Jeff Cranny brings LockStraps, his innovative locking tie-down straps, into the Tank for episode 1007. Simply put, LockStraps are locking tie-down straps. Tie-down straps are used by many people to keep a load from shifting or to secure power equipment, motorcycles and other items in a truck bed or on a trailer. LockStraps let you lock them, too.
Back in 2009, Jeff returned to his truck to find his motorcycle was stolen. It was tied down with “standard” straps. The thieves simply unlatched them and took off with Jeff's stuff. He was mad about losing his bike, but it gave him an idea. He began designing a tie-down strap with a steel cable (inside a nylon outer sleeve) with locking carabiner clips. The product worked as both a tie-down and a lock.
There are several lengths to choose from and they cost anywhere from $24.95 to $44.95. There have been 4 or 5 different versions of the LockStrap since he first started selling them in 2010. The key to the system is the steel cable and the combination locking carabiner clip. Besides motorcycles, the straps can be used to lock just about anything from helmets to tools.
Cranny has his product for sale in a lot of places: Home Depot, Sears, Grainger, Cabella's and dozens more. He likely needs a Shark to help out with cash flow for increasing orders. Will a Shark lock down a deal for this product?
LockStraps Company Information
Posts About LockStraps on Shark Tank Blog
LockStraps Shark Tank Recap
Jeff will pitch the panel of five Sharks on the business and its prospects for growth. He'll need to convince Mark Cuban, Kevin O’Leary, Lori Greiner, Barbara Corcoran and Guest Shark Alex Rodriguez that the company is worthy of a Shark investment. A good business plan, good financials, and sales data will impress the Sharks, but he’ll need to show them HE is capable of running the company to “Shark standards." A full pitch re-cap on LockStraps will be available on Shark Tank Blog once this episode airs.
LockStraps Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on LockStraps & Jeff Cranny brothers as more details become available.