|SEASON 2 EPISODE 8|
|Pitch||Fast connector for fire hydrants and hoses|
|Asked For||$500,000 for 40%|
|Deal||$1.25 Million for 100% + $100,000 a year for 3 years and a 7.5% royalty|
|Status||OUT OF BUSINESS|
What is HyConn?
When a home or business is burning from a fire, every second counts when it comes to putting out the fire. During the firefighting process, one of the things that takes the longest is connecting the water hose to the fire hydrant.
With HyConn, the firefighter can connect the hose to a hydrant in three seconds or less and attach it to the hydrant with no threading or wrenching. Not only is it fast and easy, but it’s also safe. The firefighter, or anyone else, doesn’t have to worry about the water pressure blowing off the hose as it’s proven and tested at 1,000 psi.
In Jeff Stroope’s time as a firefighter in Texas, he saw many homes destroyed by fire. He recognized part of the problem was the time it took to connect the hose to the hydrant to supply water to the fire. He decided that there should be a better way, so he designed HyConn. Not only did he design a HyConn for firefighters to use, but he also created a HyConn for the home.
The HyConn for the home has a connector that makes it easier to attach garden hoses to spigots. HyConn attaches to a hydrant in three seconds or less, which is far less than the average 30 seconds it typically takes to attach a hose to a hydrant.
One of the challenges Stroope faced was finding the time to design and develop Hy-Conn. Not only was he a firefighter, but he was also the full-time captain of the fire brigade and was also the maintenance supervisor. This means he didn’t have a lot of free time to put into the development of the product, but he used the time he did have at nights and on weekends and directed it to his idea. By the time Jeff came on to Shark Tank, he had already invested 11 years of his life into creating HyConn.
What Happened to HyConn After Shark Tank Update
Did HyConn Get a Deal on Shark Tank?
When Jeff Stroope appeared on Shark Tank, he asked for $500,000 for 40% and left with a deal from Mark Cuban of $1.25 million for 7.5%. Unfortunately, the deal fell through. The founder’s Facebook page mentioned that the investor started backing out of the deal and when it was time to come up with the money, the investor wanted to change the deal.
There was also a disagreement about licensing the sign to another company to reduce the cost and increase profit margins. Another venture firm took an equity position after the first deal fell apart. Stroope finally received a patent for Hy-Conn, but as of 2016, the product still wasn’t available for purchase, and Hy-Conn eventually went out of business.
Is HyConn Still In Business?
The HyConn website is still available for viewing with videos on how HyConn works, as well as a link to purchase it, but there’s nothing available to purchase in the store. As a product that would significantly increase the number of homes and businesses that remain standing after a fire, HyConn is an idea that sorely needs to come to fruition.