UTD alumni survive, thrive in
‘Shark Tank’
Mark Cuban invests in innovative Plano lighting startup
by robert francis
T
- [email protected]
wo former students at
Bora, who worked with entrethe University of Texas
preneurship professors, earned
at Dallas’ Naveen Jindal
their MBAs in 2010. The Jindal
School of Management
School encouraged Egan and
Full-Time MBA Program went
Bora and other students and
into the Shark Tank and not
alumni to audition for Shark
only survived, but emerged
Tank last year.
with a $350,000 deal with Mark
It’s not the first investment
Cuban.
success for the company. Ilumi’s
Ilumi co-founders Corey
appearance on Shark Tank
Egan and Swapnil Bora braved
comes on the heels of successthe sometimes nasty waters
ful Indiegogo and Kickstarter
of Shark Tank to present an
campaigns where the company
investment opportunity for
raised over $200,000 total in
Shark Tank is a reality TV show that features entrepreneurs making a pitch to five
their company to Cuban, Lori
crowd funding.
Greiner, Barbara Corcoran, Rob- potential investors – the “sharks” – to support their product or idea.
During the program, Egan
ert Herjavec and Kevin O’Leary. For the
explained that users can program lights to
uninitiated, Shark Tank is a reality TV show
create a sunrise effect, romantic candlethat features entrepreneurs making a pitch
light or even a post-Dallas Mavericks
to five potential investors – the “sharks” –
game celebration. The latter is exactly
to support their product or idea.
what they did during the program.
Plano-based ilumi is a series of color
“Mark, represent your team and ours
tunable LED Smartbulbs controlled wireby lighting it up blue and green on game
lessly via Bluetooth using an app for iOS
day,” Egan said. “After the Mavericks win,
or Android. According to the company,
let the celebration begin.” Then, Egan and
ilumi lighting systems are seven times
Bora danced as the lights changed colors
more energy efficient than a regular light
during the ABC primetime program.
bulb and will last for up to 20 years.
Dancing with the Stars may not be in their
The outcome was great, said Lisa Shatz,
future, but the pitch worked: After some
Jindal School assistant dean of MBA
negotiation with O’Leary, Cuban offered
programs and director of the Full-Time
the funds for a 25-percent ownership of
at the school as students.
MBA Program.
their company, which has patents pending
“Swapnil and I were actually classmates
“This is absolutely as good as it gets,”
and aims to ship its product by the end of
at UT Dallas, where we came up with the
she told Egan and Bora shortly after the
the year.
idea,” Egan said.
programed aired on April 18. “You guys
“Mark’s just going to be just like fuel on
The Shark Tank victory is not the forrolled up your sleeves. You did not give
the fire,” Egan said in an interview on the
up. You kept going… We are so incredibly mer students’ first success in a competitive show. “This thing is going to spread like
venue. Ilumi won the 2010 UT Dallas
proud of you.”
wildfire and ilumi’s going to shine across
Business Idea Competition. Egan and
UT Dallas alumni Egan and Bora met
the world.”
14
Research Texas
Spring 2014