A major worldwide technological organization, Hyconn focuses on offering creative and practical answers that meet the ever-evolving demands of the corporate sector.
The company was featured on Shark Tank in 2012, Season 3. After entering the show, Jeff created tension amongst the Sharks. The investors blew a fuse over bidding. However, following the pitch, he agreed with Cuban. But, what happened next? What made him ditch Jeff?
Follow the article and then you can decide was the company worth it.
About the Founder
Jeff Stroope, the owner of Hyconn received his training to be a technician for an organization that makes airplanes. Later, he switched his career and joined the fire department.
After joining as a fireman in Texas, he saw a lot of houses burn down. He understood that the moment needed to attach the extension cord to the flame hose and begin with the water supply to the fire was a contributing factor to the problem. This made him create Hyconn.
Founding the Hyconn
Hyconn has created a tool that enables rapid hose connection and separation. Without twisting or using a wrench, it substantially accelerates up attaching hoses to blaze hydrants. These links are quick and reliable; they have passed a 1,000 psi check.
The overall average duration of connection has been reduced from thirty seconds to 3 seconds. Connectors to join the hoses to faucets are among the home-use goods made by HyConn.
Shark Tank Appearance
Jeff entered the platform, donning his firefighter gear. He was welcomed by the Sharks. He offered $500,000 capital for a 40% ownership stake. Jeff was supported by a pair of firefighters who showed how swiftly the HyConn works compared to a typical hydrant connection. The Sharks were taken aback.
Barbara Corcoran and Daymond John resigned due to the pricing. HyConn costs $215 for the small unit and $385 for the larger one, with an agency requiring roughly 35 devices.
Robert Herjavec became intrigued by the idea and questioned whether it might be used inside the house or even on petroleum lines. Stroope immediately displayed the Sharks his copy. After this, the scenario changed, which led to proposals being offered. However, Hervajec declined the bids from Mark Cuban and Kevin O’Leary because he thought Cuban’s proposal was too much for him to beat.
Stroope received a proposition from Mark Cuban for 100% of the business that included $1.25 million, an initial 3-year contract for $ 100,000 each year of job opportunities, 7.5% profits, and more.
Kevin O’Leary stated that the garden hose adaptor concerned him the most. In addition to $500,000, he also included an ongoing 3% interest on revenues for 100% of the goods. Stroope stared bewildered as O’Leary and Cuban got into a fight.
Stroope agreed to Cuban’s proposal. But when the time came to show his grips with the funds, it appears that Cuban started negotiating revisions to the transaction after it had already been agreed upon. Cuba ultimately backed out of the agreement.
After Shark Tank
When the initial agreement fell through, a new funding company bought a stake in it. The organization has expanded to a fortune of more than $500,000 as a result of its publicity on the show.
HyConn’s webpage was recently taken down; therefore as of 2023, it appears that the organization is no longer in operation.
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