Lumio is a lamp that folds into a book presented in episode 619 of Shark Tank by Max Gunawan.
The founder of Gunawan raised $578,387 from the $60,000 goal of his Kickstarter campaign.
The lack of money for a modular foldable house inspired him to create a lamp, which he renamed Lumio.
The Lumio is available in a wood-grain finish. LED light “pages” unfurl like a book when opened. It is fully portable and compact thanks to its USB charger when not in use.
A leather strap for hanging and wooden pegs for mounting is included in the accessories set.
The Lumio device costs $190 and can be ordered directly through the company’s website. It is also available in museum shops and catalogs worldwide.
Mr. Gunawan is looking for wider distribution and funding for his Shark production.
Would the Sharks be Interested in learning more about Lumio?
What Is Lumio?
Lumio is designed like a book and has the conventional dimensions of a book, except that each page generates slightly more light.
You can turn the book 360 degrees so that a gentle glow fills the space, providing a tranquil and calming effect.
You can get the small Lumio for a little less money. You can charge both devices with a micro USB cable.
|Product||An innovative modern lamp that unfolds from a book|
|Investment Asking For||$250,000 For 8% equity in Lumio|
|Final Deal||$350,000 For 10% equity in Lumio|
|Episode||Season 6 Episode 15|
|Business Status||In Business|
Who Is The Founder Of Lumio?
The founder of Lumio is Max Gunawan. The goal was to create both functional and visually attractive products.
Maxim’s architectural experience led to a strong interest in design, evident in Lumio.
Lumio Before Shark Tank
Max Gunawan was an ex-architect and entrepreneur from San Francisco who saw Lumio as a large enterprise and had a vision.
Building an automobile trunk-sized modular home is a difficult task. He was trying to build one that could fold flat and be stored in the trunk of an automobile.
It was easy for Max to meet the engineering challenges, but the cost of developing prototypes for the entire house exceeded his budget.
Max had a habit of writing all his ideas down in notebooks, so giving the lamp the form of a notebook was a natural choice.
The idea for Lumio was hatched, but Max turned to Kickstarter in February of 2013 for funding.
He initially sought $60,000 in funding via Kickstarter, but his well-designed campaign highlighted the stylish and sophisticated Lumio to perfection, making the campaign a big success.
Max raised $80,000 within 48 hours, and by the time the campaign ended one month later, he had raised $578,000.
The business of Lumio took off like a rocket. Max spent four months at the Chinese manufacturing site to ensure everything went smoothly with the funding.
Lumio’s beauty sold itself, and word of mouth alone was enough to boost sales, leading to sales exceeding $1 million in 2013, despite the absence of significant marketing expenditures.
As sales grew, demand began to outstrip Max’s supply, and sales tripled in the year following.
The next logical step for Max was to turn to Shark Tank to raise additional funding and recruit a strategic partner.
After a successful application, he was granted the opportunity to pitch to the sharks in late 2014.
How Was The Shark Tank Pitch Of Lumio?
Max possesses a magnetic personality, evident in his walk out in front of the Sharks.
He would smile at potential investors while directly approaching them.
He sought a $250,000 investment for an 8% stake in Lumio. “The Sharks” were curious about the investment.
The surprise is excellent; Max has previously made this type of pitch. He picks up the Lumio, which the Sharks regard as a book at the time.
When he opens the book, he finds that it is light. It’s a joyful moment for the Sharks. He holds the lamp at his chest, fully opened, so that it illuminates his face.
Max discusses the uses of light. You can use it as an ambient light source, place it upright, create targeted, directional lighting for reading purposes, or combine multiple Lumio lights.
Max presents sample lights to each Shark; they are all impressed, but Robert seems the most enthusiastic.
Kevin expresses interest immediately and offers a unique bargain.
Max is asking $250k for an 8% stake, which values his business at roughly $3 million. Kevin’s transaction valued the company at twice that amount, at $6 million.
A Shark brawl follows, during which an extraordinary thing happens: every Shark on the panel offers a different offer to Max.
Investors are confident that this product will succeed. Max asks Mark whether he and the company will be prepared for a substantial increase in orders once the program airs. They undoubtedly have a successful product on their hands.
There are advantages to each deal. Kevin’s offers are by far the most beneficial.
Mark offers double the initial amount requested; he wishes to donate $500k in exchange for 16.5% of the company.
Daymond delivers one of the most captivating pitches, offering $750k in exchange for a 20% stake in the company.
Daymond’s contract has the added benefit of including a $10 million credit line.
Mark’s proposal is also competitive, and his specialty is e-commerce, so Daymond appears to be the frontrunner.
Robert’s offer is up in the air until the very end when he enhances it. Robert initially offered the $250k required, but 2% more ownership than Max anticipated.
Having heard from other Sharks, Robert decides to add $100,000 to his deal, requesting no additional equity. He is offering $350,000 for a 10% stake.
Max agrees to team up with Robert after much deliberation. Both of them appear ecstatic with the deal.
The two embrace, and Robert then sits down and plays with the light like a small child.
Kevin and Daymond fight like sharks as they argue. Kevin summarizes the deals on the table as Max agonizes. Robert then amends his offer to $350K for 10%, to which Max replies, “we have a deal!”
Final Deal: Robert agrees to invest $350K at a 10% stake in Lumio.
What Happened To Lumio After Shark Tank?
Max expressed his delight at generating attention from all five sharks, especially having Robert Herjavec as his shark investor, indicating that Robert had always been his first choice.
He thought the deal he had been offered was excellent, and he was optimistic about the business’s future.
Robert Herjavec seemed equally enthusiastic about the new partnership. He tweeted that Max’s attitude and dedication were inspiring, calling him an “amazing man.” after the segment aired.
Lumio’s sleek design and Max’s well-thought-out pitch elicited the same enthusiastic response from Shark Tank viewers as it did from the sharks.
The segment aired five minutes ago, and 3,000 orders were placed within five minutes. The show’s fame swiftly spread beyond the borders of America; a few weeks later, Max was recognized in a mall in Jakarta as ‘Max from Shark Tank.’
Lumio’s notoriety has grown since being featured on Shark Tank. The company has been featured in GQ magazine and The Wall Street Journal publications.
Lumio was featured in Entrepreneur magazine’s list of the ten most inventive crowd-funded firms due to its Kickstarter campaign.
Max launched The small Lumio+ in November 2015, aided by the cash he received from Robert. It retails for $125 and is available on the Lumio website, Amazon, and other online retailers.
The Lumio brand has expanded worldwide since the show aired, including Asia, Australia, Europe, and North America.
Max discussed his strategy for launching Lumio. His innovative product would have a market if he collaborated with companies that mirrored the product’s excellence.
He avoided dealing with large distributors, preferring to work with firms he considered possessed integrity, such as museums and independent design boutiques.
Max admitted that he could not do so despite previous applicants’ stories about the intense training to face the sharks.
He had flown in from the Lumio premiere in Paris’s Pompidou center shortly before his appearance and was still jet-lagged, but he did not let his lack of rehearsal affect his prospects in the tank.
Max was intimately familiar with his stuff and was direct with the sharks. He tells other prospective entrants to be themselves and play to their talents while in the tank.
Lumio Shark Tank Update
Max said he was even happier after receiving the investment, as Robert had been his first choice to work with.
The show telecast was the catalyst for 3,000 orders for Lumio lights to be placed immediately afterward, proving Mark Cuban was right.
A broadcast’s ‘immediate aftermath’ is around 15 minutes after it airs. Sales skyrocketed after that.
Lumio has been featured in various outlets following its Shark Tank appearance. Newspapers and magazines such as The Wall Street Journal and GQ.
The show likely helped expand the product’s appeal outside the United States.
Max’s marketing and distribution strategies were original. The developer recognized that interest in his product would grow, so he avoided big distributors to create a good image and perception.
Due to this, he has maintained the price at $200 and still sells large quantities of goods.
Max states that he did not rehearse the pitch; he did not need to. He knew exactly what the Sharks needed to know about his goods. Lumio has been thriving ever since.
Is Lumio Still In Business?
Gunawan has expanded his Lumio product range since he appeared on Shark Tank to include a smaller, more affordable model, the mini Lumio, which retails for $125.
Lumio is available in high-end retail locations worldwide, including the MoMA Store in New York, Fondation Louis Vuitton, and Design Within Reach.
The product has been named to multiple “Most Successful Shark Tank Products” lists, including those compiled by Forbes and Entertainment Weekly.