The present light bulb uses electronic light generating sources and serves as a replacement for incandescent lamps or other lamps or so-called "light bulbs." The light bulb is comprised of a plurality of individual light sources, such as light emitting diodes (LED's), capable of emitting white light or blue light or light of any other desired color. These light emitting elements are enclosed in an outer bulb housing that may include an optical tuning element and provided with the proper base for connection to a power source, e.g. a socket. The light bulb is characterized by a housing having a round top and a somewhat funnel-shaped side wall connected to the base. The side wall is constructed with the desired angle of taper in order to obtain the desired angle of dispersion of the light. The interior of the tapered portion is provided with a mirrored surface so as to reflect light in the interior of the bulb and thereby obtain a wide angle of dispersion. An inner peripheral row of LED's or other light sources is also provided so that additional backlight is reflected back into the interior of the bulb housing, reflect off of the mirrored surface and, thereafter, allowed to escape through the round top with a wide angle of dispersion. In addition, the optical tuning element may include reflective portions, opaque portions, and transparent portions to further provide functionality and means for adjusting the dispersion of the light emitted from the light bulb.