An Offer You Can't Refuse
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n the five years it took to develop energy-efficient lighting technologies and build Lumion Corp., a Wilmington, Delaware, holding company whose operations are in Toronto, co-founder Terry Mocherniak managed to raise a dollar or two. After an initial seed investment of $150,000 by Mocherniak, his brother and his father, he raised $600,000 more through two government grants. Another $1.7 million came from an institutional venture capital fund.
This money allowed Lumion to fund its production line, but by the summer of 1996, the company had shifted away from manufacturing toward a strategy of licensing its technology for electronic ballasts and lighting control systems. "The upshot was that to do this," says Mocherniak, "we needed $750,000 to $1 million to bring the technology to its completion."
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