Jesse Genet Presents Lumi On Shark Tank Season 6
Highlights
- Jesse Genet appeared in Shark Tank’s sixth season with Lumi.
- The entrepreneur bagged deals from three prominent Shark panelists.
- Lumi has become a thriving success with $9 million in annual revenue.
Through its long number of seasons, Shark Tank has been presenting products that offer a new meaning of innovation. One such Shark Tank product was Lumi, a DIY item that amazed the panelists with its ingenious features. The DIY Wonder’s success has contributed to a huge buzz about the Lumi Shark Tank net worth.
Aspiring entrepreneur Jesse Genet brought Lumi in the sixth season of Shark Tank. In an impressive pitch presentation, Jesse pitched a line of solar-powered printing inks that used the sun to develop photos on fabrics. Although the entrepreneur received two offers from the Sharks, she exited without a deal.
Despite walking out without an offer, Jesse led her DIY venture towards success. Below are detailed insights about her success ride after the show, including a focus on the Lumi Shark Tank net worth. Along with this, there is a flashback to how Jesse’s product brought innovation to Shark Tank.
Lumi Shark Tank Net Worth
Jesse Genet caught the attention of the Shark investors during her appearance on the show in 2015. Her decision to refuse two deals on the show did not impact the growth of Lumi as it witnessed the ‘Shark Tank Effect.’ Three months after its episode was aired, Jesse’s venture went through a transformation.
The entrepreneur and her business partner Stephan Ango refocused Lumi’s purpose on packaging for brands. Their work was also seen for previous Shark Tank companies like Bombas.
By 2015, Lumi had made $2.5 million in sales with works across the US and 20 other countries. During that time, its customers were names like Parachute, Tuft & Needle, and MeUndies. The same year, it also launched Lumi.com, a new software platform for both designing and ordering custom-made packaging.
Following these developments, another breakthrough for Lumi happened in 2018 when it started 18,000 new projects. Plus, Jesse’s venture shipped 25 million units of packaging items. Three years after this, Narvar acquired Lumi.
But Jesse continued the operations of Lumi. When it comes to the Lumi Shark Tank net worth, as of September 2022, the business’s annual revenue has reached up to $9 million.
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Lumi Pitch Recap: Innovation On Shark Tank
Jesse Genet approached the Shark investors seeking $250K for 5% equity in Lumi. As discussed, the venture offered solar-powered printing inks that could print on tee shirts. Jesse emphasized that the do-it-yourself part of Lumi made the product ‘cool’ and different from others.
After giving a live demo of the business, which amazed the Shark investors, Jesse gave a quick background into its beginnings. She had started experimenting with the ‘Lumi process’ along with Stephan Ango after meeting him during her visit to the Art Center College of Design in Pasadena.
Securing funds from Kickstarter initiatives, the duo started making different things with the Lumi process. Although it included furniture, Jesse and Stephan wanted to develop kits that used Kinodye inks for creating DIY art projects and tee shirts.
By the time of its appearance on Shark Tank, Lumi had made $1 million in sales. However, the profits were ‘minimal’ as Jesse said they kept on ‘re-investing.’ The printing ink venture was then sold online and in big box craft stores.
Jesse further claimed that they had worked with Puma to start ‘creative factory workshops in Asia, Europe, and the Middle East. Following this, Lumi had sold more than 30,000 kits and had its presence in Michael’s, JoAnn Fabrics, and Urban Outfitters.
Keeping up with the growing speed of a tech-focused world, Jesse and Stephan also developed ‘Lumi Features.’ With this offering, the duo developed a community where people shared designs on YouTube.
Lumi Shark Tank: Final Deal
Mark Cuban exited the deal for Lumi as he did not like the DIY space. Barbara Corcoran was confused about Jesse’s business model, so she also did not invest. Although Kevin O’Leary was apprehensive about the valuation, he proposed two options for a final deal with Lumi’s entrepreneur.
Kevin’s offers were either $250K for 50% equity or $250K for an 8.55 interest loan plus 12.5% equity. Robert Herjavec proposed the next deal at $250K for 15% equity, which Jesse countered with a 5% equity plus a $100K loan for a 2% equity. Following this, Lori Greiner teamed up with Kevin for a $250K loan for 5%.
Jesse rejected all the offers as she was not willing to give up her equity share and walked out without a deal.
Conclusion
Lumi’s Shark Tank experience exemplifies the potential of innovation and perseverance. This can be said so because Jesse Genet’s decision to stick with her vision and not give away equity did wonders for the venture. With a focus on tech-led endeavors and packaging services, Lumi grew instantly.
The current Lumi Shark Tank net worth further reiterates the impact of Shark Tank Effect and a strong innovative idea.
References
- Jesse Genet, Wikipedia
- Lumi, Wikipedia
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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