Phil Bosua of Ferny Creek in Melbourne, is the creator of LIFX, a Wi-Fi enabled, multi-colour, energy efficient LED light-bulb that you can control with your iPhone or Android smartphone.
LIFX can not only be turned on and off using a smartphone, but can also have its colour and brightness changed, the report said.
It can also be programmed to be turned on at certain times and can even be set to match the beat of a song, as well as react to notifications on a smartphone like those from Twitter and Facebook and flash a certain colour, it added.
Bosua, 38, said that the idea to re-invent the light-bulb came to him about six months ago, when a friend relayed a frustration to him concerning renovating.
"Basically a friend of mine was sort of saying that they wished that they could have a wireless [light-bulb] switch in their home because they were renovating and didn't want to cut up their brick wall to run a wire down it," Bosua told Fairfax Media from New York, where Bosua is "learning how entrepreneurship works in America."
"And he basically asked me [what I could do about it], because he sort of knew that I was the inventive type.
"I said, 'Well, actually, I think there's something in that. I think it would be possible to connect your smartphone to your lights. [And] it really just grew from that," he said.
He said that LIFX light-bulbs can last up to 25 years and used up to 50 to 80 percent less energy than light-bulbs, currently used by many households.
He said that this was one of the reasons why he wanted to get his project off the ground, as he thought that current light-bulbs "didn't represent the smart culture of our day and our eco-aware sensibilities."