After a fire breaks out in any place or house, firefighters are called to put it out. They connect their fire hose fittings to the fire hydrant to throw water on the fire. However, the process of connecting the fire hose to the hydrant takes a lot of time. To solve this problem, firefighter Jeff Stroope invented Hyconn, an essential component that increases the speed of connecting and disconnecting the fire hose to the hydrant.
Jeff spent 11 years perfecting his product and is now ready to launch it in the market. For this, he needs financial support, which is why he came to Shark Tank. Did any Sharks invest in his business? Let’s find out.
| Company Name | Hyconn LLC | |
| Founder/Co-Founder | Jeff Stroope | |
| Founded | 1999 | |
| Product | A component that quickly connects fire hoses to hydrants. | |
| Asked For | $500k for 40% equity | |
| Final Deal | $1.25M for 100% equity, (Employment) $100K/year for 3 years, and 7.5% royalty on sales. | |
| Shark | Mark Cuban | |
| Episode | S2 E7 | |
| Air Date | April 29th, 2011 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Cabot, Arkansas, United States | |
| Lifetime Worth (Sales) | N/A *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Jeff asked the Sharks for $500k in exchange for 40% equity in his company. He, along with his two team members, demonstrated how to quickly connect a hose to a fire hydrant using Hyconn.
The small Hyconn product costs $215, and the larger size costs $385. However, the Sharks are concerned that fire departments may not have the budget to use this product.
Jeff had discussions with a distribution company that provides essential products to fire departments about selling his product’s patent. However, they mentioned that they could handle the product’s distribution at the moment.
Daymond John doesn’t believe in the product, so he is out. Barbara Corcoran doesn’t believe the business is worth it, so she is out.
Robert Herjavec asked Jeff why he isn’t making an easy-connect function for oil pipes and screw nuts with holes. Jeff clarified that he has already created a screw nut with a hole.
Daymond John asked Jeff if he had anything else in his pocket. Jeff replied, “No, sir.” Robert Herjavec then commented that this was a real deal.
Mark Cuban offered Jeff a deal of $1.25 million for 100% equity in the company, along with a 3-year employment agreement with a salary of $100,000 per year and a 7.5% royalty on all sales.
Kevin O’Leary offered $500,000 for 100% equity in the company, along with a 5% royalty on all sales except for the fire Hyconn product.
Jeff decided to go with Mark Cuban’s offer, which included $1.25 million for 100% equity, a three-year employment agreement with a $100,000 annual salary, and a 7.5% royalty on all products sold.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | $1.25 million for 100% equity (+other) |
| Kevin O’Leary | $500,000 for 100% equity + 5% royalty |
| Robert Herjavec | No Offer |
| Barbara Corcoran | No Offer |
| Daymond John | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | $1.25 million for 100% equity (+other) |
Hyconn LLC Shark Tank Update
After the deal on Shark Tank, Jeff was initially very excited. However, his enthusiasm waned when Mark Cuban started renegotiating, as Mark was now only interested in a licensing deal. Ultimately, the deal did not go through.
Although the initial sales of the product were significantly high due to Shark Tank, Jeff was unable to fulfill all the orders, which prevented him from benefiting further from the exposure.
In March 2021, Jeff started working as a Tool & Die Shop Manager at D&M Holding Company while continuing to run his Hy-Conn company as a side business.
On August 3, 2024, during research on Hyconn LLC, we visited the official Hyconn website and found that the company is working on three new products: HY-CONN 1.2, 2.5, and 4.5. These products will be available soon.
Check out Shark Tank Season 2 Business Update.
Here is a list of more businesses from Season 2 with their progress reports:
