Subscribe to Numbers Geek in Apple Podcasts, Google Podcasts, Spotify, Stitcher or wherever you listen. How Jamie Siminoff Turned 'Shark Tank' Loss Into A $28 Million Win. https://amzn.to/2BWERjzThis is the Doorbot pitch to the sharks on Shark Tank season 5 episode 9. Just four years ago, post Shark TankÂ appearance, Ring, which was then called DoorBot, was almost finished. I think a lot of people who would have invented the technology would have said, “Hey, I can see who’s at the door, isn’t this great? Our KPI, our success, has always been around how much can we reduce crime? Founder and CEO Jamie Siminoff created Ring in his garage and debuted it at the Consumer Electronics Show (CES) in 2011. And so, it wasn’t that I was like a motivational person, or had a real positive attitude, I just didn’t want to actually die, and so I kept pushing it forward. In a recent TV spot, Shaq and Siminoff praise Vicki whose video from her Ring doorbell shows her chasing off an intruder while yelling "Get the f*** out of here!". SEATTLE â In 2013, inventor Jamie Siminoff brought his idea for a video doorbell to TV's "Shark Tank," hoping to find a backer for his new company. Siminoff â¦ Richard Branson came on as an investor in 2015 after a visitor to his island used it to check on their front door from thousands of miles away on an island paradise. Really?” So, we had to build this … today, they actually do the sets for the companies. This is the second of two Numbers Geek episodes featuring the numbers from Shark Tank. It was a tough day. 2017-07-12T19:33:33.000Z Enso Rings entered the Shark Tank with their rings made of silicone. What potential does technology have to reduce that even further, and what happens in that trend? Record a 30-60 second voice memo on your smartphone and send it to firstname.lastname@example.org, for a chance to be featured on Numbers Geek. The money is a great scorecard or scoreboard and it’s obviously great on other things, but it really doesn’t drive you as a human to like what you want to do and that’s why the impact is what really got me. I think it will. And I think that’s missed a lot. The answer is key for herd immunity, research finds. Appearing on Shark Tank actually ended up being a pivotal moment for Siminoff. And definitely, numbers are a good part of that. Numbers Geek is a GeekWire podcast and video series that uses numbers and data to illuminate and explain some of the biggest issues facing the country and the world. Five years later, Ring sold to Amazon for $1.1 billion and Siminoff is appearing as a judge on the season 10 premiere of Shark Tank. Because that’s the stake in the company that Richard Branson later took. I was in my garage, and I was working on something else, a couple of other things, and I couldn’t hear the doorbell, and I thought, why wouldn’t it go to my phone? We just did one recently in Newark where we took two neighborhoods, with a little bit over 10 percent of Rings in those neighborhoods, and with that, we were able to reduce crime by over 50% of burglaries. The company, it turned out, was worth that or more. Photo via Flickr user Christopher Michel/Wikimedia Commons. In response, Siminoff made personal house calls to 50 customers over the next nine months. I’ve had many private failures, but they’re not I guess on ABC for twelve minutes on primetime TV. But it is damn satisfying to learn just how wrong the season 5 Shark Tank judgesâincluding billionaire Mark Cubanâreally were to send Siminoff packing. He pitched his doorbell, then called DoorBot as a Shark Tank entrepreneur in 2013, turned down the only offer he received from Shark Kevin O'Leary and left without a deal. The sharks â¦ I think we will continue to reduce and make neighborhoods safer with the technologies that are coming out, because if you look at these crimes, and especially … we focus on burglaries, sort of car vandalism, package theft, the things that are sort of neighborhood crime. Back in 2013, Jamie Siminoff was the founder and chief inventor of a struggling video doorbell company who was pinning all the startup’s hopes on his appearance on Shark Tank. What does it mean to you that this company you first thought was worth $7 million, and you walked away empty handed, rose to very significant valuations? Then Siminoff set out to get Ring into big box stores such as Best Buy, Home Depot, and Target. 5 ï»¿ Billionaire Richard Branson was subsequently part of a â¦ Shaquille O'Neal also cashed in on Ring's sale. The pitch began with Brighton Jones holding a metal wedding ring in his hand and referring to it as a âFinger Amputation Device.â Then, he literally brought out the big guns when an award-winning bodybuilder entered the tank. It just seemed to like make total sense, and my wife was the one who said it makes her feel safer. Today He Sold His Company Ring To Amazon For $1.2 Billion+. Line Cutterz is a finger ring with a built-in, double-sided blade to cut fishing line. So that was really the ah-ha moment. It was like ten or twenty thousand dollars. It’s like I have gates on the house, like rich people gates. Â Google's Nest is expanding to offer home security devices, including a $229 video doorbell. For me, that was the ah-ha moment of wow, this is the worst thing I’ve ever put on the house, and she usually gets so mad when I do this, and she felt safer at home. It was funny, because one of the Shark Tank producers, Kate, who I’m still friends with, said, “I have this vision that we’re going to have thing,” and I’m like, “That’s amazing. You did not get a deal. However, the problem was, that early doorbell had poor picture quality, bad sound, and a WiFi connection that failed far too often. Ring doorbells were installed in 10% of the homes in the neighborhood. We knew that if we could talk with the sharks about the safety, cost-effectiveness, and the comfort of silicone rings, they'd be ready to jump on board with our business plan! The company was living on fumes. In 2016, Shaquille O'Neal signed on as Ring's pitchman in exchange for an equity stake in the company. He thought it was worth $7 million. Foxconn extended him a line of credit to cover the first 30,000 doorbells at $100 each. I had everything in it, that all I could do was keep going. You walked away empty handed. I mean, obviously, I am a human being, so it is amazing to look back and to see those numbers, numbers I honestly never in my life, in my wildest dreams, ever thought I would achieve, but what really drove me was, I am an inventor, and I think the impact of the product, seeing it no matter where I drive around, what neighborhood it is. There are a variety of sizes from mini to jumbo, so every fidgeter can find the perfect fit. What’s the most important number in your world? I love it. That thing is still in the entrance to our lobby today. Plot twist in your entire story, is that you have gone back on Shark Tank as a guest shark. Why?” And they just fall apart. In 2011, Siminoff created Ring (then known as Doorbot), a WiFi-enabled video doorbell, as a way to see his doorbell when he was in the garage. Caldwell. He taped his segment four months later. So it wasn’t that I was that wrong. In November 2013, an entrepreneur named Jamie Siminoff pitched his idea for a âsmart doorbellâ on the reality show Shark Tank. The show aired in November 2013. It wasn’t my only failure, and so it was very hard to get people to believe in not only a product, but this mission of reducing crime in neighborhoods, because I looked like a crazy man, in my garage in Los Angeles, with this sort of doorbell that I had built called DoorBot at the time, saying, “I’m going to reduce crime in neighborhoods.” I mean, I’m just lucky I wasn’t committed to a home somewhere. When you went on Shark Tank, how much money was left in the company’s bank account at that point? So, you walk away empty handed. Because if it was not for you we would not exist as a company. Mark Cuban Passed On Ring On Shark Tank. I was convinced going on that I was going to get Mark Cuban to invest, and he literally, within … it was so quick that he was just like, “Jamie, it’s great, but I’m out.” And I was like, “Oh.” And then it kind of went down the line and everyone went out, and I went back to my garage broke and broken. Whatever the reason is behind the valuation, have something that’s very clear, that builds it up to allow that to exist. Siminoff paid $1 million to acquire the ring.com domain from a squatter. Explaining that he has been fishing since he could walk, Vance tells the Sharks the fishing is in his blood. Collection: Thread Cutterz Rings - As Seen On Shark Tank - Cut Thread, Yarn, Embroidery Floss and More! What’s the best psychological trick on that show? Why are you in business, to do what for who? What is our effectiveness of actually reducing crime? What advice would you give to future entrepreneurs in terms of the numbers they present to the sharks when they come on the show? So, I was really pitching a dream that was out there, and you could see the dream was starting to build, but I think for an investor … and it wasn’t just the sharks, I mean, we had hundreds of investors say no. The ring, which costs $12, is equipped with a double-sided blade and adjustable Velcro strap, and can cut mono-filament and braided fishing line. It was just horrible times. The biggest departure from these is his Chaney fidget, which is like a small ring of bicycle chain that easily fits in the hand. Kevin O'Leary offered Siminoff a $700,000 loan in exchange for 10% of sales until the loan was paid back and a 7% cut of all sales from that point on, plus 5% equity in the company. If you were to go back again to Shark Tank, would you do anything different in terms of the numbers that you presented to the panel there? Foxconn is the Chinese company that builds iPhones. With the acquisition of Ring, one can assume that $99 doorbell has been shelved. Shark tank ring is something that did/t happen the way it was expected rather it happened another way where the ring was a guest shark. Â Oh, and if one of the Sharks had accepted Siminoff's terms of 10% equity for a $700,000 investment, that investment would be worth around $180 million today.