What are Lockstraps? Lockstraps are locking tie-down straps with a stainless steel cable inside, designed to secure valuables and prevent theft. They were featured on Shark Tank Season 10, but the entrepreneur, Jeff Cranny, did not secure a deal.
Summary
- Lockstraps are locking tie-down straps designed to prevent theft.
- Jeff Cranny pitched Lockstraps on Shark Tank Season 10, seeking $200,000 for 20% equity.
- He did not receive a deal due to concerns about a previous product recall and financial issues.
- Lockstraps is still in business but appears to only be selling products through its website.
Lockstraps Shark Tank Update | Shark Tank Season 10
What are Lockstraps?
Lockstraps are heavy-duty tie-down straps with a unique twist: they have a hidden stainless steel cable inside.
This makes them incredibly strong and resistant to cutting, offering a higher level of security for your belongings.
Whether you’re hauling expensive equipment, securing luggage, or just need a reliable way to tie things down, Lockstraps aim to provide peace of mind.
They come with combination lock carabiners, adding another layer of protection against theft.
The Lockstraps Shark Tank Pitch
Lockstraps founder, Jeff Cranny, appeared on Season 10 of Shark Tank hoping to secure an investment to grow his business.
While he presented a compelling product with a clear security advantage, his pitch ultimately failed to land a deal. Here’s a breakdown of his Shark Tank appearance:
| Entrepreneur | Jeff Cranny |
|---|---|
| Business | Lockstraps – Locking tie-down straps |
| Ask | $200,000 for 20% equity |
| Deal | No deal |
| Sharks | Mark Cuban, Kevin O’Leary, Barbara Corcoran, Lori Greiner, Alex Rodriguez |
| Season – Episode | Season 10, Episode 6 |
| Original Air Date | November 4, 2018 |
| Website | Lockstraps |
| Key Points of Pitch |
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| Why Sharks Declined |
|
Lockstraps on Shark Tank
1. The Pitch and Demonstration
Jeff Cranny started his pitch by emphasizing the problem Lockstraps aimed to solve: theft of valuable items left unsecured in trucks or other open spaces.
He showcased the product’s unique design, highlighting the embedded stainless steel cable that made it nearly impossible to cut.
To really drive the point home, he invited guest Shark Alex Rodriguez to try cutting a Lockstrap with bolt cutters.
Alex had easily sliced through a regular chain and cable lock, but he couldn’t cut the Lockstrap. This demonstration effectively illustrated the product’s key selling point: superior security.
2. The Recall Issue
Just when it seemed like the pitch was gaining momentum, Jeff revealed a significant setback. A large order from Home Depot had fallen through due to a manufacturing issue.
The manufacturer had altered the design without Jeff’s approval, leading to a recall of millions of units.
This recall created financial difficulties for the company, and Jeff’s explanation of the situation seemed to confuse the Sharks.
3. The Sharks’ Reactions
The Sharks were initially impressed with the product’s demonstration, but the news of the recall and the unclear financial picture quickly changed their attitudes.
Mark Cuban and Kevin O’Leary were the first to drop out, expressing frustration with the lack of clear financial information.
Barbara Corcoran and Alex Rodriguez followed suit, citing concerns about the company’s stability.
Lori Greiner, known for her interest in innovative products, remained the longest but ultimately declined to invest.
She felt the business was too risky given the recent challenges. The combination of the recall, financial uncertainty, and perhaps some concerns about Jeff’s communication style led to Lockstraps leaving the Tank without a deal.
Lockstraps Update
1. Where to Buy Lockstraps
Despite not securing a deal on Shark Tank, Lockstraps has persevered. While they were once available at Home Depot and on Amazon, it seems their retail presence has shifted.
Currently, the best place to buy Lockstraps appears to be directly through their official website. This allows them to maintain control over their product and customer experience.
2. Is Lockstraps Still in Business?
Yes, Lockstraps is still in business! Although they faced a setback with the Home Depot recall, the company continues to operate.
Their website is active and showcases their range of locking tie-down straps. While their online presence may be smaller than some brands, their persistence is a testament to their belief in the product.
It suggests a dedicated customer base still finds value in the added security Lockstraps provide.
FAQs
Are Lockstraps worth it?
If security is a top priority for you, then Lockstraps are worth considering. They offer a higher level of protection compared to standard straps or chains. This makes them a good choice for securing valuable items in situations where they might be vulnerable to theft.
What are Lockstraps used for?
Lockstraps can be used for a variety of purposes, including:
- Securing equipment in trucks or trailers
- Protecting luggage during travel
- Locking down bicycles or sporting goods
- Preventing theft at construction sites or outdoor events
How much do Lockstraps cost?
The price of Lockstraps varies depending on the length and style. You can find the most up-to-date pricing information on their official website.
Are Lockstraps TSA approved?
While Lockstraps are designed for security, it’s important to note that they may not be TSA approved for use on checked luggage. It’s best to check with the TSA or your airline for their specific regulations regarding locking devices on luggage.
The Bottom Line
Lockstraps offer a clever solution to a common problem: securing your belongings. While their Shark Tank journey didn’t result in a deal, the company continues to provide its unique locking tie-down straps to customers. Though they faced challenges, their persistence shows their commitment to the product. If you’re looking for a reliable way to deter theft and protect your valuables, Lockstraps are definitely worth a look.
