Garage Door Lock Shark Tank Pitch
Bryan White claims that our garages are not locked, and we need Garage Door Lock to protect our property and keep thieves from getting in.
Kevin wants to know why the garage door company doesn't just install the same type of lock system.
They have sold 459 for $249.95 coming to about $112,000. The biggest problem he has is educating the marketplace. He did a video in 2010, but has not done any follow up with another video.
He invested $250,000 plus the patent investment to get the product started.
Garage Door Lock Episode Data
- Company: Garage Door Lock – Website
- Entrepreneurs: Bryan White
- Ask: $275,000 for 30% equity
- Episode Season 5 Episode 521
- Companies in this episode:
- First Aired: 03/21/2014
- Deal: Deal Daymond John $275,000 for 35% equity
What do the Shark Tank Investors say about Garage Door Lock?
- Mark Cuban – doesn't think anyone disagrees with the marketplace, but he doesn't have a salesperson in place so he is out.
- Daymond John – makes him an offer as a Kevin O'Leary play. He wants to put this in his licensing division. He will give $275,000 for 40% contingent upon finding a license. Bryan countered at 35% and Daymond says deal.
- Kevin O'Leary – says he will buy one from him, but the opportunity is not evident. He is missing so much, Kevin is out.
- Barbara Corcoran – tells Bryan he is missing an entrepreneur in his business. He is an inventor, not an entrepreneur. She is out. The business is worthless until the product is sold.
- Robert Herjavec – offers $275,000 for 70% and he absolutely no doubt he can put them in front of the right people.
Garage Door Lock after Shark Tank
The Garage Door Lock system was too expensive to produce as is, so they found a new company to reengineer the lock and reduce costs. Daymond John proved key to getting this done with Guardian.