Lockstraps Update | Shark Tank Season 10

Jeff Cranny came up with the idea for Lockstraps after his motorcycle was stolen from his truck in 2009 when thieves easily unlatched his standard tie-down straps. Frustrated by how simple it was for them to take his bike, he created Lockstraps, tie-down straps with a steel cable and locking clips to keep valuables safe. Will he be able to lock down a deal? Find out in our Lockstraps update and pitch recap

If you’re short on time, here’s a quick overview of what happened to Lockstraps after Shark Tank.

Jeff pitched his locking tie-down straps on Shark Tank Season 10, seeking $200,000 for 20% equity. He ultimately walked away without a deal for his company.

In terms of a Lockstraps update, Jeff expanded distribution to over 1,900 Home Depot stores and secured a private label deal with Schwinn.

Shark:	Result:
Mark Cuban	No offer
Kevin O’Leary	No offer
Barbara Corcoran	No offer
Lori Greiner	No offer
Alex Rodriguez	No offer

Shark Tank Lockstraps Pitch

• Entrepreneur:  Jeff Cranny
• Business: Locking tie-down straps
• Ask: $200,000 for 20% equity
• Result: No deal
• Sharks: None

Jeff began his Shark Tank pitch by introducing Lockstraps, a product designed to secure valuable equipment.

To prove its strength, he asked guest shark Alex Rodriguez to try cutting through one using bolt cutters.

Alex failed to cut the Lockstrap but easily snipped through standard cables Jeff brought for comparison.

Jeff explained that Lockstraps are designed to keep gear secure, whether during storage or transport.

They’re ideal for tools, bikes, and sporting equipment—anything that needs to stay locked in place.

The product includes a heavy-duty strap with a stainless steel cable embedded inside and a combination carabiner on each end.

Kevin O’Leary asked whether Jeff held any patents. Jeff responded that he had a design patent on the full product but did not invent the individual components—the lock or the strap.

Next, Jeff shared his sales history. In his first year, he earned $135,000 in revenue, followed by $175,000 in year two.

After that, Home Depot expressed interest and placed a large purchase order. Unfortunately, Jeff didn’t have enough capital to fulfill it on his own.

To solve this, he partnered with another company to handle manufacturing. However, the partnership turned out to be a costly mistake.

The products produced were defective, which led to a massive recall.

Kevin followed up by asking how much the company sold before the recall. Jeff admitted he didn’t know the exact numbers.

That answer raised doubts. Kevin questioned whether Lockstraps ever truly sold well in the first place.

Mark Cuban then asked which products were still available. Jeff replied that only the single carabiner version was currently on the market.

Kevin pressed further, asking how sales were going at Home Depot. Jeff admitted he didn’t have precise figures but confirmed that sales were poor.

However, both Barbara and Kevin continued pushing for clear sales data. Jeff hesitated before finally admitting the product wasn’t performing well.

Alex asked if Jeff was still receiving royalty checks. Jeff confirmed that he was.

Frustrated by the lack of clear answers, Mark Cuban exited the conversation.

Kevin followed shortly after, criticizing the pitch for being vague and lacking enough information to justify an investment.

Barbara said she disliked that Jeff had distanced himself from the product. For this reason, she left.

Alex said he could accept mistakes from the past. However, Jeff’s unclear plan for moving forward made him uncomfortable, so he passed as well.

Lori also opted out. She said she was disappointed by Jeff’s lack of engagement and felt that passionate entrepreneurs stay closely involved in their businesses.

In the end, Jeff left the Tank without securing a deal.

Was Jeff able to achieve success despite not getting a shark on board? Keep reading our Lockstraps update to find out

Shark Tank Lockstraps Update

Our Lockstraps update found that even without the deal, Lockstraps stayed in business.

In the years that followed, Jeff steadily grew the business, landing Lockstraps in over 1,900 Home Depot stores and even securing a private label deal with Schwinn.

By August 2022, our Lockstraps update found that the company was reportedly generating $4 million in annual sales.

Despite that momentum, the product no longer seems to be available through Home Depot or Amazon. It’s unclear whether that was due to distribution issues or a strategic shift.

However, products are still available for purchase directly through the Lockstraps website, which suggests Jeff decided to focus on direct-to-consumer sales.

While the company could have earned a lot more success if it had managed to strike a deal, it’s still exciting to learn that Jeff has managed to stay in business and grow since his appearance on Shark Tank.

If we learn anything new about this company, we will certainly let you know in our next Lockstraps update.

For more updates from Season 10 Episode 6 follow the links below:

• Vade Nutrition Update
• Bottlekeeper Update
• Nui Cookies Update

For even more on companies and products, be sure to stop by our Season 10 products page!