Corey Egan and Swapnil Bora approached the sharks with their Bluetooth-enabled light bulbs that can set the mood via an app. It was a new technology at the time, and it came at a steep price. Did a shark give them a deal on
Shark Tank iLumi Update
- Entrepreneurs: Swapnil Bora, Corey Egan
- Business: Intelligent mood lighting
- Ask: $350,000 in exchange for 15%
- Result: $350,000 in exchange for 25%
- Sharks: Mark Cuban
Corey and Swapnil brought their iLumi bulbs to the tank. They were powered by an app that allowed them to run on a custom-automated schedule, or manually, with the user selecting from a menu of colors and light intensities.
Amazing built-in Lighting programs to experience the perfect light for every occasion. Convenient individual & group control to turn your lights on/off or change the Color and brightness from your phone or tablet.
The patent-pending bulbs cost $289 for a three-pack, but Swapnil was quick to add that the bulbs could potentially last up to twenty years.
Barbara Corcoran couldn’t envision that people would want to use their electronic devices to power on and off their lights. Lori Greiner thought there was too much competition in the smart bulb market for her to safely invest. Both women were out.
Robert Herjavec felt the bulb’s ideal market was in high-end lighting, and he had an offer of $350,000 in exchange for 35% equity. The two asked for other offers. Mark Cuban offered $350,000 in exchange for 25%. Corey again started to ask for more offers, and Mark promptly withdrew his offer. Luckily, Corey was able to talk Mark into giving them another shot.
Kevin made an offer of $350,000 upon the company’s IP clearing, with the contingency that he be allowed to license it to a major light bulb manufacturer, in exchange for 15% of the royalty stream. The two turned down Kevin’s offer, and in the meantime, Robert dropped out, saying the market for the product was too limited.
Corey countered Mark, asking him to drop his equity from 25% down to 20%. Mark declined, and ultimately Cory and Swapnil accepted Mark’s original offer. What happened next? Keep reading our iLumi update to find out!
Now let’s get to that iLumi update. The company has been successful in the many years since appearing on
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