Mr Jamie Siminoff entered the ‘Shark Tank’ back in 2013, stating that “Consumers are currently spending billions of dollars to outfit their homes with apps working via their smartphones, but no one has made a change to the doorbell.”
There to promote his product called Ring (pitching it as “caller ID for your door”), the sharks didn’t bite that time around, except for Mr Kevin O’Leary, who offered him a $700,000 loan, wanted 10% of all sales until the loan was paid off, wanted 7% royalties on all future sales and on top of that a 5% stake in the company. Mr Siminoff said no.
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Amazon.com has now bested the Sharks by offering Mr Siminoff more than $1 billion for his company.
The now CEO of his own successful company Mr Siminoff said: "I remember after that 'Shark Tank' episode literally being in tears."
"I needed the money, we were out of money at the time."
"I can't count the number of people who didn't invest in this, who said 'no,' the number of people who said it was going to fail,"
"I don't think Microsoft Excel could hold the number of records for it."
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">In November 2013, Jamie Siminoff came on Shark Tank valuing his WiFi enabled video doorbell at $7 million. Four sharks passed & <a href="https://twitter.com/kevinolearytv?ref_src=twsrc%5Etfw">@kevinolearytv</a> offered his typical loan/royalty deal. Siminoff passed. That company became <a href="https://twitter.com/ring?ref_src=twsrc%5Etfw">@ring</a> & today sold for more than $1 billion to Amazon. <a href="https://t.co/U8T4ZUCmf0">pic.twitter.com/U8T4ZUCmf0</a></p>— Darren Rovell (@darrenrovell) <a href="https://twitter.com/darrenrovell/status/968648328715128832?ref_src=twsrc%5Etfw">February 28, 2018</a></blockquote>
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One prominent investor did catch on quite early though, Virgin Group billionaire Mr Richard Branson, who put up $28 million to invest in the company in 2015.
Mr Branson said at the time: “I couldn’t quite work out why the sharks turned him down, it just seemed to be a wonderful idea.”