It was a charming and unusual product that got all five sharks on CNBC’s The Shark Tank in a heated battle. It’s one of those products that you probably never would have dreamed of, never thought you needed, but once you see it, you have to have it, and once you use it, you will never want to live without out.
Max Gunawan’s company Lumino invented a small book that folds out into a portable lamp. The company was launched with $580, 000 courtesy of Kickstarter, when the target was only for $60, 000. In that time, Lumio created $1 million in sales for its lamp-in-a-book product and projected $2 million in sales.
Gunawan came on Shark Tank wanting $250, 000 for an 8% stake. Mark Cuban immediately asked, “There has to be something that follows this. What’s next?” Gunawan replied a miniature version would follow. “I want this to live in your bag, ” he said. Cuban offered $500, 000 for a 16% stake, double what Gunawan was looking for, but he settled for a little less money $250, 000 for a bit more autonomy, a smaller 10% stake for the investor, and took the offer made by Robert Herjavec, who said, “I like where you’re taking the company and the valuation is fair.”
All five stars of “Shark Tank” made an offer for the company; this is something that doesn’t happen often.