What Really Came Of Loctote Theft Resistant Bags From Shark Tank?
We love the innovative world of "Shark Tank," a reality show that lets inventors pitch their creative ideas in the hopes that one of the investors, or Sharks, will support the vision. We've seen countless new concepts pitched on the ABC show. Some have thrived and gone on to reach a whole new demographic of curious customers. Others, sadly, have dwindled, like the Space Traveler's Kid's Car Seat Cover, which was legitimately ingenious.
One of the reasons that we love Shark Tank's many inventions is that they often have to do with travel, making that aspect of life more manageable. This was the case with the Loctote Theft Resistant Bags showcased on Season 8, Episode 22, in April 2017. Inventor Don Halpern appeared with his associate Adam McBride to pitch the Loctote bag to the Sharks. Halpern came up with theft and a slash-resistant bag after his own was swiped on a beach in St. Croix. When Halpern explained his story, he told the Sharks that he had been diagnosed with cancer only a month before the filming of their episode and had undergone two surgeries. So it was no easy ride for Halpern, but his ingenious bag did really well.
What happened to Loctote on 'Shark Tank'
Don Halpern and Adam McBride appeared on "Shark Tank" to secure $150,000 for 5% of their company. Halpern and McBride's bag sells for $179, a huge turnoff for the Sharks, considering that's such a steep price tag. But the two inventors had to explain why their theft-proof, slash-proof bag was worth it. The proprietary fabric is costly, and the straps on the bag have stainless steel aircraft cable inside, as well as a pocket with Radio Frequency Identification (RFID) blocking capacity so thieves can't steal credit card information.
Halpern and McBride shared that they had already been successful at raising funds. On Kickstarter, they raised $855,000; on Indiegogo, they raised an additional $615,000. The Sharks were impressed with this level of fundraising. Halpern also said that he had secured a meeting with Walmart to try and sell the bag for a lower price.
Shark Robert Herjavec initially pulled out, as did most of the other sharks, but Kevin O'Leary made them an offer. O'Leary agreed to $150,000 for 10% equity, with a royalty of $10 per bag until he made $450,000. Halpern counter-offered: "We will do $150,000 for 10 percent equity. We will do a $10 royalty, per bag, on any of the bags, until your capital is returned at 1x, which will be within the first year." At this, Herjavec jumped back in and made a deal with them.
Loctote after 'Shark Tank'
It turns out that Don Halpern and Adam McBride didn't take Robert Herjavec's offer on "Shark Tank" after all. In his bio on LinkedIn, Halpern wrote that while he didn't take Herjavec's deal, the show gave him the leeway to eventually sell Loctote products. Despite these changes, the brand itself remains strong.
Loctote jumped right into publicity and social media campaigns after its exposure on "Shark Tank." While it already had a YouTube presence before appearing on the show, the bag brand amped up its YouTube content with several videos showcasing new, limited-edition products, like the Flak Sack Coalition. The camo bag was listed as ANSI/ISEA 105 cut level A9, the most cut-resistant bag available. The video was released in May 2017, one month after their "Shark Tank" episode aired, so they got right to work.
The brand embarked on a thriving social media presence after "Shark Tank," amping up its Twitter posts and Instagram following with creative, fun content that tapped into people's wanderlust. Loctote expanded its product range to include various sizes of bags, sacks, and pouches. They also added wallets and passport cases with RFID protection and locks that secure one's body while biking so that bags don't go tumbling away.
Loctote is still in business — and thriving!
Loctote has done well since airing on "Shark Tank." To be fair, the brand was already well underway, based on their impressive fundraising stats, but exposure on "Shark Tank" counts for a lot. On its official website, they've noted a few impressive milestones for its brand. In 2020, Loctote was acquired by NOLK, a Canadian brand architect. In 2021, it used Kickstarter again to fund its new mobility collection, a line of smaller products for everyday use.
One of the things that makes Loctote so successful is its compelling social media presence. The brand has an active platform on Instagram with links for influencers who wish to work with them. In September 2018, they collaborated on Twitter with Blendtec, the world's toughest blender, calling it the "World's Toughest Giveaway," as they amped up the durability factor of their bag. In September 2020, they teamed up on an Ultimate Adventure Giveaway on Instagram with several other brands that featured innovative sporting and adventure equipment. Loctote has excelled at branding itself as a company for the adventurous, finding its niche online and tapping into that.
However, they did have one hiccup along the way. In May 2021, the YouTube channel LockPickingLawyer reviewed their Loctote Anti-Theft 3L sack, which claims to be slash-resistant. The host cut the bag with his pocket knife, and, unfortunately, the knife cut right through the bag. So, there might be some details that still have to be worked out!
What's next for Loctote
Loctote has had an interesting journey, from fundraising companies to exposure on "Shark Tank" to navigating the world of social media as a venue for reaching new customers. The brand continues to show its innovative spirit by staying active on its social media platforms and introducing new products. Founder Don Halpern continues to be active online with his original link to Loctote. On LinkedIn, he shared 25 tips on success on "Shark Tank."
In January 2020, he founded FREAKMOUNT, which makes strong magnetic phone holders. Like Loctote, the brand FREAKMOUNT was later acquired by NOLK. In January 2023, Halpern launched the company LOSS-PROOF, which makes a theft-proof smart watch strap, which Halpern advertised in a YouTube video.
Meanwhile, Adam McBride has moved on to other ventures as well. According to his LinkedIn profile, he founded ProductPush in November 2019. However, as of this writing, the website appears to be in development. While the founders have gone on to other ventures, Loctote is gaining momentum and doesn't look like slowing down. Their bags and other products are available on Amazon as well as their website, and new products continually come out. So, "Shark Tank" proved to be a valuable step for that innovative idea.