ilumi is everyplace after appearing on Shark Tank. Their pricing initially is $90 but is now about half the cost today. Corey Egan and Swapnil Bora created the LED light that changes color, temperature, and brightness through your smartphone or iPad using Bluetooth connectivity. The lights will even turn off when you leave and come back on when you return.
ilumi changes color of Shark Tank
The light will change color through sound manipulation if you choose to set it to do so. The light bulbs have efficient use of power lasting 20 years or more without the heat of a typical light bulb. The incredible savings offset the cost factor in electricity reduction.
Company: ilumi
Episode: Shark Tank Season 5 Episode 525
Entrepreneurs: Corey Egan & Swapnil Bora
From: Dallas, TX
Ask: $350,000 for 15% equity
Corey and Swapnil came into Shark Tank offering $350,000 for 15% equity. They walked out with a Mark Cuban deal for $350,000 for 20% after negotiating Mark Cuban, down from 25%. Did I mention that Corey and Swapnil are from Dallas, TX? Convenient for Mark Cuban as that is his home base.
Kevin O'Leary, Robert Herjavec, and Mark Cuban all make offers while Lori Greiner and Barbara Corcoran go out. Corey and Swapnil joke that the light will turn green when Kevin is making money and red when he is losing money.
Five patent applications are open at the time of the Shark Tank episode taping. The patent office issues them following the show.
Kevin O'Leary wanted to license the lightbulb technology to existing companies, but the ileum team and Mark Cuban opted for manufacturing instead. Manufacturing keeps the creative control in-house allowing them to develop their product further.
Sharks:
* Mark Cuban
* Barbara Corcoran
* Kevin O'Leary
* Lori Reiner
* Robert Herjavec
Offers for ilumi from the Sharks
Robert Herjavec offers $350,000 for 35%. They thank him and ask for other offers.
Mark Cuban offers $350,000 for 25% equity, and they say they appreciate it, but ask to look for other offers. Mark immediately tells them that they have to say yes or no, and they hesitate to cause Mark to go out. But, Mark comes back in as they realize that they have a 24-second clock and in this case, he allows them to do so. Ultimately Mark gets the deal for $350,000 in exchange for 20% equity.
Kevin O'Leary offers for $350,000 upon the clearance of the IP and licensing the technology and a 15% royalty. The ilumi team is not interested in this deal saying it does not fit their vision.
You can get ilumi on Amazon right now
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