Have you thought of a light source that can fold in a form of a book? Lumio LED Light in a book is a twist to innovation by creating a modular folding lamp. Max wanted to make a modular folding home concept but ended up with a folding lamp.
Lumio comes in the shape of a book that has a wood finish. Once opened, the pages get Lit up with LED while you unfold to create a bright lamp. This lamp can be formed into various shapes like 180 degrees or 360 degrees LED Light lamps.
It can stay lit for 8 hours to cover a night and can be recharged using a USB charge cable too. It is easy to carry and small in size. In order to hang them, it has a leather strap and pegs to mount them on the table too.
Lumio at a glance:
|EPISODE NO||Season 6 Episode 15|
|BUSINESS IDEA||Multi-Functional Modern Lamp That Unfolds From A Book|
|ASKED FOR||$250,000 For 8%|
|ACCEPTED OFFER||$350,000 For 10%|
|BUSINESS STATUS||In Business|
Lumio was an invention of Max Gunawan, an architect who came up with this incredible design. Max did start with a big dream when he began with a modular home that would fold into a compact car. Max had the knowledge but realized that the capital required to get such a prototype was beyond his investment.
His habit of writing notes in a notebook gave him a natural lead to design a notebook lamp. Max’s initial stint was in Kickstarter funding of $60,000 but ended up raising $80,000 within 2 days of launch which was a phenomenal success. Max stylish Lumio with a well-crafted designed campaign was well accepted in the market and achieved $578,000.
Max used his funding for four months of the production facility in China to make Lumio perfect. These steps rewarded Max as Lumio hit the maiden $1 million mark in 2013. The beauty of the product and word of mouth was enough to sell Lumio as Hotcakes in the market.
Now was the time Max Gunawan was looking to scale up the business and manufacturing capabilities. The best way to do this was to seek shark Tank investments. Will Lumio see the light was the big question?
Did Lumio get a deal on Shark Tank?
Max Gunawan pitches for a $250K investment for an 8% stake in the Lumio business. Max hands over the samples and sharks are impressed with it, especially Robert liked it very much.
Max explains his product sales have already hit 1$ Million in 2014 and plans to scale up his production and grow big was the right step. Do you believe this was one of the deals where all 5 sharks made an offer of investment?
Robert likes the product starts an offer of $250K for 10%. Max holds for a few seconds and expresses interest in others. Kevin makes a strong offer of $250K for a 7% royalty till he gets a return of $500K and moves into 4%. Mark wants to grab the online market with another generous offer of $500K for 16%. Lori likes the product and expects them in different colors and proposes an offer of $250K for 12% and a $250K line of credit. Daymond makes a generous offer of $750K for 12% plus a $10 million line of credit.
Daymond and Kevin get into strong discussions and Kevin summarize the offers of all for Max’s decision. The last spark comes in as Robert makes a revised offer of $350K for 10% and when asked, Max states “Yes, we have a deal”.
What happened to Lumio after Shark Tank?
Post the shark tank episode the actual deal with Robert was never closed but still, Lumio has done amazingly rocking business on Amazon. Lumio has grown over the years and is still in business with $5 million annual revenues.
It is sold for $190 and manufactured for $65; margins the Sharks like. He sells most of his products at stores in museums and online. Max is facing difficulties fulfilling orders, but he thinks his final destination is retail. His vision is to come up with a mini version for travel. For the year 2014, estimated sales are $2-2.5 million. In 2021, Lumio made revenue of over $5 million.
What is Lumio worth now?
At the time of the Shark tank, Lumio was valued at around $3.5 million by the sharks. Although Lumio sales have increased its sales from 2.5 million to $5 million from 2014 to 2021.
Lumio Product Analysis:
LUMIO is a LED lighting fixture that comes in a compact form of a book. The inspiration comes from Moleskine notebook which led to the idea of “book that lights”.
Lumio is a hardcover book, while the “cover” is magnetized to stick to any metal surface. It can be folded to 180 degrees or even 360 degrees. The pages comprise the LED lights and recharge with its lithium battery for up to 8 hours via USB port. Lumio’s design concept is an award-winning bestseller that has been recognized across the world – Paris, Shanghai, Brazil to name a few. Currently has 200 retailers across 30 countries.
Other competitors in the market for Lumio are with similar product ideas are sb8 Book Lamp, PIU Foldable Lamp, SS Magic mini Open Book Lamp and Paperiva 3D Lunar Moonlight Shaped Lamp.
Is Lumio profitable?
Lumio is a profitable business venture because of the incredible guy – Max Gunawan design concepts and his attitude towards design perfection. The product has been a best seller and Max has kept the niche market by forming partnerships with companies that would maintain the quality of the product. He has been successful in retaining them at Museum stores and design stores to maintain integrity.
Lumio has launched Lumio Mini for retail $125 in the market via Amazon. Yes, profitable as the company has made $5 Million annual revenues in 2021.
Is Lumio still in business?
Lumio is well recognized for its stylish designs and now expanded its market with Lumio Mini and Teno Bluetooth speakers. Being an award-winning bestseller, Lumio has grown in 30 countries across 200 retailers and $5 million in annual revenues.
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What is Lumio?
Lumio LED Light in a book is a twist to innovation by creating a modular folding lamp. Max wanted to make a modular folding home concept but ended up with a folding lamp.
Who founded Lumio?
Lumio was an invention of Max Gunawan, an architect who came up with this incredible design. Max did start with a big dream when he began with a modular home that would fold into a compact car.