Lock straps are a tie down and a lock which help to tie our equipment like motorcycles, and cycles and hold heavy weight on a truck. Lock strap is available in different lengths and sizes. There are 4 to 5 different types of Lockstrap. What makes the Lock strap different from others? The lock strap is made up of steel cable and a combination of a locking carabineer clip.
A lock strap can tie any equipment from a small backpack to your truck. The basic lock strap model is about a 2-foot and 1.5-inch wide locking strap that is embedded with stainless steel from the inside. Lock straps are the perfect and best friends for hikers. They are handy and lightweight. A lock strap is also used by workmen in a production unit for holding weights and packs of products. The lock strap is very easy to tie and it is affordable too.
Lock Strap at a Glance:-
| Idea | Stainless still cables that lockdown your valuables |
| Founders | Jeff Cranny |
| Asked For | $200,000 For 20% |
| Accepted Deal | No deal |
| Sharks | No Sharks |
| Business status | In Business |
| Episode No. | Season 10, Episode 6 |
| Website | LockStraps |
Index:
Who are the founders of LockStraps?
Jeff Cranny is the founder of Lockstrap. Lock straps are lock tie which is very strong and easy to tie. A lock strap is a tie-down strap that is used to keep a load from shifting, and to secure power equipment, cycles, and motorcycles. The lock strap just locks them.
In 2009, Jeff got his bike stolen as it was tied with a normal strap which was easily broken by thieves. Jeff was mad about losing his bike but this incident gave him an idea about the Lock strap and that’s how the Lock strap came on the market.
Did LockStraps get a deal on the shark tank?
Jeff came on the show seeking an investment of $200,000 in exchange for 20% equity in the business. Jeff shared his invention and how he made it possible for this show. Jeff asked Alex Rodriguez on the stage to cut a traditional cable, a chain, and a lock strap. Jeff shared that they had sales of $135,000 in the first year of his business and $175,000 of sales in the second year. Lock strap had also got an order of $1.5 million in hand which was ruined by his Chinese factory as they manufactured defective products.
Mark Cuban asked how much he was able to sell to Home, to which he had no accurate answer, which made him move out. Kevin O’Leary said he had given the worst presentation and went out. Barbara said it was not an appreciating story and left. Alex Rodriguez felt Jeff was not clear about his path and went out. Lori Greiner also felt the same and went out. No offer was on the table and Jeff went with no deal in hand.
What happened to the LockStraps after the Shark Tank?
After the show, getting no deal from the show did not affect the Lock strap business. Once the episode aired, the Lock strap went into the 1900 Home Depot store. After the show, Lock strap also did a private label deal with Schwinn.
During the pitch, the company held a valuation of $1,000,000 but the sharks didn’t feel that it was worth that valuation. After the show, Jeff didn’t let himself in and he proved those values more. Lock strap comes in different sizes and variations as per the requirements. Price ranges vary from $24.95 to $44.95, depending on the size.
Lock strap sells its products on various platforms, which include Depot, Sears, Grainger, Cabella’s and many more stores. The show ended with no deal, but it gave a fresh start to Lock strap and its locking deals and orders after that. As of July 2021, they are running smoothly.
Competitors of LockStraps
- Rome Bike Bags
- Die Cast Fast
- Lasco
- Motorcycle Intelligence
What is the net worth of LockStraps?
The valuation of the Lock strap on the show was $1,000,000. Earlier, Jeff held complete equity before pitching, but after the show, he had no offer value in his hands. As of July 2021, they have annual revenue of $4 million.
Is LockStraps still in business?
Lock straps are still in operation and doing great in the market. Lock strap is increasing its reach into various offline stores and operating through its website. The lock strap has also made a tie-up with Schwinn.
LockStraps social links:
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FAQs:
What is LockStraps?
Lock straps are a tie down and a lock which help to tie our equipment like motorcycles, and cycles and hold heavy weight on a truck. Lock strap is available in different lengths and sizes. There are 4 to 5 different types of Lockstrap. What makes the Lock strap different from others? The lock strap is made up of steel cable and a combination of a locking carabineer clip.
Who founded LockStraps?
Jeff Cranny is the founder of Lockstrap. Lock straps are lock tie which is very strong and easy to tie. A lock strap is a tie-down strap that is used to keep a load from shifting, and to secure power equipment, cycles, and motorcycles. The lock strap just locks them.