|By PR Newswire||
|April 22, 2014 12:17 PM EDT||
RICHARDSON, Texas, April 22, 2014 /PRNewswire-USNewswire/ -- University of Texas at Dallas alumni Corey Egan MBA'10 and Swapnil Bora MBA'11 have emerged from the "Shark Tank" reality television show with a $350,000 deal with entrepreneur and Dallas Mavericks owner Mark Cuban.
Egan and Bora, who appeared on the episode of "Shark Tank" that aired April 18, developed the idea of smartphone-controlled light bulbs for their Plano-based business, ilumi, as students in the Naveen Jindal School of Management Full-Time MBA Program. The company makes LED "smartbulbs" that allow users to control lighting levels and colors through a mobile app.
They asked for $350,000 from the "sharks" (who are well-known business people and investors) in return for 15 percent ownership.
"Your money gets our products into customers' hands," Egan told the investors, explaining that the product was in the final stages of development.
Cuban offered $350,000 for 25 percent. He then backed out after seeing Egan's hesitation, but then gave the men a second chance.
"Mark, would you be willing to meet in the middle at 20 percent?" Egan asked.
"I'm going to stick to the 25, guys, because you know I can bring a huge amount of value," Cuban said.
In the end, the classmates-turned-business-partners accepted the deal and have now welcomed Cuban to their newly formed team. The product began shipping this week.
"The great thing about getting Mark Cuban on-board is that we're able to grow our team," Egan told a group of about 100 Jindal School administrators, professors and friends who attended a watch party the school hosted Friday. "This is not the destination. This is just one of the milestones along the way."
Egan, his family and ilumi employees cheered for Egan and Bora throughout the television reality show at a Plano restaurant while Bora, who was in India, joined via Skype.
"This is absolutely as good as it gets," said Lisa Shatz, Jindal School assistant dean of MBA programs and director of the Full-Time MBA Program. "You guys rolled up your sleeves. You did not give up. You kept going… We are so incredibly proud of you."
The entrepreneurs met at the Jindal School while earning their MBAs. Egan earned his MBA in marketing with a focus on product development and Bora's focus was finance and strategy.
"The minute you meet Swapnil, you can tell he's brilliant; he's just so bright," Shatz said. "And Corey is just one of those people that you see so much potential in because he just has it all put together. When I first met him, he wasn't sure what he wanted to do or how he was going to get there, but I had no doubt that he was going to be successful."
The "Shark Tank" victory is not the students' first. Ilumi won the 2010 UT Dallas Business Idea Competition.
After they graduated, Egan and Bora continued to seek input from professors as they developed their business. They were open to feedback and didn't give up when faced with setbacks, said Jackie Kimzey, executive director of the Jindal School's Institute for Innovation and Entrepreneurship.
"Number one, they were very passionate about their idea," Kimzey said. "And they were very serious and persistent."
During the "Shark Tank" presentation Egan explained that users of the product can program lights to create a sunrise effect, romantic candlelight or even a post Dallas Mavericks game celebration.
"Mark, represent your team and ours by lighting it up blue and green on game day," Egan said. "After the Mavericks win, let the celebration begin." Then, Egan and Bora danced as the lights changed colors.
The pitch worked.
"Mark's going to be just like fuel on the fire," Egan said in an interview on the show. "This thing is going to spread like wildfire and ilumi's going to shine across the world."
During the watch party, Egan thanked his professors and other mentors for their assistance and support during years of hard work developing the business idea.
"In the end, we're very excited with the outcome that we hooked a big one," he said.
SOURCE University of Texas at Dallas
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 21, 2017 02:45 PM EST Reads: 1,154
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Jan. 21, 2017 02:30 PM EST Reads: 693
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 21, 2017 01:45 PM EST Reads: 5,272
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 21, 2017 01:45 PM EST Reads: 3,622
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 21, 2017 01:45 PM EST Reads: 5,777
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Jan. 21, 2017 01:15 PM EST Reads: 2,612
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 21, 2017 12:45 PM EST Reads: 4,379
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 21, 2017 12:15 PM EST Reads: 3,740
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Jan. 21, 2017 12:15 PM EST Reads: 1,773
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Jan. 21, 2017 11:45 AM EST Reads: 4,137
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
Jan. 21, 2017 11:45 AM EST Reads: 1,848
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 21, 2017 11:30 AM EST Reads: 11,604
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Jan. 21, 2017 11:30 AM EST Reads: 6,438
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Jan. 21, 2017 11:30 AM EST Reads: 2,808
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Jan. 21, 2017 11:15 AM EST Reads: 6,123