Ring’s CEO and founder Jamie Siminoff went on the reality show Shark Tank back in 2013, pitching his business that was then called Doorbot. It sold a WiFi-enabled doorbell that allowed users to see video of and talk to people as they arrived at the front door. All of the investors but Kevin O’Leary passed, and he made what Siminoff considered an unacceptable offer. Doorbot didn’t make a deal. Siminoff told reporters, he sunk $10,000 into building props for the pitch, and the company’s staff of eight had spent a month preparing for the show. Unfortunately he didn’t’t get a deal on Shark Tank, but after the show aired sales of Doorbots exploded, surging to $3 million within the year. The critiques from investors like Mark Cuban and Lori Greiner where questions about the product’s ability to sell. Ironically, the company made an appearance on QVC, Siminoff said he sold “140,000 units, $22.5 million dollars worth of sales in 24 hours, one of the most successful sales they’ve had of the year.”As the business grew, he didn’t want to be just one product, so he built a whole line of home security solutions and re-branded it as Ring. From what I understand, Amazon just purchased the company for over +$1 billion! What an amazing success story. This all stemmed from the founder Jamie Siminoff wanting to be able to see who was ringing his doorbell while he was working in his garage.

Leave a Reply

Your email address will not be published. Required fields are marked *