A video celebrating the remarkable journey of Jamie Siminoff is currently going viral on social media. Siminoff is the man behind world's first Wi-Fi video doorbell, Ring, who appeared on “Shark Tank” with his product in 2013, was rejected by all but one Shark and walked off without a deal – only to return to the show years later as a millionaire investor himself.
A video capturing the American entrepreneur’s journey from Shark Tank pitcher to Shark has garnered a staggering 14.6 million views on X since being shared five days ago.
In September 2013, Jamie Siminoff went on the business reality show “Shark Tank” with his product - a video doorbell. He wanted to raise $700,000 for his company, which was then called DoorBot.
When he appeared on the show, Siminoff was already raking in $1 million annually in sales, according to Yahoo News. He hoped to rope in one of the Sharks as an investor in DoorBot, but his pitch was rejected by all the panellists except Kevin O'Leary.
O'Leary, also known as “Mr Wonderful,” offered Siminoff a $700,000 loan in return of a 10% commission on every sale until the loan was paid off. He also wanted a 7% royalty on all future sales, plus 5% of the company's equity. The terms of the deal were not acceptable to Siminoff, who rejected the offer and walked out of the show without a deal.
Siminoff rebranded the company as Ring and it continued to do well – attracting investments from other sources and growing in sales. The “Shark Tank” episode also contributed to his product’s popularity. “We think we got at least $5 million of additional sales through the airing of 'Shark Tank,” he once told Business Insider.
In 2018, Amazon acquired Ring for $1 billion, the company's second-largest acquisition at the time after Whole Foods. Siminoff had the last laugh when he was invited to “Shark Tank” as a guest judge for its 2018 season.
“That was a quick yes for me,” he said. “Ring would never have survived or been where we've been if it hadn't been for that exposure.”
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