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.
summary table: Garage Door Lock Shark Tank
| INFORMATION | VALUE |
| Net worth (2023) | $3 million USD |
| Shark Tank pitch | March 2014 |
| Amount sought | $275,000 |
| Equity offered | 30% |
| Valuation (pre-pitch) | $916,000 USD |
| Deal | Daymond John offered $275,000 for 35% equity |
| Price per unit | $439 USD |
| Founder | Bryan White |
| Patent year | 2002 |
| Company name | Elocksys Inc. |
| Sales | Estimated $1-$5 million |
| Competitor | SmartLocks Inc. |
Note: As the company is still in operation, it is unclear what its current net worth is. The information provided is the net worth as of 2023.
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 Shark Tank Updates
Garage Door Lock is a product that was pitched on Shark Tank in 2014 by its inventor, Bryan White. The product is a lock that attaches to a garage door and provides extra security by locking the door with a remote.
Since most automatic garage doors do not have a deadbolt locking mechanism, the Garage Door Lock provides an easy solution to a common security problem.
Bryan White got a patent for his invention in 2002 and his company, Elocksys Inc, had an estimated $1-$5 million in sales coming into the Tank.
During the Shark Tank pitch, Bryan White sought a $275,000 investment in return for 30% equity in his company. Daymond John made a deal with Bryan White, investing $275,000 in exchange for 35% equity, with a licensing contingency.
Since appearing on Shark Tank, Garage Door Lock has been featured in various media outlets. As of 2023, there is no recent update on the product or the company.
Garage Door Lock FAQs
What Is Garage Door Lock And How Does It Work?
The Garage Door Lock, also known as Elocksys, is a push-button deadbolt with a wireless remote control that can be installed without professional help thanks to its easy DIY instructions. The product was developed in 2002 by Bryan White, who got a patent for his invention.
The lock is designed to provide extra security to garage doors, which are often easy to break into if they don’t have a proper lock. According to White, 90% of garage door openers do not lock the doors when they close, making the Garage Door Lock an invaluable addition to any home’s security system.
The Garage Door Lock works by blocking the door track with a bolt, most commonly through a sliding lock or a T-handle lock and release system. It can be used with motorized keychain remote-controlled smart garage door openers, but some can also be used with manually activated systems.
The lock provides an additional layer of security to garage doors that don’t have a deadbolt locking mechanism. The installation process takes about two hours for the average homeowner to add to their existing garage door.
In summary, the Garage Door Lock is a wireless remote-controlled deadbolt designed to provide extra security to garage doors that don’t have a proper lock.
It can be installed without professional help and works by blocking the door track with a bolt. The lock was developed in 2002 by Bryan White and got a patent for his invention.
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.
What Was The Outcome Of The Garage Door Lock Shark Tank Pitch?
During the Shark Tank pitch, Bryan White asked for $275,000 in exchange for 30% equity in his company, Elocksys Inc, which produces the Garage Door Lock. Daymond John made an offer of $275,000 for 35% equity, contingent on the company getting a licensing deal.
According to a 2023 update, it appears that the deal with Daymond closed successfully. After the show, the company teamed up with California lock manufacturer Guardian to redesign the electronics, resourced components, and simplify the assembly of the Garage Door Lock.
A 60% cost reduction was realized. The product is still available for purchase and can be installed by the average homeowner in about two hours.
Did Garage Door Lock Receive An Investment On Shark Tank?
Yes, Garage Door Lock received an investment on Shark Tank. During the pitch, Bryan White asked for $275,000 in exchange for 30% equity and Daymond John made a deal for $275,000 in exchange for 35% equity, with a licensing contingency. According to a 2023 update, it appears that the deal with Daymond closed successfully.
What Happened To Garage Door Lock After Its Appearance At The Shark Tank?
After appearing on Shark Tank in 2014, Garage Door Lock received an investment from Daymond John and has since experienced tremendous growth and success.
The product has been featured in magazines and online media outlets and continues to receive rave reviews from customers. According to a 2023 update, the company has secured additional funding and partnerships, leading to an estimated net worth of 3 million USD.
The lock was redesigned by California lock manufacturer Guardian, which resulted in a 60% cost reduction. The product is easy to install and can be used with any type of garage door. The founder of Garage Door Lock, Bryan White, has a net worth of 2.6 million USD as of 2023.
Overall, Garage Door Lock has proven that with the right idea and execution, anything is possible, and it continues to thrive as a business.
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.
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.
