SEASON 2 EPISODE 8
fast connector for fire hydrants and hoses
$500,000 for 40%
$1.25 Million for 100% + $100,000 a year for 3 years and a7.5% royalty
OUT OF BUSINESS
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 Hy-Conn, 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 Hy-Conn. Not only did he design a Hy-Conn for firefighters to use, but he also created a Hy-Conn for the home.
The Hy-Conn for the home has a connector that makes it easier to attach garden hoses to spigots. Hy-Conn 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 Hy-Conn.
Where Is Hy-Conn Now?
When Jeff Stroope appeared on Shark Tank, he asked for $500,000 for 40%. One of the Sharks, Mark Cuban, offered $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.
The Hy-Conn website is still available for viewing with videos on how Hy-Conn 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, Hy-Conn is an idea that sorely needs to come to fruition.