Entrepreneur Jeff Cranny pitched his strap accessory company during
If you’re short on time, here’s a quick overview of what happened to Lockstraps after
Jeff Cranny appeared on
Shark Tank Lockstraps Update
- Entrepreneurs: Jeff Cranny
- Business: Locking tie down straps
- Ask: $200,000 for 20% equity
- Result: No deal
- Sharks: None
Founder of Lockstraps, Jeff Cranny, brought his product to
They can be used for sporting equipment, tools, or whatever you need to keep safe. Especially when it needs to be stored, or transported in the open.
Lockstraps have a stainless less steel cable, which is embedded inside the strap. They also have two durable, combination carabiners on both ends.
According to Jeff, this makes the straps almost impossible to cut through. At this point in the pitch, Jeff invites guest shark Alex Rodriguez, to demonstrate how most thieves break through regular chains that people tend to use as a deterrent.
With a pair of bull cutters, Alex easily cuts through the chain. Then, he again cuts through a traditional cable lock.
However, when he tries to cut through the Lockstrap, he cannot do it. With that, Kevin O’Leary wants to know if the concept is proprietary.
Although Jeff points out that someone else already has a patent on putting steel inside a cloth fabric. Additionally, another person has a patent on combination lock carabiners.
The only difference is, that Jeff has a patent on putting these things altogether.
Unfortunately, all of the sharks quickly learned about some bad news from Jeff Cranny and his company as soon as he concluded his pitch for his product. A massive purchase order from Home Depot failed due to a faulty redesign of the product during manufacturing.
Jeff didn’t approve of the manufacturing change and that ultimately led to millions of units being recalled. While this was happening, he was claiming royalty checks from his manufacturing partner, but the new defective units still weren’t selling well in Home Depot.
Mark Cuban and Kevin O’Leary quickly dropped out, after struggling to get answers and information about the finances relating to the company. Other sharks also seemed skeptical and frustrated with Jeff as well, about his presentation and communication.
Barbara Corcoran and Alex dropped out shortly after Mark and Kevin. The last shark remaining was Lori Greiner, but she wasn’t interested in making an offer.
She eventually dropped out of the negotiations, and would force Lockstraps to leave the
Was Jeff able to achieve success, despite not getting a shark on board? Keep reading our Lockstraps update to find out!
As for our Lockstraps update, the company is still in business. Although it did eventually become available at many Home Depot stores across North America, in no longer seems to be sold there.
Further, the product is no longer sold through Amazon. While this isn’t a good sign, perhaps Jeff decided to keep his sales outlets more simplified.
However, products are available through the Lockstraps website, if you’d like to give them a try!
While the company could have earned a lot more success if it managed to strike a deal, it’s still exciting to learn that Jeff Cranny has managed to stay in business, and grow since his appearance in the tank. This keeps us hopeful for his future!
If we learn anything new about this company, we will certainly let you know. In the meantime, you can check out our other company updates from Season 10 Episode 6.
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For even more on companies and products, be sure to stop by our Season 10 products page!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!