Challenge: After receiving the financial and advisory backing of Shark Daymond John on the hit ABC/CNBC series Shark Tank; Elocksys company owners were presented with the challenge of cost effectively bringing their remote control dead bolt garage door lock to market. With an initial production run of product tooled and manufactured locally, their product cost was greater than the price a consumer would pay for a typical garage door opener. Even with a small profit margin, their price point was much too high for mass appeal and to generate the growth projected to the Shark. Though they knew it would be the most difficult undertaking of the project, a partner who understood garage doors, garage door locks, operators, electronics and radio controls design and manufacturing was needed desperately.
Solution: A network connection introduced Elocksys to Guardian ownership in California. The project’s requirements and constraints were discussed. An immediate fit with Elocksys’ needs and Guardian’s capabilities was discovered. Product requirements were communicated to Guardian engineering. The original design of the Elocksys GaragedoorLock was value engineered. Electronics were redesigned, components were resourced and retooled where necessary and assembly simplified. With the majority of components and tooling made at the Guardian factory, a 60% cost reduction was realized, exceeding the owner’s expectations. An improvement in reliability is also anticipated.
Epilog: Though a good idea and financed by Sharks, the lock was not a commercial success. Despite all of the hard work, not all start-up businesses are successful. Elocksys went out of business in 2018.