Garage Door Lock Shark Tank Net Worth
The net worth of Garage Door Lock as of 2023 is around 3 million USD. The product was pitched on Shark Tank in March 2014, with the entrepreneur seeking $275,000 in return for 30% equity .
However, the valuation of the Garage Door Lock was $916,000 when it appeared on Shark Tank. After appearing on the show, Daymond John offered $275,000 for 35% equity.
As of 2023, Garage Door Lock is still in business and their patented automatic deadbolt locking system goes for $439.
What is Garage Door Lock and Who is the founder of Garage Door Lock?
A garage Door Lock is a product that provides an additional layer of security to the largest door of a home, the garage door, which is often the point of entry for burglars.
The founder of Garage Door Lock, Bryan White, came up with the idea after his own home was burglarized and he realized that the remote controls used to close most garage doors were not sufficient for securing them.
Bryan spent two years developing a simple and affordable system that can easily be operated by anyone. The Garage Door Lock is designed to connect to the garage door and secure it with just one button.
It features a suction cup that attaches to the remote control, allowing the user to lock and unlock the garage door with ease. The plastic suction cup is strong and durable, resembling metal, but without impeding the remote control’s movement.
Bryan White received a patent for his invention in 2002 and founded Elocksys Inc., a company that produces Garage Door Locks. With an estimated $1-$5 million in sales, White hopes to capitalize on the massive market of automatic garage doors that lack any form of locking mechanism.
The Garage Door Lock is a simple, effective, and affordable solution that provides homeowners with an additional layer of security and peace of mind.
Garage Door Lock Shark Tank pitch
Bryan White presented his invention, Garage Door Lock, on Shark Tank with hopes of securing a deal with a major producer of automated garage doors. He offered a 30% ownership stake in his company for $275,000, valuing the company at $916,667.
Bryan demonstrated how insecure garage doors are and explained that his product is a simple, do-it-yourself installation that adds an extra layer of security to any brand of the garage door. He had sold 450 devices for $249.99 each, earning over $112,000 through his website.
The Sharks were interested in the product but concerned about Bryan’s lack of marketing and sales expertise. Barbara Corcoran felt he needed the help of a high-powered salesperson, while Kevin O’Leary and Mark Cuban did not see the potential in the product.
Daymond John and Robert Herjavec made offers, with Daymond ultimately agreeing to a licensing deal for a 35% ownership stake. However, despite the deal, the Garage Door Lock did not seem to reach the licensing deal that John had hoped for.
The product is still available for purchase on the website Security Snobs, but the social media pages have been deactivated since 2014. It is unclear what happened to Bryan and the Garage Door Lock, but the product remains available for purchase.
Competitors of Garage Door Lock
One of the key competitors of Garage Door Lock is SmartLocks Inc.
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Net Worth of Garage Door Lock
The company was valued at $916,667 during the pitch; since the company is ceased to operate the company’s net worth is unavailable.
Garage Door Lock FAQs
What is Garage Door Lock?
Garage Door Lock is a residential security device that secures your garage door by using a remote control and suction cup. The Garage Door Lock keeps your garage door secure and prevents intruders from entering your home.
Who is the founder of Garage Door Lock?
Bryan White is the founder of Garage Door Lock. White received a patent for his invention in 2002, and now he’s hoping that a Shark can help him make his patent and product pay off.
How much was asking on Shark Tank?
White is seeking an investment of $275,000 for a 30% share of Elocksys Inc. in exchange. He plans to use it to expand sales and marketing of his device.
Did he have the deal?
Yes, he got the deal with Daymond John.
How much was the deal?
Daymond John offers $275,000 for 40% stake in the company, but the deal was never materialized.
Is Garage Door Lock still in business?
No, no Garage Door Lock is not in business anymore.
How much does Garage Door Lock Cost?
You can purchase a Garage Door Lock here for $249.99.
Was Garage Door Lock a scam?
Garage Door Lock was not a scam, but by the time when crypto currency trading has been very much in trend and people are investing on block chain related firms and projects, this is the product that’s seems to be scam.
Was Garage Door Lock profitable?
Garage Door Lock was not profitable as the niche is taken by a competitor named SmartLocks Inc.
Was Garage Door Lock safe?
Security locks like Garage Door Lock are very much safe as they automatically block the garage door when it is closed, and open it when someone pushes on the remote control.
How can I make my garage door more secure?
One can always install a garage door opener as it is a very strong feature to secure their garage and keep intruders away from their garage.
Is Garage Door Lock compatible with my existing door?
As the Garage Door Lock has its own suction cup that does not need to be replaced with another handle, it will fit on any type of garage door and leave room for you to add additional security features.
What type of lock is on a garage door?
The T-handle lock is the most popular type of lock used on metal garage doors. Rather than utilizing standard keys to unlock the door, this locking system employs a difficult-to-replicate, cylinder-shaped key to operate the handle.
What is the net worth of Bryan White?
Bryan White net worth is unknown.
