iLumi on Shark Tank
Smart Light Bulb - Episode 529 - 4/18/2014
|iLumi LED Smart Bulbs with over a million colors|
The inventors of the Ilumi Multi Colored Smart Light Bulb are Corey Egan and Swapnil Bora, who invented perhaps the smarted light bulb on the planet while attending the University of Texas. These Bluetooth enabled LED bulbs can be controlled with an App on either iPhone or Android devises. If having the ability to choose over a million color combinations isn't enough to peek your interest, then maybe the 20 year life span of the LED bulb will.
Having the ability to change an entire rooms atmosphere using an LED bulb with a 20 year life span is impressive, but how much electricity is required? The iLumi uses what's called the HyperLux LED technology into the Apps programing, resulting in one the most energy efficient light bulbs on the market. When you combine all these features (there's actually a lot more) this very smart energy efficient bulb is capable of, it's not surprising the iLumi continues to win Awards in every Business Competition it's entered.
iLumi Smart Bulb before the Shark Tank
When Corey Egan and Swapnil Bora first teamed up at the University of Texas for the "Business Idea Competition", the iLumi Light Bulb went on to win First Place in November 2010. Since that time the iLumi has been involved in at least 7 other business related competitions winning almost all of them. Now they have won the biggest business competition of all competitions combined, the chance to go on the Shark Tank Show with millions of Fan's looking to support the next cool invention.
If there's one thing the Sharks really like to see these days when it comes to a new invention, its products that have successfully raised start-up capital with a Crowd Funding Campaign. Not only does this prove there's a market for a new piece of technology, in this case, it also helps to gauge future growth.
It looks like the iLumi invention wasted little time starting a crowd funding campaign at Indiegogo two months after winning its first competition. Realizing they would need a large amount of capital to enter the multi-billion dollar light bulb industry, Bora and Egan ambitiously set the financial goal at an even $100,000.00 to bring the smart bulbs to market. The campaign ended January 3, 2013, with over $34,000.00 in pre-orders for the iLumi Smart Bulbs. Sure the 100k would have helped the iLumi get a better head start into production, but $34k invested by the crowdfunding public was exactly enough to convince Cory and Swapnil, they were onto something big that was going to light up this world. A second Indiegogo campaign was soon started after the completion of the first one, which raised an additional $25k in funding and convinced them even further, the only thing lacking to make iLumi Smart Lights a household name was an appearance on the Shark Tank.
Having successfully raised $60k on Indiegogo, the iLumi Smart Bulbs decided to try a different crowdfunding campaign going with the biggest one of all, Kickstarter.com. This time they chose a more conservative financial goal at $25k knowing it was an all or nothing campaign. But having won several business competitions in-between campaigns, word was spreading fast about this million color combination smart light bulb, and the Kickstarter Campaign ended with over $145,000.00 in total pledges.
Now comes what may be a little problem. As far as I can tell, the iLumi Bulbs still has not shipped to any supporters from the 3 crowdfunding campaigns as of this writing. The good news is, the website states the smart bulbs will start shipping out next month in May. That may seem like a long time to wait, but when you're talking about the smartest light bulb ever invented, and now a Shark Tank Product that each of them helped bring to the world, maybe watching episode 529 will be worth more than their original investment.
Visit iLumi Smart Light Bulbs Website