an infinite period)

The Sharks pointed out that it is hard to change the functionality of a whole industry, and also get approval from the municipality and government regarding the daily operations of the hose in the fire department.

When Jeff stated his claims, the judges were quite apprehensive regarding the investment as both the distribution and contribution charges are to be taken up by Jeff, stating that the units don’t believe in the product as much as expected.

With two judges out, Robert was impressed with the design and idea of the hose, but was more inclined towards the idea of oil pipeline and garden hose, making Jeff take up the sample product of a garden hose.

This changes the perspective of the panellists, with Mark and Kevin making offers to Jeff regarding the products they are interested in.

How Hyconn started & how it did?

The goal of Hyconn is to provide fast service of saving people from fire by channelling water through fire hydrants. Jeff, the innovator of the product, who formed Hyconn LLC in 2009, came across this challenge as there was a considerable amount of time wasted in trying to fix the hose to the fire hydrant.

This made him come up with the idea of easy-to-detach and attach pipeline hoses, for saving time and people’s lives.

He introduced small and large hose types along with a garden hose, terming it as a part of the whole deal. The judges were intrigued by the garden hose as it was necessary for every household with an abundant market, improving the marketability and profitability of the product.

Please Follow Us on Google News

What happened to Hyconn Before the Shark Tank?

Hyconn was born out of a solution to a problem that caught Jeff’s attention during his time as a firefighter. The time taken to install a hose to the fire hydrant took more time and he found that maybe if the hose becomes easy to attach and detach, then the time could be saved to channel water quickly.

The standard hose took more time than required to affix to the fire hydrant, and Jeff came up with an idea to solve the problem that may effectively save lives within that short period.

Before shark tank company fact and figure

Before the shark tank, the company Hyconn was informed and the product Hyconn was established to tend to the problem of saving time and people’s lives in the dire circumstances of the fire.

Jeff had a full-time job of being the leader and captain of a fire brigade unit and also as a maintenance supervisor. He has worked on changing and improving Hyconn for the last 11 years, with less time spent on Hyconn owing to his occupation.

What happened to Hyconn after Shark Tank?

After Shark Tank, Mark Cuban licensed the product instead of spending funds on marketing and manufacturing. This was not expected and planned by Jeff and is completely different from what they have agreed to.

The product was licensed to another company thereby removing Jeff from associating with the product. While he regretted saying ‘yes’ to the offer made by Mark, he stated that he should have picked the offer by Kevin who offered $500,000 for 100% of the house garden hose plus 3% of the royalties.

Seemingly after the Shark Tank episode, Jeff Stroope gained exposure about his motive and his products, increasing the orders for the products showcased in the episode.

A second deal came by via Arkansas Venture Studio 101 Ventures (Jeff hails from Arkansas) offering an equity stake in Hyconn. The company promised a different direction and also stated that they are in talks with 30+ distributors nationally.

After or recent shark tank company fact and figure

The incubation company, with its promise, was more interested in the house hose than the main deal about the fire-hydrant connector hose. The partner Matt Fifer along with Stroope looked forward towards the commercial success and possible changes it could make in the fire industry business.

Unfortunately, it seems like nothing effective emerged from the partnership though it had a huge deal of becoming the next-big- thing if materialized productively to the market they are catered to.

Hyconn has been inactive in the past years and hasn’t updated any changes or either developments on their Facebook page since 2019. The website is available, but the products are not available in stock or for sale.

Further updates about Stroope- he is working as Tool & Die Shop manager since 2021 in the D&M holding company.

Also Read

HangEase Hangers Update 2024 | What happened to HangEase after Shark Tank?

CFXFund Review Gives Detailed Breakdown of Broker’s Offerings

RippelCapital.com Review Navigating Finance with Tech Mastery

Technological Solutions for Secure Online Dating

How much is HyConn’s net worth?

After the Shark Tank valuation
After Shark Tank, Hyconn was valued to have around $5 million and with the deal from a Shark, Mark Cuban, it gained more exposure and increased the orders for the products mentioned in the episode.

But apparently, it fell through with the product being licensed to another company by Mark (he owns 100% of Hyconn as per the deal offered). A second deal came as a rescue in the form of ventures in Arkansas and gaining a per cent of equity.

Though it had a huge scope for the manufacturing and development of Hyconn, it didn’t work as much as expected. At present, the Hyconn website is available to surf but is out of business, with products either not available for sale or not in stock.

Before shark Tank valuation
Jeff supposedly had a deal with 4 out of 11 departments who had completed their PO (PO -purchase order) and 6 other departments were working on getting their paperwork done.

At retail, the smaller hose is sold for 215 dollars while the larger one is for 385 dollars. While several fire equipment distributors turned down his idea regarding the patent, they were willing to help with the distribution of the product.

Are there any products like HyConn in the market now?

At present, there is no competition or similar products to that of Hyconn. Its swift-connector hose for a fire hydrant hasn’t been replicated, and this innovative idea, unfortunately, did not get the funding and development required.

Even after the Shark Tank deal, Jeff and Cuban decided to part ways as many things couldn’t be worked through or agreed upon between them.

FAQ About HyConn

Please Follow Us on Google News