Welcome!

News Feed Item

University of Texas at Dallas Alumni Strike Deal with Mark Cuban on 'Shark Tank'

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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...