HyConn LLC Shark Tank Net Worth 2023
HyConn LLC appeared on Shark Tank in 2011, seeking $500,000 in exchange for a 40% ownership in the company.
The company’s founder, Jeff Stroope, pitched the concept of HyConn LLC as the “world’s quickest procedure” for connecting and detaching from a hydrant.
Mark Cuban offered Stroope $1.25 million for full ownership of HyConn LLC, $100,000 a year for three years, and a 7.5% royalty.
However, the deal with Mark never went through because he wanted to license out the design of the hose attachment to reduce costs and increase profit margins.
Following its appearance on Shark Tank, HyConn LLC grew to an estimated net worth of over $5 million.
However, as of 2023, it is unclear what the net worth of HyConn LLC is since the company went out of business. The company’s website is still online but its social media sites appear inactive.
What is HyConn LLC? Who is the founder of HyConn LLC?
HyConn LLC is a company that produces a fast connection system for fire hydrant hoses that eliminates the need for threading or twisting and can be connected in less than three seconds.
The idea for HyConn came to Jeff Stroope during his tenure as a fireman in Texas, where he witnessed many homes damaged by fire due to the time it took to attach the hose to the hydrant. He saw a need for a more efficient method and set out to create HyConn.
In addition to the HyConn for firemen, Stroope also designed a HyConn for the home, which allows for easy connection of garden hose spigots.
The HyConn is not only fast and simple, but also secure, as it has been tested and verified to withstand water pressure up to 1,000 psi.
Stroope faced the challenge of finding time to develop HyConn while working as a full-time fire captain and maintenance supervisor.
He dedicated his spare time at night and on weekends to the project and spent 11 years bringing his concept to fruition.
HyConn LLC Shark Tank Pitch
Stroope decided to present his product, HyConn LLC, to the investors of Shark Tank in season 2, episode 8, with the aim of expanding its potential appeal.
He entered the Shark Tank dressed in his firefighting gear and sought a $500,000 investment in exchange for a 40% stake in the company, which was valued at $1.25 million.
Stroope explained that his product, the HyConn, was the fastest way to connect and disconnect from a hydrant. He compared its speed to that of a regular hose and demonstrated the significant difference in the time it takes to connect to a water supply.
Although Stroope had approached the main fire apparatus distributors about purchasing the patent, they declined. However, they offered to distribute the product if he could bring it into production.
Daymond John left the pitch, and Barbara Corcoran was skeptical about towns investing $7,000 to save 8 seconds, so she opted out. Robert Herjavec asked if the device could be used in other industries, such as for garden hoses at home.
Stroope showed an adapter from his pocket, indicating that he had already thought about a residential version of the product.
Mark Cuban then made an offer of $1.25 million and a three-year job contract, as well as a share of the company’s revenues, in exchange for 100% ownership.
Kevin O’Leary was only interested in the garden hose adapter and offered $500,000 for 100% ownership, plus a 3% royalty on sales. Robert Herjavec felt that Cuban’s offer was too generous and declined to match it, opting out of the deal.
Stroope ultimately accepted Cuban’s offer, but subsequent discussions revealed that Cuban wanted to license the product instead of manufacturing it. Stroope was unhappy with some of the deal’s modifications, and the two ultimately parted ways.
Although the Shark Tank exposure helped, the subsequent re-airings were not as beneficial for the company. Stroope struggled to fulfill orders without the Shark deal and took several years to find another backer.
Although HyConn LLC is still “open,” according to Stroope’s LinkedIn page as of July 2021, social media updates have been slow since April 2021.
Stroope now works as the Tool & Die Shop Manager for D&M Holding Company, an Arkansas munitions manufacturing firm.
Net Worth of HyConn LLC
The company valuation was $1.25 million during and after the pitch. Since then the company is no longer operating and hence the current net worth is unavailable.
HyConn LLC FAQs
What is HyConn LLC?
HyConn LLC is a manufacturer of quick connects garden hose connectors for fire departments and businesses.
Who owns?
The company was founded by Jeff Stroope a former fireman and amateur inventor. He has been involved in the fire service for 24 years, holding the rank of captain while also serving as maintenance supervisor.
How much was asking on Shark Tank?
Stroope was seeking for $500,000 for 40% stake of his company at value of $1.25 million.
Did they have the deal?
Yes, the deal was struck with Mark Cuban on episode 8 of season 2.
How much was the deal?
Mark Cuban offered $1.25 million for 100% ownership of the company plus $100,000 per year for 3 years contract and 7.5% royalty. But the deal was never finalized.
Is HyConn still in business?
Stroope was later granted a patent for HyConn, however the product was still not available for purchase as of 2016, and HyConn subsequently went out of business.
How to contact HyConn LLC?
The short-term contact information is unknown but the main contact details are available on their website as well as social media accounts.
What is a quick fit connector?
Hydrant quick-connectors allow firefighters to attach garden hoses to fire hydrants in less than two seconds. The nearly one-inch long connection can also be used on residential spigots.
What is the difference between HyConn LLC and another product on the market?
The difference lies in the design, structure and features of HyConn LLC water hose connectors.
Was HyConn LLC a scam?
HyConn LLC is not a scam but they clarify that they are an organization that is offering fire and sanitation products.
Was HyConn LLC shipping?
The shipping information for HyConn LLC is not available and their website is unavailable.
What is their phone number?
The contact number is not available information.
What is the shipping cost?
The shipping cost for HyConn LLC is unknown but the details cannot obtain from their website.
What is the net worth of Jeff Stroope?
Jeff Stroope net worth is estimated at $1.1 Million
