Shark Tank episode 622 features Lumi, solar-powered printing ink for fabrics, hoping to win the Sharks over and secure an investment deal.
Genet caught the entrepreneurial bug when he was 16 years old and started selling t-shirts. She moved to Los Angeles a few years later to sell tee-shirts to boutiques.
She met Stephan Ango through Pasadena’s Art Center College of Design.
Both of them experimented with the Lumi process in the laundry room of his building.
They turned to Kickstarter in 2010 for funds to continue research and development and raised $13,597 that way.
Inkodye created a kit that enables individuals to make their art projects using Inkodye inks, and they began producing a variety of items using the Lumi process, including furniture.
In July, their second Kickstarter campaign raised $268,437 on a $50,000 goal, blowing it out of the water!
They then partnered with Puma to establish “creative factory workshops” throughout Europe, Asia, and the Middle East.
They’ve since sold over 30,000 kits and are available at Urban Outfitters, Michael’s, and JoAnn Fabrics.
Moreover, they founded Lumi Features, a YouTube community that allows people to share their designs.
The company also offers an app to mock up your designs, order supplies, and access user guides.
The company moved into a 12,000-square-foot factory in downtown Los Angeles during the summer of 2014, just before the taping of Shark Tank.
The company is accelerating its growth and may require the assistance of a Shark to help control its fast growth.
Will a Shark recognize the opportunity and invest?
What Is Lumi?
Lumi is a do-it-yourself picture printing kit that prints photographs onto fabrics such as t-shirts using natural sunlight.
Lumi is a way for Sharks to create unique and personalized designs on t-shirts and textiles using only solar energy.
You may place a template over the item and then transfer the design to the textile or product exposed to direct sunlight.
Lumi was an innovative concept, but it was far from the most effective printing designs into paper or material.
Lumi’s original purpose and design have shifted dramatically since its conception — while competitors for individual solar-powered printing have emerged, Lumi has entered a completely new sector.
Lumi has grown into a highly successful corporation that provides products and services to enterprises and manufacturers rather than individual consumers.
Sharks did not invest in the company (citing lack of cash flow), but other venture capital firms like Y Combinator seeded the startup.
Lumi has evolved into a printing and design company focusing on connecting textile and product printers with businesses in need of their services while maintaining a transparent supply chain with a low carbon footprint.
The company is now worth several million dollars and has a diverse clientele.
|Business||Printing and packaging online|
|Investment Asking For||$250,000 For 5% equity in Lumi|
|Final Deal||No Deal|
|Episode||Season 6 Episode 19|
|Business Status||Out Of Business|
Who Is The Founder Of Lumi?
Jesse Genet owns and operates the Lumi firm. Jesse had been running the firm for more than three years before being invited to pitch her ideas on SharkTank.
Jesse has since joined a Silicon Valley startup farm, and his business has been a success.
Lumi Before Shark Tank
Lumi founder Jessica Jennay is asking for a $250,000 investment in exchange for a 5% stake in her company.
Are you interested in designing a t-shirt or printing your logo on something other than paper?
You can print stunning, lasting artwork on any natural material using the power of the sun.
Jessica claims she will demonstrate exactly why Lumi is different from anything else the Sharks have seen; simply take a photo with your phone camera, upload it to the free Lumi app, and press negative to turn it into a negative.
You can either save and print the image yourself or order it from Lumi. They will print it for you and ship it to you.
Jesse possessed an entrepreneurial flair even in her adolescence, having begun selling t-shirts at 16. Jesse grew during her college years by selling t-shirts to stores.
Her business partner Stephan Ango and Jesse met while experimenting with the “Lumi process” in their laundry room while attending Art Center College of Design in Pasadena.
They turned to Kickstarter in 2010 to raise funds for their research and managed to raise $13,597.
Lumi may be used on a variety of surfaces, including furniture fabrics. Still, their ultimate goal was to provide a kit that allowed individuals to use their Inkodye (inks) to create their authentic art on t-shirts or furniture.
They raised $268,437 later that month on their $50,000 goal in their second Kickstarter campaign!
The partnership with Puma to develop the concept in Europe, Asia, and the Middle East through “creative factory workshops” was a huge success for the duo.
It was a smooth ride for the company since it had already sold over 30,000 kits and was being carried by retailers such as Urban Outfitters, Michael’s, and JoAnn Fabrics.
Lumi Features was created to connect like-minded people by sharing creative designs on YouTube.
Continued to develop an app that allows you to exhibit your sample designs, place supply orders, and access learning manuals.
Lumi moved to Los Angeles in 2014, taking up a large 12,000 square foot factory before requesting Shark Tank support.
Is Lumi Capable of Sealing the Deal?
How Was The Shark Tank Pitch Of Lumi?
Jesse comes to the Shark Tank show expecting $250,000 in exchange for a 5% stake in Lumi. She teaches Lumi how to sew a tee shirt.
Mr. Wonderful points out that several firms offer tee shirt printing, but Jesse believes the cool part is doing it yourself.
They’ve generated $1 million in revenue but have retained a small profit margin due to their constant reinvestment.
According to her, they sell their wares online and in large chain craft stores. They intend to double their sales the following year. Mr. Wonderful casts doubt on her estimation.
Mark leaves because he is not a fan of the do-it-yourself movement. B
Barbara finds it perplexing; she exits.
Despite Lori’s desire to make an offer, Mr. Wonderful says he would like to make his first.
Kevin offers $250K in exchange for 50% equity OR $250K in exchange for an 8.5 percent interest loan PLUS 12.5% equity. Jesse returns to her original request.
She declines Robert’s offer of $250K for a 15% stake and replies with $250K for a 5% stake plus a $100K loan for a 2% stake.
Kevin and Lori want to collaborate on a $250K loan with a 5% interest rate. Kevin leaves when Jesse does not approve of the transaction.
Lori also offers to borrow money, but Jesse won’t do a loan in exchange for equity since she can lend it independently.
Final Deal: No deal between Sharks and Lumi.
What Happened To Lumi After Shark Tank?
Lumi appears to have refocused its efforts following its debut on Shark Tank. Lumi is currently referred to as “Inkodye,” which has resulted in a great deal of uncertainty over the product’s performance.
There are still Inkodye products available online and in various craft stores, and customers generally like them.
The Inkodye bottles received an average rating of 3.60 out of 25 on the Dharma Trading website, specializing in “fiber art supplies and clothing banks.”
The bottles are rather pricey, costing $13.49 online for quantities of one to nine bottles and $12.99 per bottle for quantities of ten or more.
Inkodye is also sold out of several colors as of this writing, pointing to possible insolvency and impending failure.
Lumi Shark Tank Update
Stephan Ango, Jesse’s business partner, and switched their focus to packaging for companies after their debut on Shark Tank.
Some Shark Tank firms have even collaborated with them, including Bombas. They are still in business in December 2021, making $9 million in revenue.
Is Lumi Still In Business?
Y Combinator seed funding enabled Lumi’s new software platform, Lumi.com, to be launched one month after the Shark Tank episode aired.
Lumi.com allows users to design and order unique packaging and branding accessories like stickers and rubber stamps.
The Wall Street Journal, ShaveFace, Blackbox, and MailChimp are thousands of businesses now using Lumi for packaging.
There are three different Lumi plans: Starter (for businesses shipping over 1,000 orders per month), Growth (for businesses shipping over 10,000 orders per month), and Enterprise (for businesses shipping over 100,000 orders per month).