Haven Lock is an innovative lock that incorporates modern technology to set it apart from traditional locks. Compared to a regular deadbolt lock, Haven Lock is a wedge that fits under to door, which makes the door difficult to budge. The wedge can be opened and closed using the adjacent foot pedal. Haven Lock claims to be ten times more secure than a deadbolt lock. The lock uses simple physics to make the door strong enough to withstand a battering ram.
The lock is the brainchild of Nashville residents Alex Bertelli and Clay Banks. Bertelli has military experience and served as a special operation aviation officer in the US military. The inspiration for Haven Lock came during his military service as he observed the people in Afghanistan install metal bars to fortify their doors. Bertelli met Banks after completing their service, and together, the two formed Haven Lock to cater to the increasing security needs of their area.
The two observed and even experienced increasing home invasions and thus, created Haven Lock from military-grade metal to help people feel more secure in their houses. The innovation in lock technology was needed considering the worsening security conditions in the United States. To the founders’ surprise, one of their major clients were schools that wanted to secure their classes in light of increasing school shootings.
Haven Lock continues to grow as a business and is estimated to have a roughly $4 million valuation. In light of recent anxieties and the security conditions in the United States, it is predicted that the business will continue to retain a market that will only grow from here.
How Did The Shark Tank Pitch Go?
The duo’s Shark Tank pitch was nothing short of memorable as it left the Sharks gasping for breath after constantly laughing. Mark Cuban wiping away tears of laughter and calling it the best pitch ever, left a mark despite the result of the pitch.
The duo were, however, confident in their product and their valuation of the business. They asked for $500,000 for 6% of their company.
The entire pitch revolved around the entrepreneurs demonstrating that it was straightforward for intruders to break down a door with a traditional lock compared to a door with Haven Lock. Alex Bertelli kicked off the demonstration by delivering a swift kick to the door, but it did not go as planned. Despite kicking the door persistently, the door refused to budge. This comedy of errors sent the Sharks into fits of laughter. Each kick was pronounced by raucous laughter from the Sharks, making it quite an unusual Shark Tank pitch.
The duo were, however, equipped to deal with unexpected situations and recovered their pitch by focusing on the mechanics of their product. They demonstrated how their lock fit under the door and secured it. They provided samples to the Sharks and informed them about their range of locks, including mechanical and smart locks. The Smart locks came with a key fob and a mobile app, enabling the owner to remotely control the lock and safety access. The Sharks were impressed by the product and could see its potential.
The conversation quickly turned to numbers. The duo revealed they had made $250,000 in sales through their website. Their biggest claim to the product taking off was their contract with a school in Melbourne, Arkansas. Due to increased school shootings, the business was contracted to fortify around 94 classrooms. The duo hoped this demand would cause the locks to take off in the sale and establish themselves in the market.
The Sharks believed in the product and its benefits, but they were deeply concerned about the profit margins. Mark Cuban called the product brilliant, but he emphasised that their profit margins are awful and it would take a lot of steering to help correct their course. He declined to make an offer citing these reasons.
O’Leary and Corcoran both echoed Cuban’s concerns. Corcoran believed that the business was at a stage where it was not advisable to invest in it. O’Leary and Corcoran both refused to put forward any offers.
Lori Greiner said that she only invested in products that she knew about. Her inexperience in dealing with such products made her a less suitable partner. She declined to make an offer.
John Daymond believed in the product’s potential, but the business model gave him second thoughts. He thought he would have to acquire more significant equity to carry out his vision. He did not want such a huge commitment and backed out of negotiations.
The entrepreneur duo left their Shark Tank pitch without securing a deal. However, they showed determination to carry their business to new heights of success.
Our Review of Haven Lock
Haven Lock is a product borne out of necessity. Perhaps it’s the overexposure to information or the polarizing political situation, but people today tend to feel less secure in their homes, educational institutes, and workplaces. Haven Lock aims to ease that anxiety for people and provide far more security than traditional locks. The locks have many advantages. However, customers have experienced a few issues with the product that the company should address.
Pros of Haven Lock
- Installed at the base to provide maximum fortification
- Easy installation process with no additional costs
- Manual provided for instalment
- Smart Lock can provide ease of access
- Provides ten times more security than a regular deadbolt
- Shipped across the US
Cons of Haven Lock
- Pricing can be expensive for customers
- Drilling holes for the instalment of the lock is difficult to carry out on tiled floors
- Charging issues reported by some customers for the smart lock
- Shipping prices can be high
Who Is It For?
The locks are not restricted to any demographic. However, they will be purchased primarily by homeowners and commercial building administrators as they look to secure their property. The locks are also popular amongst veterans and people with military experience as they are well versed in security.
Are There Any Alternatives?
Several high-tech locks on the market provide a whole new level of security compared to mechanical locks. These locks usually require codes to enter, making unauthorised access very difficult. Some of these lock brands are:
- Ultraloq
- Schlage
- Oak Locks
Final Thoughts
Haven Lock was not successful in its Shark Tank pitch, yet it continues to enjoy being a successful business. A few more tweaks to its business model could help the company fully take off and become the choice of locks for most establishments,
