HyConn Net Worth 2023| What Happened After Shark Tank
What is HyConn?
HyConn is a product designed to dramatically speed up the process of connecting hoses to fire hydrants. With its slogan “Because seconds do make a difference,” HyConn cuts down the time it takes to connect a hose from an average of 30 seconds to just 3 seconds, making it a potential lifesaver.
Additionally, HyConn products are also available for household use, such as connecting garden hoses to faucets.
Who is the Founder of HyConn?
The creator of HyConn, Jeff Stroope, initially trained as a machinist for an aircraft manufacturing company before starting his own business in mold and die manufacturing. However, after becoming a firefighter, he identified a problem – the time wasted in connecting hoses to hydrants during fire emergencies.
This led to the creation of HyConn, a solution that addresses this serious issue. Despite his full-time job as maintenance supervisor and captain of his brigade, Stroope spent 11 years working on HyConn before pitching it on Shark Tank.
What Happened To HyConn During The Shark Tank Pitch?
In his pitch, Stroope emphasized the importance of saving time in the firefighting industry. He requested $500,000 for 40% equity in HyConn. Stroope and two fellow firefighters demonstrated the speed at which HyConn makes a connection compared to a traditional hydrant connection, which impressed the Sharks.
However, they pointed out the challenges of government departments affording the cost of the devices ($215 and $385 for the smaller and larger units respectively, with a department needing about 35 units).
Daymond John and Barbara Corcoran backed out, but Robert Herjavec expressed interest in the design and its potential for use on oil pipelines and even in households.
Stroope then pulled out a home-hose version, surprising the Sharks as to why he didn’t show it earlier in his pitch. This revelation led to offers being made.
After Mark Cuban and Kevin O’Leary made their offers, Herjavec opted out, and Stroope accepted Cuban’s offer of $1.25 million, a 3-year minimum employment agreement of $100,000 per year, and 7.5% royalties for 100% of the company.
However, after the agreement was struck and it was time to come up with the money, Cuban began negotiating changes to the deal. There were disagreements on licensing the product to another company, which would have reduced production costs and increased profits. Eventually, Cuban pulled out of the deal.
On the other hand, Kevin O’Leary expressed interest only in the garden hose adapter and offered $500,000 for 100% of that product plus a 3% royalty on sales in perpetuity.
This sparked a heated argument between O’Leary and Cuban, with Stroope watching on bemused. Ultimately, Stroope accepted Cuban’s offer.
HyConn Net Worth
When Stroope came to the Shark Tank, asked for $500 000 for 40% equity in HyConn making a valuation of $1.25 Million.
After appearing on the show, the company saw growth and was estimated to have a net worth of over $5 million in 2015. However, as of 2023, the business is no longer operating.