In 2013, Jamie Siminoff, the creator of Ring, went on “Shark Tank” in an attempt to raise money for his business. His proposal was turned down. He made a comeback to the show as a judge five years later.
On social media right now, a video honoring Jamie Siminoff’s incredible journey is becoming widely shared. The inventor of Ring, the first Wi-Fi video doorbell in history, Siminoff, debuted on “Shark Tank” in 2013 with his invention. All but one Shark turned down his offer, and he left the show empty-handed, only to reappear years later as a multi-millionaire investor.
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Since it was posted on X five days ago, a film chronicling the American businessman’s transformation from Shark Tank pitcher to Shark has received an incredible 14.6 million views.
Jamie Siminoff presented his video doorbell solution on the business reality show “Shark Tank” in September 2013. He sought to fund $700,000 for DoorBot, the name of his company at the time.
Siminoff was already bringing in $1 million a year in sales when he made his appearance on the show, according to Yahoo News. Except for Kevin O’Leary, all the panelists rejected his pitch, which he was hoping would win over one of the Sharks to invest in DoorBot.
Siminoff was offered a $700,000 loan by O’Leary, popularly known as “Mr Wonderful,” in exchange for a 10% fee on each sale made until the debt was repaid. He also requested 5% of the company’s ownership and a 7% royalty on all future sales. Siminoff turned down the offer and left the program without a settlement since he did not agree with the parameters of the arrangement.
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After Siminoff changed the company’s name to Ring, it prospered, drawing in outside funding and seeing a rise in sales. The appeal of his product was further enhanced by the “Shark Tank” episode. He previously told Business Insider, “We think the airing of Shark Tank generated at least $5 million in additional sales.”
Ring was purchased by Amazon for $1 billion in 2018, making it the company’s second-largest acquisition at the time, after Whole Foods. When Siminoff received an invitation to join “Shark Tank” as a guest judge for the 2018 season, he had the last laugh.
“I said yes right away,” he said. “If not for that exposure, Ring would not have survived or been where we are today.”
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