What Exactly Is Lumi?
Lumi is a do-it-yourself photo printing kit that uses natural sunlight to print photos onto fabrics like t-shirts. Lumi is a solar-powered method for Sharks to produce unique and personalized designs on t-shirts and textiles.
You can use a template to trace the design onto a cloth or product that will be exposed to direct sunlight. Lumi was a unique concept, but it wasn’t the most efficient way of printing designs onto paper or other materials.
Update on The Lumi Shark Tank
While competitors for individual solar-powered printing have arisen, Lumi has entered an entirely new industry. Lumi has developed into a tremendously successful company that caters to businesses and manufacturers rather than individual consumers. Other venture capital organizations, such as Y Combinator, seeded the startup after Sharks declined to invest due to a lack of cash flow.
Lumi has grown into a printing and design company that connects textile and product printers with businesses who need its services, all while maintaining a transparent supply chain with a minimal carbon footprint. The company has a diversified clientele and is now worth several million dollars.
Who Is the Lumi Founder?
Lumi is owned and operated by Jesse Genet. Jesse had been the CEO of the company for almost three years when she was asked to pitch her ideas on SharkTank. Jesse has subsequently joined a Silicon Valley startup farm and has had great success with his company.
Before Shark Tank, Lumi:
Jessica Jennay, the founder of Lumi, is seeking a $250,000 investment in exchange for a 5% ownership in her company. Using the power of the sun, you can print magnificent, long-lasting artwork on any natural material. Simply take a shot using your phone camera, upload it to the free Lumi app, and press negative to turn it into a negative, Jessica believes she will explain why Lumi is unlike anything else the Sharks have seen.
You have the option of downloading and printing the image yourself or ordering it from Lumi. They will print it and deliver it to you. Jesse had a knack for business since she was a teenager, having started selling t-shirts at the age of 16. Jesse grew by selling t-shirts to stores during her undergraduate years.
While studying at Art Center College of Design in Pasadena, Jesse met her business partner Stephan Ango while experimenting with the “Lumi process” in their laundry room. They used Kickstarter to gather cash for their research in 2010 and were able to raise $13,597.
Lumi can be applied to a number of surfaces, including fabrics in furniture. Ultimately, their goal was to design a kit that would allow people to utilize their Inkodye (inks) to make authentic art on t-shirts or furniture.
Later that month, they exceeded their $50,000 goal in their second Kickstarter campaign, raising $268,437! The duo’s collaboration with Puma to develop the concept through “creative factory workshops” in Europe, Asia, and the Middle East was a major success.
The company had already sold over 30,000 kits and was being offered by retailers such as Urban Outfitters, Michael’s, and JoAnn Fabrics, so it was off to a good start. Lumi Features was founded with the goal of bringing like-minded people together via the sharing of creative designs on YouTube.
Continued to work on an app that allows you to show off your sample designs, order supplies, and access learning guides. Lumi relocated to Los Angeles in 2014, occupying a massive 12,000-square-foot factory before approaching Shark Tank for help.
How Did Lumi’s Shark Tank Pitch Go?
Jesse comes to Shark Tank with the expectation of receiving $250,000 in return for a 5% interest in Lumi. Lumi learns how to stitch a tee-shirt from her. Mr. Wonderful points out that there are various companies that offer tee shirt printing, but Jesse believes that doing it oneself is the coolest part.
They’ve made $1 million in revenue, but due to their ongoing reinvestment, they’ve only kept a modest profit margin. They sell their items online and in huge chain craft stores, according to her. The next year, they plan to treble their revenues. Mr. Wonderful raises doubts about her abilities.
Mark leaves because he opposes the do-it-yourself movement. Barbara is perplexed, so she leaves. Mr. Wonderful says he’d like to make his first offer, despite Lori’s wish to make one. Kevin is willing to offer $250K in exchange for 50% stock OR $250K in exchange for an 8.5 percent interest loan PLUS 12.5 percent equity. Jesse goes back to her initial request.
She turns down Robert’s offer of $250K for a 15% investment and instead offers $250K for a 5% stake with a $100K loan for a 2% stake. Kevin and Lori would like to work together on a $250K loan with a 5% interest rate. When Jesse refuses to accept the transaction, Kevin leaves. Lori also offers to provide money, but Jesse refuses to contribute money in exchange for equity because she can lend it herself.
Final Agreement: There is no agreement between the Sharks and Lumi.
After Shark Tank, What Happened to Lumi?
Following its appearance on Shark Tank, Lumi appears to have refocused its efforts. Lumi is currently referred to as “Inkodye,” which has caused a lot of confusion about the product’s capabilities. Customers typically prefer Inkodye goods, which are still available online and in other craft stores.
On the Dharma Trading website, which specializes in “fiber art supplies and clothing banks,” the Inkodye bottles scored an average rating of 3.60 out of 25. The bottles are fairly expensive, costing $13.49 per bottle for quantities of one to nine bottles and $12.99 per bottle for quantities of ten or more bottles when purchased online.
As of this writing, Inkodye has sold out of various hues, indicating likely insolvency and approaching failure. After their appearance on Shark Tank, Jesse’s business partner, Stephan Ango, focused on packaging for businesses.
Bombas, one of the Shark Tank companies, has even cooperated with them. They are still in business in December 2021, with a revenue of $9 million.
Is Lumi Still in Business?
Lumi’s new software platform, Lumi.com, was launched one month after the Shark Tank episode aired thanks to Y Combinator seed investment. Lumi.com allows customers to create their own packaging and branding accessories, such as stickers and rubber stamps, and then order them.
Thousands of firms now use Lumi for packaging, including The Wall Street Journal, ShaveFace, Blackbox, and MailChimp. Lumi offers three different 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) (for businesses shipping over 100,000 orders per month).
Check Our Website For More Information: browsedesk.com