Shark Tank: Why Hy-Conn Founder Blames Mark Cuban For Their Failed Deal
The future couldn't have seemed brighter for Jeff Stroope when exiting "Shark Tank." The Arkansas native's quick-connect fire hydrant unit, Hy-Conn, caught the eye of investor Mark Cuban, who purchased the entire company for $1.25 million with a three-year employment agreement for Stroope at $100,000 and 7.5% in royalties. But when the deal started going aflame following the Season 2 episode, Stroope had second thoughts about working with Cuban.
Despite being one of the show's best sharks, Cuban allegedly tried making significant alterations to their agreement. Rather than putting money into manufacturing, the "Shark Tank" star instead wanted to license the product and hand it over to another company, effectively removing the entrepreneur from the plan entirely. In 2012, Stroope expressed these frustrations in a now-deleted Facebook post, claiming that Cuban's self-esteem got in the way of a proper partnership. "In my opinion, and in all due respect, during the recording of the show Mark let his 'ego' ... overload the reality of what he would do," the post reads. "After the cameras were off ... he realized he didn't want to come up with the money."
Despite this setback, Stroope said, "I do not have any anger or bad feeling toward Mark Cuban. This is a part of the business that I have to get thru. As it was said on Shark Tank by Robert Herjavec 'never disrespect money.'" Stroope said that if he had the chance to do it again, he'd go with either Herjavec or Mr. Wonderful himself, Kevin O' Leary, with the latter having offered $500,000 for 100% of the home version of the product and 3% in royalties on the show. The lesson was a tough but nevertheless important one for Stroope. But sadly, it wouldn't be the end of Hy-Conn's investment dilemmas.
Has Hy-Conn been able to find its spark?
The complications brought upon by Mark Cuban's deal put Hy-Conn in a difficult place. While the business was receiving increased exposure thanks to its "Shark Tank" appearance and subsequent reruns, Jeff Stroope was unable to fulfill orders without a shark on board. However, a ray of hope came to Hy-Conn's aid not long afterward, but even this ended up not going as planned.
In the summer of 2011, it was announced that the Arkansas venture studio 101 Ventures took an equity stake in Hy-Conn. The new direction seemed promising. The incubation company shared that it had begun the manufacturing process and was in talks with over 30 nationwide distributors. Much like Kevin O'Leary, 101 was primarily interested in the garden hose connector Stroope had developed alongside the company's flagship fire hydrant product. Nevertheless, the company was more than excited to be working with Stroope, with partner Matt Fifer saying in a press release, "We are extremely excited to be involved with an organization that has such tremendous potential for both saving lives and achieving commercial success."
Unfortunately, 101 Ventures' website is no longer up and active, but it does appear Hy-Conn is coming back to life anyway, putting its emphasis on connectors meant for use by firefighters. In 2024, Stroope took his product to conventions such as Fire-Rescue International, the Fire Chiefs Summit, and the Fire Department Instructors Conference. The company's Facebook page is filled with current posts demonstrating the Hy-Conn products, and on the official Hy-Conn website, the life-saving valves are being sold straight to businesses wholesale. It appears that Stroope is also currently working as a Tool & Die Shop Manager for the ammunition manufacturer D&M Holding Company, but here's hoping he'll soon be focusing on Hy-Conn full-time.
"Shark Tank" is available to purchase on Prime Video.