Shark Tank Deal For HyConn Deep-Sixed - Innovate Arkansas
Shark Tank Deal For HyConn Deep-Sixed
By Arkansas Business Staff, 7/4/2011 12:00:00 AMRemember the Cabot firefighter who hit it big last month on the ABC reality series "Shark Tank"?
Let's just say things didn't end as they appeared on television. Because of that, a Bentonville company may reap the benefits.
Jeff Stroope is the firefighter whose innovation - the HyConn fire hydrant and garden hose connector - was the subject of a spirited bidding war among potential investors, won by Dallas Mavericks owner Mark Cuban, during one of the show's episodes.
At its conclusion, which was filmed in November, Stroope sold Cuban the entire company for $1.25 million, a three-year contract at $100,000 per year "to run the show," and 7.5 percent of all ongoing royalties.
Turns out Cuban wasn't as interested in manufacturing the product as licensing it to another company and collecting royalties. That led to Stroope's rejection of his offer.
Enter 101 Ventures, a business incubation company in Bentonville, which now has an equity position in Stroope's business.
Matt Fifer, who heads up the company along with Jeff Clapper and Mike Cockrell, said several orders have been placed for the fire hydrant connector, with as many as 30 distributors from across the country contacting the firm to help.
"But the biggest momentum is with the garden hose connector," Fifer said.
"We're in advanced talks with a couple of companies that do have worldwide distribution capabilities."
The partnership with Verizon will enable Aurora clients to use the Verizon Wireless network to power their digital signage and eliminate the need to run internal cables.
Gamers can expect to see the free Overwatch combat gaming app in the iTunes store within a couple of weeks, Overwatch CEO Josh Moody told his 1 Million Cups audience Wednesday in Little Rock.
Joining AVC co-founder, president and CEO Lee Watson on staff are Caroline Ford as director of communications and development and Marshal Kenneday as director of operations. AVC was founded in 2013 and officially launched in May with a $500,000 matching grant from the state.
Researchers at the University of Arkansas have been awarded $1.5 million from the National Cancer Institute at the National Institutes of Health to develop new molecules and biopharmaceuticals that improve a patient's immune response against tumors.