The entrepreneurs went on Shark Tank and proposed their product with the tagline “Pee Responsibly.” Since the show aired and given them much-needed exposure, they have gone on to amass an outstanding estimated net worth of over $1.4 million.
IllumiBowl provides a variety of bright colors and shapes to make using the bathroom while you’re weary considerably simpler.
The creators came to this conclusion after noticing that it was difficult to urinate in the dark and that turning on the bathroom light would just wake you up.
IllumiBowl appears on Shark Tank.
Matt and Michael start with a $100K value for a 15% stake in their company. They advise against “doing it alone in the dark.” The discourse the Sharks have with the lads as they explain how it works as a repeating theme of “main priorities.”
When Daymond asks if the light is on the entire time he uses the toilet, they respond by explaining motion activation and giving him samples.
Robert is interested in why people choose not to use a nightlight, so they enlighten him on the benefits of having a goal. They cost just $3.98 to construct and box, yet they are listed on Kickstarter for $19.99 apiece. The profit margins are everything to the sharks!
They clarify that they are approaching businesses but would require funding to open an online store. In order to showcase their ability to project pictures into toilet bowls, they show the other four sharks a picture of Kevin. They are also developing technology that will allow them to do this.
Daymond is talking about “affordable future steps,” and if they take those steps, they won’t need the Sharks. He emerges! Kevin describes this as “kind of nuts.” He’ll take a 25% cut for $100,000.
It’s a novelty item, in Mark’s opinion. He asserts that it is a product and not a company. He emerges! Robert thinks they can buy their own inventory and that he wouldn’t be able to undercut Kevin on pricing for the same volume of goods. He emerges!
Due to Lori’s success with Squatty Potties, they don’t want to step on her toes. The lads agree after being asked what they think of Kevin’s offer! Kevin claims that he intends to illuminate every bathroom in America.
Deal with Kevin for a quarter of $100,000, and we’re done.
IllumiBowl started its Kickstarter campaign in October 2014 with a $20,000 funding target. In just 40 days, promises worth almost $90,000 were made. Alexander recounts how “we were utterly broken” during their first campaign.
Because Mike worked at Wal-Mart and I was both in college at the time, we had to raise the money through crowdfunding. Our concept and a small group of ardent supporters were both verified by the large number of people who were happy about the product’s success.
What is the financial position of Illumibowl? – The original users of Illumi Cup were re-engaged during the redevelopment process. Approximately 8,000 backers gave more than $225,000 during the second part of the Kickstarter campaign.
Everything is reliant on how well your relationships are.
After their Shark Tank deal was completed, Alexander and Kannely negotiated an exclusive distribution contract with Bed Bath & Beyond.
Then, agreements were reached with Wal-Mart and other suppliers so that it could be sold there. This improved IllumiBowl included a more potent motion sensor, adjustable dimming, and a broader array of color options.
We were in over our heads, Alexander acknowledges. We didn’t understand how many protocols we were breaking by conducting those other transactions when we had exclusivity with Bed Bath & Beyond, therefore our contract with them may have been void.
O’Leary was the only one who could rescue the day! Alexander and Kannely’s agreements with other stores were permitted while maintaining their Bed Bath & Beyond contract because of their “first dibs” on new goods. As a result, we have discovered that making thoughtful judgments and maintaining strong client connections are essential.