Overview
Hidrent, founded by Dave Heimbuch, is a platform that connects off-duty firefighters with people in need of household assistance.
Dave’s family background in firefighting and his personal experience with hiring a contractor led him to create this unique business idea.
In 2021, Hidrent generated total revenue of $430,000, and Dave expects it to reach $750,000 in 2022.
The company has also partnered with a major property damage restoration company, a solar company, and a relocation company.
In this section, we will delve into the background of Dave Heimbuch, the founding of Hidrent, the company’s appearance on Shark Tank, and its progress after the show.
Shark Tank Appearance
In 2021, Dave pitched Hidrent on season 13 of Shark Tank, asking for $300,000 for 8% equity. The Sharks were impressed with the demonstration and the potential of the platform.
Guest investor Nirav Tolia offered some tips to Dave, but he was the first to go out.
Mark Cuban followed suit, and Robert Herjavec made an offer of $300,000 for 20% equity.
Lori Greiner expressed her desire to team up with Robert, and they made an offer of $300,000 for 33.33% equity, which Dave accepted.
After Shark Tank
After appearing on Shark Tank, Hidrent’s popularity increased, and the company was featured on various media outlets. Although the deal with Lori and Robert never closed, Hidrent continued to grow.
The company has partnered with a major property damage restoration company, a solar company, and a relocation company. Dave is confident that Hidrent will generate over $1 million in revenue in 2023.
As of 2024, Hidrent is valued at $8.5 million based on crowdfunding from StartEngine.
David Heimbuch’s Background
Dave Heimbuch, the founder of Hidrent, is a marketing graduate from the University of Nebraska-Lincoln. He has worked in the digital marketing and sales departments of several tech companies, including Photobucket Inc., YuMe, AT&T Mobility, and Tapad.
Dave was also a part of the Shazam team, a popular music discovery app.
Dave’s entrepreneurial journey began when he married into a family of firefighters. He saw the financial struggles faced by firefighters and wanted to create a platform that could help them make ends meet.
Founding Hidrent
Dave’s inspiration for Hidrent came from his experience with hiring a contractor through an app.
He showed the app to his firefighter brother-in-law, who said that he could do the same work as everyone else at his local fire station. This sparked the idea of creating a platform that could connect off-duty firefighters with people in need of household assistance.
In 2018, Dave founded Hidrent, which generated $850,000 in lifetime sales as of 2021. The company takes a 23% cut from each sale, charging homeowners $72 per hour and paying firefighters $60 per hour.
Hidrent has been successful in connecting senior citizens with firefighters for household tasks.
Lessons From Hidrent’s Success
Based on the Shark Tank episode about Hidrent, here are three practical tips for aspiring young entrepreneurs:
1. Identify and leverage trustworthy resources
Hidrent’s concept revolves around using trusted community members, such as firefighters, to perform home tasks.
This highlights the importance of leveraging trustworthy and reliable resources or partners to build credibility and trust with customers, which can be a crucial factor in the success of a startup.
2. Focus on a target market
The founder of Hidrent identified that the majority of their customers were senior citizens, leading them to focus their efforts on markets like Phoenix and Tampa.
Understanding and targeting a specific market segment allows for more effective marketing and product development, increasing the chances of success.
3. Be open to negotiation and collaboration
During the pitch, the founder had to negotiate equity and valuation with the Sharks.
Being open to negotiation and willing to collaborate with experienced partners can bring additional resources, expertise, and credibility to the business, which can be pivotal for growth and scalability.
These tips underscore the importance of trust, market focus, and collaboration in building a successful entrepreneurial venture.
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