Jamie Siminoff’s Shark Tank Failure Help Boost His Net Worth
Jamie Siminoff is a celebrity entrepreneur. He first caught the spotlight when he made an appearance in the massive reality TV show Shark Tank as an entrepreneur seeking an investment. At the time, he encountered a failure as no one agreed to invest in him.
But the failure led to enormous success. And today, seven years after, Smminoff is a multimillionaire with a massive net worth. He is also the first Shark Tank pitcher who ended being a Shark himself.
Jamie Siminoff’s pitch to The Sharks was a Bust
In November 2013, Siminoff appeared on Shark Tank. He offered 10% of his company DoorBot to the Sharks for a $700,000 investment, which valued his company at seven million dollars at the time. The product he pitched was a Wi-Fi-enabled doorbell that allowed the user to see the person on the other side of the door and interact with them via a smartphone app.
However, he was unable to strike a deal at the time.
I’m sure you all are familiar with the home security and smart home company @ring, currently owned by Amazon. Well, this was their Shark Tank debut.. Formerly known as Doorbot, founder Jamie Siminoff came in the Tank in 2013. Back then, this type of system was very new to us and all but one Shark couldn’t see how it would play out in the market space. Boy, were we wrong, because Ring is now worth over one billion dollars...ð³ Though Jamie did receive an offer from the royalty master himself, Mr. Kevin O’Leary, he turned it down because he felt it wasn’t the best offer for his company at the time. This goes to show not only has another invention been ahead of its time and has gone on to prove us wrong, but that you shouldn’t always take an offer just because it’s offered to you ... also known as “not settling for less than you know you’re worth” Only you know what’s best for you and your company. If something doesn’t feel right, go with your gut, even if that means you’re in the same predicament as you started in. Look for other opportunities that better fall in line with your company values and needs at the time, and don’t give up because if you believe in your product/service THAT much, someone else is bound to also, especially when there’s a novelty element about it that has potential to outdo the competition in the space its in.
After his pitch went south, Siminoff renamed the company from DoorBot to the all-familiar, Ring. With the milage he received from simply being on the show, Ring managed to move three million dollars worth of products within the next twelve months.
Siminoff’s company also managed to attract investors like Richard Branson and Goldman Sachs, who eventually pumped $200 million into the company. The then-added capital propelled the company to unimaginable heights. As per a report by market research firm NPD Group, Ring had a 97% market share of its product category by 2017.
What is Jamie Siminoff’s Net Worth after Amazon Acquired Ring in 2018?
2018 was an eventful year for the security company as early on in the year, reports of Amazon acquiring Ring for a valuation of 1.2 to 1.8 billion dollars surfaced out. The deal became the second-largest Amazon acquisition ever and the most massive valuation ever for any company on Shark Tank.
In November 2013, Jamie Siminoff came on Shark Tank valuing his WiFi enabled video doorbell at $7 million. Four sharks passed & @kevinolearytv offered his typical loan/royalty deal. Siminoff passed. That company became @ring & today sold for more than $1 billion to Amazon. pic.twitter.com/U8T4ZUCmf0 — Darren Rovell (@darrenrovell) February 28, 2018
Since Siminoff still owned a 30% share in his company, as reported by Celebrity Net Worth, he grossed somewhere between $360 and $540 million before taxes from the deal. Susan Adams from Forbes also reported that Amazon was likely to allow Ring to operate independently like its other holdings such as Zappos and Audible—with Siminoff leading the pack as the "CEO of Santa Monica-based Ring."
jamie siminoff pitched a thing called doorbot on shark tank and everyone made fun of him and then he changed the name to ring and sold it to amazon for over $1b and now he’s on shark tank with the people that said no and has a flying robot drone don’t let your dreams be dreams — Quinn Nelson (@SnazzyQ) September 24, 2020
Because of his innovative company’s outstanding success, Siminoff currently has an impressive net worth of three hundred million dollars, as reported by Celebrity Net Worth.
Previously Made A $17 Million Partnership
The brilliant inventor had tried his luck with a series of other ventures before landing on the idea for DoorBot. He had invented a vitamin supplement called Body Mint containing chlorophyll designed to eliminate body odor. But, it suffered after it was found out that it turned its customers’ stools green.
Moreover, he had struck a $17 million partnership with a company called DiTech in 2009 for SimulScribe, a voicemail-to-text transcription-software maker. That deal alone made Siminoff more than a million bucks, but it left him depressed. He wanted to create something more impactful.
Nothing I was doing was impacting the world in a meaningful way,” he related about his career before Ring.
“Ring is the first company that I have started that has a true mission to impact people’s lives positively. At Ring, we’re focused on more than just making a product. We’re focused on our mission of reducing crime in neighborhoods. At Ring, we’re doing something much bigger, he added.
Finally, just as he wanted, he found his calling. When his wife, Erin, complained that he couldn’t hear the doorbell, he got the idea for a cell phone-connected doorbell. He found the idea deserving of his life savings. So, he made a factory in Taiwan to built him 5000 units of the first DoorBots. And from there, the rest is history.