The entrepreneurs pitched this product with the slogan, “Pee Responsibly” when they went on Shark Tank and have gone on to build an impressive estimated net worth of over $1.4 million since the show aired and gave them much-needed exposure.
IllumiBowl offers various light colors and styles of light to make your bathroom targeting when tired much easier.
This was the result of the founders realizing that peeing in the dark was tough to do and that turning on the light in the bathroom would just wake you up.
On the Shark Tank: IllumiBowl
Matt and Michael enter with a valuation of $100K for 15% of their business. To avoid “doing it alone in the dark,'” they say. “Main priorities” are a recurring theme in the Sharks’ conversation with the lads as they illustrate how it works.
Daymond wonders if the light stays on throughout the entire restroom visit, and they explain motion activation to him as they hand out samples.
They explain the advantages of having a goal to Robert, who is curious as to why individuals refuse to use a nightlight. On Kickstarter, they are priced at $19.99 each, but only cost $3.98 to box and build. The Sharks are all about the profit margins!
They explain that they’re approaching stores, but they’d like the money to launch an internet shop. They’re also working on a technology that allows them to project images into the toilet bowl, and they demonstrate it by showing the other four sharks a photo of Kevin.
“Affordable future steps” are what Daymond is referring to, and they don’t need the Sharks if they do so. Out he goes! This is “sort of insane,” says Kevin. For $100,000, he’ll take a 25 percent cut.
Mark considers it a novelty item. He claims that it’s a product, not a business entity. Out he goes! Robert believes that they can acquire their own inventory and that he would not be able to offer a better price than Kevin for the same amount of merchandise. Out he goes!
They don’t want to step on Lori’s toes because of her success with Squatty Potties. After asking the boys what they think of Kevin’s offer, they accept! In Kevin’s words, he plans to light up all of America’s restrooms!
Deal with Kevin for $100,000 for a quarter of that amount, and we’re done.
With a funding goal of $20,000, IllumiBowl launched its Kickstarter campaign in October 2014. Promises totaling over $90,000 were made in just 40 days. During their first campaign, Alexander recalls how “we were absolutely broken.”
We had to raise the money through crowdfunding because I was in college and Mike worked at Wal-Mart at the time. With so many individuals excited about the product’s success, our idea and a small number of enthusiastic supporters were both validated.
What is Illumibowl’s financial situation? – When we redesigned Illumi Cup, we re-engaged the original users. During the second phase of the Kickstarter campaign, approximately 8,000 backers contributed more than $225,000.
Everything Depends on The Quality of Your Relationships.
Alexander and Kannely signed an exclusive distribution agreement with Bed Bath & Beyond once their Shark Tank transaction was finalized.
A better IllumiBowl was then developed, featuring a more powerful motion sensor, customizable dimming, and a wider range of color selections, and deals were made with Wal-Mart and other suppliers so that it could be sold there.
Alexander admits, “We were in well over our heads.” Our contract with Bed Bath & Beyond may have been invalidated since we didn’t realize how many protocols we were violating by making those other transactions when we had exclusivity with them.
There was only one person who could save the day: O’Leary! “First dibs” on new products allowed Alexander and Kannely’s arrangements with other retailers while preserving their Bed Bath and Beyond contract. As a result, we’ve learned not to rush into decisions and that keeping solid buyer relationships is crucial.”
What is the best toilet night light?
- RainBowl. Motion Sensor Toilet Night Light. Potty-Training Tool.
- VINTAR. 16-Color Motion Sensor LED Toilet Night Light. Supreme Motion Detection.
- ROYFACC. 8-Color LED Toilet Light Motion Detection. Great for Safety.
- LumiLux. Advanced 16-Color Motion Sensor LED Toilet Bowl Night.