He’s willing to offer $275,000 for 40%, with the contingency of them finding a licensing deal. Mark Cuban tells Bryan that he’s looking for a marketing infrastructure, and he’s not in the position to do that, so he’s out.ĭaymond John changes the tides by making an offer. He says he’ll go out and buy one, but he can’t see the opportunity as an investor. “Until the product is sold,” she explains, “the business is worthless.” She’s out. You’re missing an entrepreneur.” She explains that she doesn’t believe that Bryan is capable of making the sales to the big-box stores, and that he needs a high-powered salesperson on his side. “Can I tell you what you’re missing in this deal? The most important ingredient. The Sharks warn him against those sorts of connections, saying that anyone who requires payment for an introduction is likely not working in his best interests. He reveals that he has a “guaranteed introduction” to the owner of a large garage-door manufacturer. He’s an experienced inventor, having patented a device essential to parasailing previously, but his marketing and sales experience are limited. He’d like a partner who can help him launch the product into retail locations and build a name for the brand. Bryan admits that his weak point is marketing. The Sharks want to know what he’s doing to educate the consumer and market the Garage Door Lock.
To date, he’s sold 450 units at $249.99 apiece, clearing about $112,000, through his website. It’s interchangeable, working with any brand door. Kevin O’Leary wants to know how to “solve this horrific problem that is all over America? Stop the madness!”īryan explains that the lock is a DIY installation that takes about 2 hours for the average homeowner to add to their existing garage door. He presents a scenario, explaining that a home invasion takes place every 15 seconds, and demonstrating how insecure the average garage door is, leaving homes open to burglars.
Garage Door Lock Shark Tank Recapīryan enters seeking a $275,000 in return for 30% equity. White likely wants the Sharks to help him get a deal with a large manufacturer of automatic garage doors. There are literally millions (if not billions) of automatic garage doors that don’t have a locking mechanism of any kind, so the market is huge. White’s company, Elocksys Inc, has an estimated $1-$5 million in sales coming into the Tank. Since most automatic garage doors don’t have a dead bolt locking mechanism, this lock provides extra security. What the Garage Door Lock does is lock your garage door with a remote, the same way you open and close it. White got a patent for his invention way back in 2002, now he’s hoping a Shark can help make his patent and product pay off. x 3-15/16 In.Entrepreneur Bryan White pitches his Garage Door Lock in Shark Tank episode 523 on March 21. Includes reversible "locking plates" that may be mounted anywhere along door track.Spring-loaded locking latch is released by pulling rope & simply bolts to any overhead door.Automatically locks doors in the closed position, and prevents from unexpectedly "slamming down".Overhead door lock will allow overhead doors to be locked in virtually any up position.
Steel construction with yellow baked in powder coated toughness. Includes two reversible "locking plates" that may be mounted anywhere along door track. Simply bolts to any overhead door (installation hardware is not included). Spring-loaded locking latch is released by pulling rope (included). Protects personnel, product, and equipment. Prevents the overhead door from unexpectedly "slamming down". Automatically locks doors in full up position or in the closed position. Unique product will allow overhead doors to be locked in virtually any up position.