Highlights
- Jesse Genet pitched Lumi, her solar-powered printing inks for fabric, on Shark Tank.
- The Sharks were impressed by the innovative DIY product but concerned about the valuation.
- The pitch concluded with no deal, despite several offers and negotiations.
Overview
| Category | Details |
|---|---|
| Name | Lumi |
| Founder | Jesse Genet |
| Industry | DIY Crafts – Solar Printing Inks |
| Product | Solar-powered printing inks for creating art on fabrics |
| Funding | Raised $268,437 on Kickstarter |
| Investment Ask | $250,000 |
| Equity Offered | 5% |
| Valuation | – |
Jesse Genet hopes the Sharks see the light when she pitches Lumi, her solar powered printing inks that use the sun to develop photos on fabrics, in Shark Tank episode 622. Genet began selling tee-shirts at age 16 and got the entrepreneurial bug. She moved to LA a few years later and sold tee-shirts to boutiques. While attending the Art Center College of Design in Pasadena, she met her business partner, Stephan Ango, and they began experimenting with the “Lumi process” in his apartment building’s laundry room.
In 2010, the pair needed funds to continue their R&D, so they went to Kickstarter and successfully raised $13,597. They began making all kinds of things with the Lumi process, including furniture, but they wanted to sell a kit that allowed people to use their Inkodye inks to create their own art projects and tee shirts. In July, they ran a second Kickstarter campaign to ramp up production of their kits and they blew it out of the water, raising $268,437 on a $50,000 goal!
After that they worked with sporting goods giant, Puma, to develop “creative factory workshops” in Europe, Asia, and the Middle East. Since then, they’ve sold over 30,000 kits and have their products on the shelves at Urban Outfitters, Michael’s and JoAnn Fabrics. They also created Lumi Features, a big community of people who share their designs with each other on Youtube. They even have an app that allows you to mock up your designs, order supplies, and access user guides.
In the summer of 2014, before they taped Shark Tank, Lumi moved into a 12,000 sq. ft. factory in downtown Los Angeles. The company is growing by leaps and bounds and may need a Shark to help manage their explosive growth. Will a Shark see the light and invest?
Lumi Shark Tank Recap
Jesse enters seeking $250,000 for 5%. She demonstrates how to make a tee shirt with Lumi. Mr. Wonderful says there are a lot of services that can print tee shirts, but Jesse says the do-it-yourself aspect is what makes it cool. They’ve done $1 million in sales, but minimal profits because they keep re-investing.
She says they sell online and in big box craft stores. They plan on doubling sales the next year. Mr. Wonderful questions her valuation. Mark goes out because he’s not into the DYI space. Barbara finds it confusing, she’s out. Lori wants to make an offer, but Mr. Wonderful says he wants to make his offer first.
Kevin offers $250K for 50% equity OR $250K for an 8.5% interest loan PLUS 12.5% equity. Jesse goes back to her original ask. Robert offers $250K for 15%, she says no and counters with $250K for 5% plus a $100K loan for a 2% equity. Kevin and Lori want to team up on a $250K loan for 5%. Jesse doesn’t like the deal, Kevin goes out. Lori offers to do a loan deal too, but Jesse won’t give equity for a loan because she can borrow money on her own.
RESULT: NO DEAL
Lumi Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Three months after their appearance on Shark Tank, Jesse and her business partner, Stephan Ango, refocused the purpose of their company to packaging for brands. They even worked with some Shark Tank companies like Bombas. Fast forward to September, 2022 and they’re still in business with $9 million in annual revenue. You can still buy the InkoDye ink on Amazon.
Posts About Lumi on Shark Tank Blog
Lumi Company Information
Video
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