Hy-Conn is a revolutionary fire hose hardware manufacturing technology, providing fast connectors for fire hydrants and hoses. The million-dollar company gained popularity in 2024 after a pitch on Shark Tank. Find out what happened to Hy-Conn and its life-saving business concept after its Shark Tank deal fell through.
The Hy-Conn logo (L) and the company’s founder and president, Jeff Stroope pictured holding one of the connectors at the FDIC 2024 (R). Photo: @hyconngroupllc (modified by author)Source: Facebook
TABLE OF CONTENTS
- Key takeaways
- What happened to Hy-Conn?
- The Hy-Conn Shark Tank pitch
- What happened to Hy-Conn after Shark Tank?
- How much is Hy-Conn worth today?
- FAQs
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Key takeaways
- Hy-Conn’s owner Jeff Stroope asked for $500,000 for a 40 percent equity stake in his company during his Shark Tank pitch.
- Stroope received a $1.25 million deal for a 100% equity stake from Mark Cuban.
- The deal included a $100,000 per year salary for three years and 7.5% royalties in perpetuity.
- He included a percentage of the business’s profits once certain stipulations were met.
- The deal collapsed over licensing disagreements.
- The company, Hy-Conn LLC, is allegedly worth $5 million, per NerdWallet.
What happened to Hy-Conn?
Hy-Conn’s journey to the top as an innovative quick-connect hose fitting is nothing short of inspiring. Its founder, Jeff Stroope, appeared on Shark Tank during its second season. His initial pitch about the time-saving fire hydrant hose included a commercial garden hose connector, which piqued the shark’s interest.
The potentially life-saving invention attracted three offers from the sharks, with the most lucrative deal offering $1.25 million. At the end of the 12-minute pitch, the Arkansas-born firefighter went with Mark Cuban’s offer. The deal between Hy-Conn and Mark Cuban was unfortunately not finalised.
Jeff Stroope (C) demonstrates the Hy-Conn adapters to customers at the FDIC 2024. Photo: @hyconngroupllcSource: Facebook
The Hy-Conn Shark Tank pitch
For more than 25 years, Jeff Stroope worked as the captain of the fire brigade and the maintenance supervisor while developing Hy-Conn. In 2011, he appeared before Kevin O’Leary, Barbara Corcoran, Daymond John, Robert Herjavec, and Mark Cuban on ABC Network’s Shark Tank.
In his pitch, Stroope demonstrated his connector’s performance against a standard hose connector. The process shaved at least eight seconds off the connection processing.
Two sharks, Barbara Corcoran and Daymond John, fell out of the race. Daymond John argued that the industry did not believe in the Hy-Conn hose connector that went for at least $7,000 per unit. On the other hand, Barbara Corcoran was concerned about fire departments having budgets for such purchases.
Mark Cuban’s offer of $1.25 million, a royalty percentage and an employment deal was countered by Kevin O’Leary and Robert Herjavec, who later opted out of the agreement. Kevin O’Leary’s offer included $500,000 for 100% of the prototype Hy-Conn garden hose connectors, with a 5% royalty in perpetuity.
Firefighters accompany Jeff Stroope to demonstrate the adapter during the Shark Tank episode. Photo: @hyconngroupllcSource: Facebook
What happened to Hy-Conn after Shark Tank?
After season 2 of Shark Tank, the deal began dying because Stroope had second thoughts about working with Cuban. The breakdown of the deal is reported to have been caused by Mark Cuban’s push to license the product and have a third-party company manufacture it, which did not align with the founder’s vision.
In a now-deleted Facebook post, Stroope reflected on the deal, giving reasons for its failure. He said;
In my opinion, and all due respect, during the recording of the show Mark let his ‘ego’ overload the reality of what he would do. After the cameras were off, he realized he didn’t want to come up with the money.
He added;
I do not have any anger or bad feelings toward Mark Cuban. This is a part of the business that I have to get through. As it was said on Shark Tank by Robert Herjavec, never disrespect money.
Reports from Looper suggest that Hy-Conn’s promising partnership with 101 Ventures also fell through. The company had revealed that it had begun the manufacturing process. Details of the partnership deal and its breakdown have not been shared with the public.
A firefighter demonstrates how to use the Hy-Conn hose adapter. Photo: @hyconngroupllcSource: Facebook
Although the company’s website still exists, it is unclear if the company has available products for sale. From its website, Hy-Conn’s connectors are seemingly sold wholesale to large retailers, speciality shops, and online merchants. As per Jeff Stroope’s LinkedIn profile, Hy-Conn is still pursuing its goals of designing innovative hydrant systems.
How much is Hy-Conn worth today?
As it is a private company, Hy-Conn inventor Jeff Stroope has not revealed its financial details. However, according to NerdWallet and BTCC Academy, the company, which has a market reach across the United States, Canada, and Costa Rica, has an alleged net worth of $5 million.
FAQs
- What is Hy-Conn? Hy-Conn is a manufacturing company that produces fast-connecting fire hydrants, fire hoses and garden hose adapters.
- Who is the Hy-Conn owner? The American innovator is the founder and president of Hy-Conn.
- Is Hy-Conn still in business? Yes, the manufacturers offer wholesale opportunities for retailers, speciality shops, and online merchants.
- Did Mark Cuban buy Hy-Conn? No, he offered Stroope a $1.25 million deal for a 100% equity stake with an employment opportunity.
- Did the Hy-Conn deal go through? No, the deal failed to materialise.
- What is Hy-Conn’s net worth? The company has an alleged net worth of $5 million.
- How does Hy-Conn work? The hydrant adapter facilitates a quick and secure connection between fire hoses and fire hydrants.
Although details of what happened to Hy-Conn remain scanty, its founder and other stakeholders hope for a better outcome. The life-saving hydrant connector enables firefighters to attach hoses with a quick and simple twist, eliminating the need for cumbersome and time-consuming connections.
Legit has recently published an article assessing the status of Moki Doorstep, an access tool for vertically challenged people. The Moki Door Step proposal presented by innovators Alyssa and Zach Brown was received positively by the sharks.
At the end of their pitch, Allyssa and her husband, Zach, received a $3 million offer for the entire company. Discover how the product has been faring after the 2019 episode.
Source: TheTalk.NG
