IllumiBowl – Toilet Night Light
DEAL
EPISODE SUMMARY
🕓 Air Date: March 11, 2016
Asking For:
$100,000 for 15%
Investor:
Kevin O'Leary
Deal:
$100,000 for 25%
PRODUCT SUMMARY
IllumiBowl is a motion-activated toilet-bowl night-light designed to provide a soft glow during nighttime bathroom visits, preventing the need for blinding lights.
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Background Story
Matt Alexander and Mike Kannely present their product, IllumiBowl, on Shark Tank. The founders highlight the common dilemma of choosing between blinding lights and stumbling in the dark during nighttime bathroom visits. IllumiBowl, a motion-activated toilet-bowl night light, is their solution. The founders emphasize its modern design, state-of-the-art manufacturing, and practicality in lighting up the bathroom without disturbing sleep.
The Product
IllumiBowl operates on a two-minute timer, turning on whenever motion is detected in the bathroom. It easily attaches to the edge of any toilet bowl and provides a soft glow to guide users without the need for bright lights. The device is compact, clean, and designed to last for years.
The founders address concerns about its safety, explaining that the product is designed to avoid electric shocks and is easily removable for cleaning with a suction-cup mechanism.
How It Went
The company’s position before Shark Tank
The founders have sold 6,500 units through a Kickstarter campaign, generating $100,000 in sales. The unit is priced at $19.99, with a landed cost of $3.98, covering packaging and assembly. They currently have $100,000 from the Kickstarter campaign, which they intend to use for inventory. While they haven’t ventured into retail sales yet, they have potential deals with local stores like Krogers and Ace Hardwares.
The Negotiations:
The Sharks inquire about the product’s market positioning and competition. Mark Cuban expresses his skepticism, stating that IllumiBowl is a product, not a company. Lori Greiner and Robert Herjavec decided to pass on the opportunity. Kevin O’Leary makes an offer of $100,000 for a 25% equity stake, which the founders accept, securing a deal with him. Despite efforts to negotiate the terms, Kevin stands firm on his initial offer. Barbara Corcoran exits the deal due to a potential conflict of interest with a product called Squatty Potty.
In the end, Matt and Mike are thrilled to secure a deal with Kevin O’Leary, who humorously embraces the idea of being in the toilet business. The founders express their excitement, grateful for the opportunity to turn their dream into reality through a deal on Shark Tank.
