LUCY Drawing Tool
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 29, 2022
Asking For:
$300,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
LUCID-Art sells the LUCY drawing tool, a reinvention of the classic camera lucida, which helps anyone become an artist and any artist become a master by allowing them to draw over reflected images with ease.
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Background Story
LUCID-Art, the company behind the innovative LUCY drawing tool, was founded by Les Cookson, a seasoned artist and inventor with a passion for creating practical tools for fellow artists. Cookson’s journey began in his early years, where he displayed a natural inclination toward art and design. His fascination with the historical device, the camera lucida, sparked the idea for the LUCY drawing tool. While attending art classes in his early twenties, Cookson was introduced to the camera lucida, which left a lasting impression on him.
Intrigued by its potential but dissatisfied with its limitations, he embarked on a four-year journey of relentless tinkering and improvement in his garage. His goal was to develop a modern version that addressed the shortcomings of the original device. The culmination of Cookson’s dedication and creativity resulted in the LUCY drawing tool, a reinvention of the traditional camera lucida. This innovative tool enables artists, whether amateur or professional, to create intricate and detailed drawings with relative ease.
By providing a hologram-like reflection of the subject matter, the LUCY empowers artists to produce high-quality artwork more efficiently. Cookson’s extensive experience in the world of art and his relentless pursuit of enhancing artistic tools led to the creation of LUCY, ultimately propelling his company, LUCID-Art, to substantial success in the art community. The company’s exact location was not specified in the provided transcript.
The Product
The LUCY drawing tool, developed by LUCID-Art, is a cutting-edge device that revolutionizes the artistic process for both aspiring and professional artists. The product operates by securely clamping onto a table, allowing users to position their desired subject matter in front of it. Upon looking through the viewing window, users are presented with a three-dimensional hologram-like image of the subject, which they can then trace or draw over to create their artwork.
The LUCY doesn’t automate the drawing process but significantly expedites and enhances the user’s drawing capabilities over time. Its unique design allows for a seamless and user-friendly experience, making it accessible to artists of varying skill levels. The device’s benefits lie in its ability to assist artists in creating intricate and detailed drawings with relative ease and efficiency, enabling them to produce high-quality artwork rapidly.
Customers can purchase the LUCY drawing tool directly from the LUCID-Art website, where it is available for approximately $128. Its affordability, coupled with its effectiveness in enhancing artistic output, has contributed significantly to its popularity among a diverse clientele, ranging from aspiring artists looking to improve their skills to seasoned professionals seeking to streamline their creative process. LUCY’s user-friendly interface and ability to accelerate the learning curve for artists have cemented its position as a game-changer in the world of art and design.
How It Went
The company’s position before Shark Tank
LUCID-Art has demonstrated robust performance and a strong position in the art tools market, bolstered by the success of the LUCY drawing tool. With over $10 million in lifetime sales and a remarkable $3.7 million in sales over the past year, the company has positioned itself as a significant player in the industry. Notably, the company’s direct-to-consumer sales strategy, primarily through their website, accounts for a substantial 95% of their total sales. Their efficient direct-to-consumer approach has helped them build a strong and loyal customer base, contributing to their impressive financial performance.
While specific partners and wholesalers were not mentioned in the provided transcript, LUCID-Art’s customer base comprises a diverse range of individuals, including both amateur artists looking to enhance their drawing skills and professional artists seeking to streamline their creative process. The LUCY drawing tool has garnered significant attention and demand due to its user-friendly design and its ability to aid artists in creating intricate and detailed artwork with relative ease.
In terms of funding, LUCID-Art’s primary source appears to be the revenue generated from product sales, with a strong profit margin contributing to the company’s financial stability. The company has demonstrated significant profitability, achieving a commendable $1.6 million in profit over the past year. While the company’s exact available capital was not explicitly stated, their substantial profit margin and steady revenue stream from direct-to-consumer sales likely contribute to a healthy financial position and available capital for business operations and growth initiatives.
The Negotiations:
During the negotiation phase on the show “Shark Tank,” Les Cookson, the founder of LUCID-Art, presented the LUCY drawing tool with impressive sales figures and profitability, emphasizing the widespread appeal and demand for the product within the art community. While the Sharks acknowledged the company’s resounding success, they ultimately declined to invest, citing varying reasons such as a lack of personal interest or alignment with their specific investment portfolios and preferences.
Daymond John, the last remaining investor showing genuine interest in the product, expressed his enthusiasm by making a solid offer of $300,000 for a 20% stake in the company, acknowledging the product’s potential and the company’s remarkable financial achievements. However, Cookson, recognizing the value John could bring to the business, sought a slightly lower stake of 15% in the company during the negotiation process. Despite their concerted negotiation efforts, the two parties were unable to reach an agreement on the terms, leading to the eventual decision not to pursue a deal.
The negotiation process provided a platform for Cookson to showcase the widespread appeal and commercial viability of the LUCY drawing tool, with the Sharks acknowledging the company’s exemplary track record and its significant impact in the art tools industry. Although a deal wasn’t reached, the discussion underscored the promising prospects for LUCID-Art’s future growth and development, affirming the market’s recognition of the LUCY drawing tool’s value and its potential for continued success in the ever-evolving landscape of art tools and technology.
