Firefighter Matt Scarpuzzi says malfunctioning fire sprinklers cause billions of dollars in damage per year, but his fire sprinkler shutoff tools can help put an end to it. Will the sharks be convinced on
Shark Tank Quickstop Fire Sprinkler Tools Update
- Entrepreneurs: Matt Scarpuzzi
- Business: Sprinkler shut-off tool
- Ask: $150,000 in exchange for 10% equity
- Result: No deal
- Sharks: None
According to Matt, a fire sprinkler pours the equivalent of a bathtub full of water every two minutes. That’s great if there’s a fire in your building, but disastrous if it was a false alarm. Matt’s company, Quickstop Fire Sprinkler Tools makes a shutoff tool that closes the line kind of like a modified clamping wrench.
The tool can be used to 1) stop fire sprinklers 2) remove FDC caps 3) make standpipe connections 4) shut off residential utilities 5) adjust system pressures (PRV) 6) open oxygen cylinders, and 7) block doors open.
He explained that generally only the sprinkler nearest the fire source goes off when there’s a fire (or the sprinkler is hit with something, setting it off accidentally), not multiple sprinkler heads at once, like in the movies! Because of that, one shutoff tool is sufficient to mitigate the damage.
Matt’s goal was to sell a fire sprinkler shutoff tool to every fire department in the U.S. In addition to fire departments, the product was sold to HOAs, hospitals and construction workers. The tool cost $25 to make, and sold for about $90. Matt’s company sold $18,000 worth of product within the six weeks prior to
Daymond John said the tool required educating the public on how to use it, and that would be a big job. Robert Herjavec agreed, and both sharks were out. Mark Cuban later went out, saying Matt was an inventor with a full-time job, but he didn’t have a company.
Lori Greiner felt there was a lot of risk in investing in the company, but she said if another shark would split the deal with her, she would invest $75,000 in exchange for 18% equity. The other shark would receive 18% equity as well, for a total investment of $150,000 for 36% equity. Kevin O’Leary said the only way he would partner with Lori, was if he got 25% equity, and he encouraged Lori to come up to 25% as well.
Matt turned down the offer, and left the tank without a deal. What happened next? Keep reading our Quickstop Fire Sprinkler Tools update to find out!
We have great news to share in our Quickstop Fire Sprinkler Tools update! Matt’s company is still in business, and has an estimated annual revenue of $1 million. The original tool and other complimentary products aimed at reducing the risk of fire sprinkler damage, are available on the Quickstop Fire Sprinkler Tools website and also on Amazon.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!