|SEASON 8 EPISODE 22|
|Entrepreneur||Adam McBride and Done Halpern|
|Asked For||$150,000 for 5%|
|Deal||$150,000 for 10% + $10 royalty per bag|
What is Loctote?
Loctote bags come with a set of security measures that make them a very difficult target for pickpockets and ensure security for their users. These bags are five times more resistant to slashing than Kevlar, have brass locks and an RFID-blocking lining that protects credit cards from illicit scanning.
Who Owns Loctote?
Before starting his Loctote journey, Donald Halpern had worn many hats. He started college as a chemistry major, and ended with an MBA, worked at Wall Street, then at a management consulting firm, a specialty consulting firm and attended culinary school before he let his passion for invention take the wheel.
After having all his precious belongings stolen during a vacation that was supposed to help him recover from the failure of a product he had spent years developing, Don Halpern realised the necessity for a stylish but secure bag that would put tourists at ease, knowing all their possessions are safe.
He started a Kickstarter campaign for $18,000, which raised more than $855,000 and became the highest grossing Kickstarter campaign for a backpack at the time. The massive public support proved the need for such a product and predicted the company’s upcoming success.
Loctote Shark Tank Update
Did Loctote Get a Deal on Shark Tank?
On Shark Tank Season 8 Episode 22, Adam McBride and Done Halpern accepted an offer of $150,000 for 10% + $10 royalty per bag, from Robert Herjavec.