How to Embrace a Go-Slow Approach to Building a Business
Design entrepreneur Max Gunawan of Lumio on what he gained by tapping the brakes.
Lumio’s Lito Classic lamp.
Source: Lumio
When Max Gunawan launched design-focused startup Lumio on Kickstarter in 2013, he craved not only a creative outlet, but also an alternative to the high-stress world of architecture he’d inhabited for a decade. Within two years, Gunawan progressed from developing his first product, an LED lamp that opens like a book, to wooing backers on the TV show Shark Tank.
Although Gunawan, 41, snared an investor on the entrepreneurship reality show, he declined the offer because he wasn’t prepared to sacrifice control. Lumio has since secured deals with more than 200 retailers worldwide, and this winter—eight years after getting started—Gunawan is releasing his second innovation: Teno, a sculptural light and portable Bluetooth speaker. Gunawan shared his thoughts on ditching the faster-is-better approach to business. This interview has been edited for length and clarity.