![]() Mark was keen on licensing the product, not manufacturing the product. When Mark & Jeff sat down to negotiate the exact breakdown of the deal post Shark Tank, differences arose between the two. What happened to Hyconn after Shark Tank ( Hyconn Shark Tank Update )įrom the response the Hyconn pitch received and the way two Shark fought to get their offers accepted combined with the revolutionary product idea, one would have thought Hyconn would go on to become a huge success, but that was not meant to be. Jeff eventually agrees to go ahead with Mark’s offer. With both Mark’s & Kevin’s offer on the table, both try to convince him one last time. On hearing Mark’s offer, Robert says he believes it is too generous and he is out as he is not willing to match it. On hearing Mark’s offer, Kevin also steps in, offering $500,000k for 100% equity of only the garden hose, as he is only interested in it and not the fire hose. Mark Cuban gives Jeff an incredible offer to buy Hyconn at a price of $1.25 million, giving Jeff a three year employment contract for a yearly salary of $100k and 7.5% royalty fee for perpetuity. Jeff pulls out a sample design from his pocket showing he has also considered doing that but he has been more focussed on the fire use case until now. ![]() Robert inquires if Hyconn’s design can be extended to other industries, like a home garden hose. Barbara also says she is out as thinks it will be difficult to get a single fire department to buy 35 Hyconn’s, the average required by one department, all at once since they would be worth $7000. When Jeff shares this, Daymond says he is out because if the distributors do not believe enough in the product to give a decent offer, there must not be enough potential. They refused to buy the patent but agreed to distribute the product if he could get it manufactured. On being inquired about how he sells Hyconn, Jeff informs that out of the 11 fire departments that he visited last month, 4 have given him hard POs and 6 are working on getting the paperwork together to give the PO.Īpart from directly reaching out to fire departments for a sale, Jeff has also approached large fire equipment distributors to buy the patent for his product. He then offers a side by side demonstration of two men trying to connect the standard hose and the Hyconn to the hydrant, showing that it takes less than 3 seconds to connect the Hycoon while the traditional hose takes up to 30 seconds. ![]() He then tells the Shark to imagine a situation where someone that the Sharks knew or loved are trapped in a house that has caught fire, and they could have been saved if firemen could have gotten water to the structure just moments soon. Jeff enters the Shark tank pitch room wearing his firefighting jacket, asking $500,000 in exchange for 40% equity of his business. Hyconn is basically an upgraded version of standard connector that only takes 3 seconds to connect to hydrant, saving precious time and lives as well, ultimately. When it comes to rescuing people caught up in fires, every second is important. He realized that the standard connector used to connect to fire hydrants used to take around 30 seconds, which was way too much. Jeff, the founder of Hyconn, got the idea for it due to his experience as a firefighter. In this piece, I will run you through everything there is to know about ‘Hyconn’ - what exactly ‘Hyconn’ did, ‘Hyconn’s Shark Tank pitch & deal, and ‘Hyconn’s update after Shark Tank. While Jeff was seeking $500k in exchange for 40% of his company, Mark offered to buy Hyconn at a price of $1.25 million, a three year employment contract for a yearly salary of $100k and 7.5% royalty fee for perpetuity. ![]() In Episode 8 of Shark Tank’s Season 2, Jeff Stroope, a firefighter, pitched his company ‘Hyconn.’ What happened after he gave the pitch was unbelievable.
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