Lumi Sun Printing Update | Shark Tank Season 6
Jesse Genet wanted to create a DIY product that made printing logos or photos possible with the power of the sun. Permanent printing can be established on various types of products, including clothing. Will she get a deal on
Shark Tank Lumi Update
- Entrepreneurs:Â Jesse Genet
- Business: Sun printing kits
- Ask: $250,000 for 5% equity
- Result: No deal
- Sharks: None
Jesse’s pitch began with a demonstration in the tank of how her company Lumi, uses the sun to create permanent prints on clothes and accessories. Using a special dye, customers can turn any negative, created on the company’s app, into a negative, which can then be transferred onto the item for printing. This process takes just 10 minutes in the sun! She expressed that there is a huge movement of DIY motivated people who love to do printing crafts at home. From printing kits to online printing services, her company had a lot to offer.
Jesse told the sharks that in the year prior to filming, she had generated $1 million in sales. In addition to the impressive sales numbers, her margins range from between 70% and 90%. Photo printing kits sell for $39.00, and cost $6.49 to make. Mark Cuban was the first shark to drop out, because he just wasn’t excited about the DIY market. Barbara Corcoran went out next, not understanding the business model.
Lori Greiner however said she would like to make an offer, but before she could, Kevin O’Leary cut her off. He offered Jesse a choice between two deals. Either $250,000 for 50% equity or he would give her a 36 month loan of $250,000 with an interest rate of 8.5% and then he would retain 12.5% equity. Lori jumped back in, stating that she would go in on that deal with Kevin. After a lot of back and forth between Jesse and the 3 interested sharks, they eventually dropped out.
With all the sharks out, Jesse had to leave the tank without a deal. Did her business survive after she appeared on
Research for our Lumi update revealed some interested news. While the company is still apparently in business, the entire business model and purpose of the company seems to have shifted. Lumi now offers packaging and supply chain management software, instead of the original products. You can learn more about the company on the Lumi website.
Would you like to learn about the other companies features on Season 6 Episode 19? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!
