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."
Fair Share Data aims to collect consumer purchasing data, for which businesses compete and ultimately benefitting consumers. Here's how it works: Consumers provide their banking information to Fair Share via secure form and future transactions are stored in a database. Fair Share monitors these transactions and uses them as leverage to get perks for their users.
Arkansas gubernatorial candidates Mike Ross and Asa Hutchinson addressed the annual conference of the Arkansas Advanced Energy Association Friday afternoon in downtown Little Rock, and as expected the U.S. Environmental Protection Agency's proposed carbon emission regulations were addressed.
Mark Pryor provided opening remarks Friday morning at the Arkansas Advanced Energy Association's annual conference, Empowering Arkansas, held at the Doubletree Hotel in downtown Little Rock.
Fayetteville's TiFiber has received a $75,000 investment from the Arkansas Science & Technology Authority for further development of an antibacterial treatment.