|Net Worth||$5 Million|
|Products||Printing and |
|Investment Asking For||$250,000 For 5% equity|
|Lumi Episode||Season 6, Episode 19|
|Lumi Website||Visit Website|
Lumi Shark Tank: Imagine being offered $500,000 from two of the most successful businesspeople in the world.
That’s what happened to Genet Legros, the founder of Lumi, a DIY photo printing kit that appeared on Shark Tank in 2015.
But Legros surprised everyone by turning down the Sharks’ offers.
Why did she do it? What was Lumi? And what happened to the company after Shark Tank?
In this blog post, we’ll take a closer look at Lumi Shark Tank story and learn the lessons we can take away from it.
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What is Lumi Shark Tank?
Lumi was a DIY photo printing kit that appeared on ABC’s Shark Tank in February 2015.
The kit used the power of sunlight to print permanent imagery on any natural material, including cotton, linen, and wood.
The kit was founded by Genet Legros, a self-taught designer and entrepreneur.
Legros developed the Lumi kit after struggling to find a way to print her own designs on clothing and accessories.
To use the Lumi kit, users would first create a negative of their image using the Lumi app.
The negative would then be printed on a transparency and placed over the material to be printed on. The kit also included a special dye that would activate when exposed to sunlight.
To print the image, users would simply place the material and transparency in the sun for 10-15 minutes.
Once the dye was activated, the image would be permanently printed on the material.
Lumi was a popular product among DIY enthusiasts and small businesses. The kit was also used by artists and designers to create custom products.
What was Lumi’s product?
Lumi’s product was a DIY photo printing kit that used the power of sunlight to print permanent imagery on any natural material, including cotton, linen, and wood.
The kit was designed to be easy to use and affordable. It included everything users needed to print their own photos, including:
- A special dye that activated when exposed to sunlight
- A transparency sheet to create a negative of the image
- A frame to hold the transparency sheet and material in place
To use the kit, users would first create a negative of their image using the Lumi app. The app would invert the colors of the image and make it transparent.
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Who is the founder of Lumi?
The founder of Lumi is Genet Legros. Legros is a self-taught designer and entrepreneur.
She developed the Lumi kit after struggling to find a way to print her own designs on clothing and accessories.
Legros is a passionate advocate for DIY and maker culture. She believes that everyone should have the ability to create their own products and express their creativity.
After Lumi closed its doors in 2018, Legros took some time off to focus on her personal life.
She also started a new company called Genny Legros, which sells custom-designed clothing and accessories.
When did Lumi appear on Shark Tank?
Lumi appeared on Shark Tank on February 13, 2015. The episode aired in Season 6, Episode 19.
On the show, founder Genet Legros pitched her Lumi DIY photo printing kit to the Sharks.
Lumi Shark Tank pitch
Lumi Shark Tank pitch was one of the most memorable in the show’s history.
Founder Genet Legros was confident and passionate about her product, and she was able to clearly articulate its value to the Sharks.
The Sharks were impressed with the simplicity and effectiveness of the Lumi kit. They also liked the fact that it was an affordable and eco-friendly product.
Legros then asked the Sharks for $250,000 in exchange for 20% equity in her company.
She explained that she needed the money to expand her production capacity and to market the Lumi kit to a wider audience.
The Sharks were initially hesitant to invest in Lumi. They were concerned about the size of the market for the product and the competition from other photo printing companies.
However, Legros was able to convince the Sharks that Lumi had a unique value proposition.
She explained that Lumi was the only photo printing kit that used sunlight to print images on natural materials.
In the end, two of the Sharks, Robert Herjavec and Lori Greiner, both offered Legros $250,000 for 25% equity in her company.
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The Sharks’ offers
The Sharks made two offers to Lumi founder Genet Legros during Lumi Shark Tank pitch.
Robert Herjavec offered Legros $250,000 for 25% equity in her company. Herjavec is known for his tough negotiating style, but he was impressed with Legros’ passion and her product.
Lori Greiner also offered Legros $250,000 for 25% equity. Greiner is known for her expertise in marketing and product development.
Both offers were very generous, and they reflected the Sharks’ belief in Lumi’s potential. However, Legros declined both offers. She kept control and had faith in her ability to grow the business solo.
Legros’ decision to decline the Sharks’ offers was a bold one.
Why did the founder decline the offers?
Genet Legros, the founder of Lumi, declined both offers from the Sharks for a few reasons.
To keep more control of her company. The Sharks typically ask for a significant amount of equity in exchange for their investment. Legros may have been hesitant to give up too much control of her company, especially since she was so passionate about her product and her vision.
To protect her brand. Lumi was a unique and innovative product, and Legros wanted to make sure that it remained true to her vision. She may have been concerned that the Sharks would try to pressure her to make changes to the product or the company that she didn’t agree with.
To maintain her independence. Legros was a self-taught entrepreneur who had built Lumi from the ground up. She may have been hesitant to give up any of her independence by partnering with the Sharks.
To avoid any potential conflicts of interest. The Sharks are all successful business people with their own interests. Legros may have been concerned that the Sharks might try to use their influence to benefit their own businesses at the expense of Lumi.
Ultimately, Legros decided that it was more important to her to keep control of her company and her vision than to accept the Sharks’ offers. She was confident in her ability to succeed on her own, and she was willing to take the risk.
What happened to Lumi after Shark Tank?
Lumi continued to grow after its appearance on Shark Tank. The company received a lot of publicity and sales increased significantly.
Legros also used the Sharks’ feedback to improve the Lumi kit and to develop new products.
In 2015, Lumi launched a new software platform called Lumi.com. The platform allowed businesses to create custom packaging using the Lumi printing process.
This was a new and innovative way for businesses to brand their products.
Lumi’s custom packaging business was successful, and the company partnered with a number of well-known brands, including the Wall Street Journal and Etsy.
However, Lumi struggled to raise additional funding in the years that followed.
This limited the company’s ability to grow and compete. In 2018, Legros announced that she was closing the company.
The company’s pivot to custom packaging
Lumi’s pivot to custom packaging was a strategic move to expand its market and reach a wider range of customers. The company met the demand for custom packaging using Lumi printing.
The custom packaging market was also a good fit for Lumi’s strengths.
The company had a deep understanding of the printing process and a commitment to sustainability.
This made it well-positioned to provide businesses with high-quality, eco-friendly packaging solutions.
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Lumi’s closure in 2018
Lumi closed its doors in 2018 for a few reasons.
Struggled to raise additional funding. Lumi was a relatively new company and had not yet achieved profitability. This made it difficult to raise the additional funding it needed to grow and compete.
Faced increasing competition from online retailers. Online retailers like Amazon were offering custom packaging solutions at competitive prices. This made it difficult for Lumi to compete.
Niche market. Lumi’s products appealed to a niche market of DIY enthusiasts and small businesses. This limited the company’s growth potential.
Lack of brand awareness. Lumi was a relatively new brand and had not yet achieved widespread brand awareness. This made it difficult to attract new customers.
Despite its short lifespan, Lumi Shark Tank story is a valuable one, teaching us the importance of understanding your target market, developing a sustainable business model, being realistic about your growth potential, and being willing to make tough decisions.
Genet Legros, the founder of Lumi, is an inspiration to entrepreneurs everywhere.
She proved successful from scratch, despite setbacks. Legros’ story reminds us to pursue dreams and never quit on goals.