Ilumi, The Startup That Almost Blew It With Mark Cuban.
Two entrepreneurs from Dallas by the names of Corey Egan and Swapnil Bora, founder of the startup Ilumi, have developed a smart light bulb that caught the attention of the investor Mark Cuban. Although , the due had almost lost their chances in receiving a $350,000 from the owner of Dallas Mavricks during a recent airing of ABC’s Shark Tank Episode.
Corey Egan and Swapnil Bora are both from the University of Texas at Dallas graduates, and had presented their creation, the smart bulb and corresponding mobile application that will allow users to operate them, to the investors of the show. The two went on to explain the functions of the bulb and how they can be connected through the use of Bluetooth and display an array of colors at different levels of brightness. The bulbs will be able to turn on and off automatically depending on the location of the user as well as reacting to a data system, such as the stock market. Once the presentation was done, the two Dallas graduates were given three offers from the ‘sharks’ or the investors present at the show.
While the two were not completely sure on what kind of deals they would be receiving while there time on the show, they did feel confident enough that they would encounter something truly outstanding for them. But the pair had almost lost their chance to receive an investment from Cuban, who at one point during the show threatened to withdraw his offer after the two showed in interest in check out the other offers on the table.
At last, Egan and Bora came to a decision to partner with Cuban only, who will invest a total of $350,000 to their idea, for an ownership stake of 25 percent. This was a 10 percent higher then what the two entrepreneurs had originally asked for. But the two agreed they know the involvement of Mark Cuban would open a lot of new doors for them in the near future.