Prime Highlights
- Jamie Siminoff prepared intensely for his pitch on Shark Tank, even recreating the show’s set in his backyard to practice with neighbors acting as investors.
- Despite rejecting the only offer on the show, his company, Ring, later grew into a major success.
Key Facts
- Amazon acquired Ring in 2018 for about $1 billion, making it one of the biggest missed deals in Shark Tank history.
- After his company’s success, Jamie Siminoff returned to Shark Tank in 2018 as a guest shark instead of a contestant.
Background:
Entrepreneur Jamie Siminoff turned a missed deal on Shark Tank into one of the show’s most remarkable business success stories. His company Ring, originally known as DoorBot, later grew into a billion-dollar brand and was acquired by Amazon in 2018 for about $1 billion.
Siminoff appeared on the popular business reality show in 2013 to pitch his video-enabled doorbell startup. At the time, the product had been on the market for less than a year. Despite the early stage of his company, he took a leap of faith and applied to appear on the show. Out of more than 30,000 applicants that year, Siminoff secured a spot and eventually made it on air.
However, he did not rely only on luck. Siminoff said he prepared for the opportunity with the focus and discipline of an Olympic athlete. Before filming, Jamie Siminoff recreated the Shark Tank set in his backyard and asked his neighbors to act as investors. They asked him many questions so he could practice and improve his pitch.
When Siminoff stepped onto the show, he asked the investors for $700,000 in exchange for a 10 percent stake in the company. Only one investor, Kevin O’Leary, made an offer. O’Leary proposed a $700,000 loan combined with royalties and a five percent equity stake. Siminoff decided not to accept the deal because he felt the terms were not right for his company.
Even though he did not get an investment on the show, the pitch helped bring a lot of attention to the product. Over time, Ring continued to grow and gained support from customers and investors.
In 2018, Amazon bought Ring for about $1 billion. The deal later became known as one of the biggest missed opportunities in Shark Tank history. In the same year, Jamie Siminoff returned to the show as a guest shark instead of a contestant.