Lumi is a company that appeared on Season 6 of Shark Tank, co-founded by Jesse Genet and Stephan Ango. Their proposition lies in individual solar-based printing, a groundbreaking idea in the market.
Lumi produces a method for imprinting custom designs on fabrics, t-shirts, and textiles using only sunlight. The design is transferred onto the chosen material after the template is placed over the item in sunlight.
Lumi’s sustainability and ease of use make it stand out from its competitors. It employs the power of sunlight, reducing the need for energy-intensive processes.
The Lumi process is accessible to anyone, regardless of technical skill level. The product encourages creativity, as users can explore and experiment with different designs and templates.
Lumi’s product also has a user-friendly design. They have developed an app where users can create mock designs, order supplies, and access guides to learn more about the process.
This interactive and engaging platform has made the product more accessible to a wider audience. Despite not striking a deal in Shark Tank, the company has shown remarkable growth and resilience.
They have pivoted their business model to package their products for brands and have collaborated with other companies, expanding their reach and influence in the market.
By 2021, Lumi was flourishing, reporting multi-millions in annual revenue, a testament to its innovative approach and dedication to sustainable practices.
Lumi’s Inkodye, a critical product component, is a novel water-based dye that reacts to sunlight, producing vibrant prints on fabrics. This dye binds permanently to natural fabrics like cotton, rayon, linen, and canvas, ensuring the durability of the prints.
Lumi brings a unique and environmentally friendly solution to the printing industry. Its simplicity, innovative technology, and focus on sustainability make it a good choice for those interested in custom printing on textiles and other materials. Its ongoing success and profitability indicate its viability and appeal to a broad market.
|Business||Printing and packaging online|
|Investment Asking For||$250,000 For 5% equity in Lumi|
|Final Deal||No Deal|
|Lumi Episode||Season 6, Episode 19|
|Lumi Business Status||In Business|
|Lumi Website||Visit Website|
|Lumi Net Worth||$9 Million|
What Is Lumi?
Lumi is a prominent packaging company offering businesses a comprehensive service suite. They specialize in custom packaging design, helping brands create unique and distinctive packages that align with their identity.
Taking it one step further, Lumi also sources the materials required for the packaging, ensuring quality and consistency. The company manages production, leveraging its network of factories to deliver efficient and reliable manufacturing.
Lumi’s services extend to logistics and delivery; they oversee the entire process to ensure the finished product reaches the desired destination.
Lumi’s online platform is a significant part of its offerings, providing businesses with an easy-to-use interface for managing all aspects of their packaging needs.
Lumi is an ideal partner for e-commerce companies seeking tailored packaging solutions because of its streamlined approach. They offer a variety of services, including:
- Designing custom packaging
- Sourcing materials
- Managing production
- Handling logistics and delivery
The company uses an online platform that allows businesses to easily manage and control their packaging needs, from design to delivery. It is especially beneficial for e-commerce companies requiring specialized packaging.
Who Is The Founder Of Lumi?
Jesse Genet co-founded Lumi, a company that introduced a unique, sun-powered printing process. Genet’s entrepreneurial spirit was sparked at a young age when she started selling t-shirts at 16.
Her passion for entrepreneurship continued to grow as a student at the Art Center College of Design in Pasadena. Here, she met Stephan Ango, her future business partner, and they started experimenting with the Lumi process in their laundry room.
They began their entrepreneurial journey together in 2010 after becoming fascinated by the idea of printing designs using sunlight. The duo needed funds to continue their research and sought funding on Kickstarter, raising $13,597 initially.
This paved the way for the Lumi process to take shape, and it soon evolved into a kit that allowed people to use their Inkodye (inks) to develop their unique art on their t-shirts or furniture.
They engaged big brands like Puma in “creative factory workshops” to further develop the concept, and their second Kickstarter campaign was a grand success, raising $268,437 on a $50,000 goal.
Before appearing on Shark Tank, Genet had already made significant strides with her business. Lumi was selling kits in outlets like Urban Outfitters, Michael’s, and JoAnn Fabrics and had sold over 30,000 kits.
They also launched an app to aid users in their design process, allowing them to create mock designs, place supply orders, and access guides to learn the Lumi process. Furthermore, they had moved into a 12,000 sq ft factory in Los Angeles.
However, Lumi didn’t secure a deal in Shark Tank despite their accomplishments and a $1 million sales figure the year before filming. Jesse Genet and Lumi remained undeterred despite their unsuccessful pitch to the Sharks.
After Shark Tank, the company shifted its business model and now offers packaging and supply chain management software. Genet’s vision and entrepreneurial spirit drive the company forward despite the pivot.
How Was The Shark Tank Pitch Of Lumi?
The Shark Tank pitch of Lumi began with an intriguing demonstration by Jesse Genet, the co-founder. She showcased how Lumi uses sunlight to create permanent prints on clothes and accessories.
The procedure involved using a special dye, allowing customers to convert any negative image created on Lumi’s app into a printable negative. This negative would then be transferred onto the desired item, requiring only 10 minutes in the sun to complete the process.
Genet emphasized the rising movement of DIY enthusiasts who would appreciate the versatility of Lumi’s offerings, from printing kits to online printing services.
In terms of investment, Genet was seeking $250,000 for a 5% equity stake in Lumi, valuing Lumi at $5 million.
She revealed that in the year leading up to the pitch, Lumi had generated $1 million in sales with impressive profit margins between 70% and 90%. The kits were sold for $39.00 each but only cost $6.49 to produce.
Despite the promising demonstration and strong sales figures, the Sharks had mixed feelings about the product and business model. Mark Cuban was the first Shark to drop out, expressing a lack of enthusiasm about the DIY market.
Barbara Corcoran followed suit, not fully grasping the business model. Lori Greiner, however, expressed interest in making an offer.
However, Kevin O’Leary stepped in with two propositions before Lori could make her offer. He offered $250,000 for 50% equity or a 36-month loan of $250,000 with an 8.5% interest rate while he would retain 12.5% equity.
Lori then stated that she would join Kevin in his deal. After much discussion, Jesse did not agree to these terms, and eventually, all three interested Sharks dropped out.
Ultimately, Lumi did not secure a deal on Shark Tank. Genet left the show without an investment, but the company continued to evolve and adapt after their Shark Tank appearance.
Final Deal: No deal between Lumi and Sharks.
Did Lumi Get a Deal on Shark Tank?
During their appearance on Shark Tank in February 2015, Lumi founders Jesse Genet and Stephan Ango asked for a $250,000 investment in exchange for a 5% stake in their company. However, the Sharks were unwilling to invest at the $5 million valuation this offer implied.
Kevin O’Leary, also known as “Mr. Wonderful,” believed the company was overvalued, considering the profits after taxes were estimated to be around $100,000. Due to this, no deal was made during their appearance on the show.
However, shortly after their Shark Tank episode aired, Lumi secured funding from Y Combinator, a Silicon Valley start-up incubator. This funding helped exponentially increase Lumi’s sales and profits, solidifying its market standing. Therefore, despite not securing a deal on Shark Tank, Lumi became a successful company.
What Happened To Lumi After Shark Tank?
After its appearance on Shark Tank without securing an investment deal, Lumi underwent a significant business transformation.
Despite the initial setback, the company, under the leadership of co-founder Jesse Genet, didn’t let the disappointment deter its entrepreneurial spirit and continued to focus on growth and innovation.
Lumi refocused its business model and pivoted towards offering packaging and supply chain management software. This marked a significant shift from its initial sun-powered printing kits, demonstrating adaptability in its strategy. The company also collaborated with certain Shark Tank companies, such as Bombas.
This pivot worked well for Lumi. The company reportedly thrived and achieved multi-million-dollar annual revenue, estimated at around $2.5 million.
Genet consistently sought funding and eventually applied to Y Combinator, a renowned startup incubator in Silicon Valley. Consequently, the company expanded its product line, redesigned its website, and achieved impressive sales figures from 50 states and 25 countries.
Despite a Shark Tank deal, the company’s growth story demonstrates how persistence, adaptability, and strategic partnerships can lead to successful outcomes.
Today, Lumi continues to innovate and thrive in its market, providing solutions to a broad spectrum of clients.
Lumi Shark Tank Update
After their appearance on Shark Tank, Lumi significantly shifted their business model. Jesse Genet and her business partner decided to pivot their company from selling solar-powered printing inks to providing packaging services for different brands.
This pivot saw them collaborating with several well-known companies, including some Shark Tank alumni like Bombas.
While their shadow printing kits remained available on Amazon until April 2015, they didn’t enjoy much popularity there, garnering only a 3.5-star rating from four reviews.
However, despite this, Lumi reported doing $2.5 million in sales across the U.S. and 20 other countries, launching over 18,000 projects and shipping out 25 million units of items, according to their Wikipedia page.
Lumi is still in business, but its focus has shifted even further. They now offer several products on their site, including Inkodye, Negatives, Rubber Stamps, and Custom Silkscreens. These Inkodye products are advertised for photo, sunfold, and shadow printing.
However, while their website is still up and running, purchasing products directly from them seems impossible. The “store” link leads to a 403 Forbidden error.
The rest of the site seems functional; users can upload their images to the web editor and download or print a negative. They also have a “Projects” page where people can post their various projects made with Inkodye.
Lumi appears to be less active on social media and customer interaction. Their last Facebook post was from 2019, which only garnered 17 likes. Some negative comments have been left on their page regarding product issues and lack of customer service response.
According to her LinkedIn profile, Jesse Genet has worked full-time at Narvar, a cloud-based customer experience platform, since December 2021.
Lumi’s website and lack of regular updates on social media platforms make it unclear if they are still making products or if they will be profitable shortly.
Is Lumi Still In Business?
Our research shows that Lumi is still in business, but its focus has significantly shifted since its appearance on Shark Tank.
Lumi originally offered DIY sun printing kits but has since evolved into a packaging and supply chain management company. This marks a substantial change from its original product line. For more details, you can visit the Lumi website.
What Is the Net Worth of Lumi?
According to our research, the net worth of Lumi is estimated to be $9 million. The valuation of Lumi was $5 million when it appeared on Shark Tank.
Also, read about other businesses that appeared on Season 6 of Shark Tank:
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- Zoom Interiors Shark Tank Update | Zoom Interiors Net Worth
- PullyPalz Shark Tank Update | PullyPalz Net Worth
- BrandYourself Shark Tank Update | BrandYourself Net Worth
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- Bombas Shark Tank Update | Bombas Net Worth