ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Shark Tank's biggest ever miss was sold for $1 billion and used by millions of Americans every day

Jaime Siminoff, whose pitch was rejected by all but one shark, walked out without a deal. He returned to the show as a millionaire investor.
UPDATED NOV 18, 2024
Shark Tank investors posing for a photogragh | Cover Image Source: Shark Tank/ABC Network
Shark Tank investors posing for a photogragh | Cover Image Source: Shark Tank/ABC Network

When Jaime Siminoff, the founder of Doorbell Ring (formerly known as Doorbot), appeared on Shark Tank, he valued his company at $7 million asking for $700,000 for a 10% stake in the company. His pitch was rejected by all but one of the sharks, and Siminoff walked out of the tank without a deal, only to return to the show years later as a millionaire investor himself.

In 2013, Siminoff went on the business reality show “Shark Tank” with his product -- a video doorbell. At the time, he was already raking in $1 million annually in sales and hoped to get at least one shark on board with him, but his pitch fell short, and resonated with just one shark, Kevin O'Leary.  

Image Source: Getty Images | Frederick M. Brown
Siminoff sitting with other sharks from the show (Image Source: Getty Images | Frederick M. Brown)

Kevin O'Leary, also known as Mr. Wonderful, made an offer of $700,000 which matched what he was asking for, but with a major catch. He said that the money that he would be giving would not be an investment but a loan. He also said that he would only agree if he would be receiving 10% of sales until the loan was paid off. Furthermore, he said that he would also be collecting a 7% royalty on all future sales in addition to 5% equity in the company. Siminoff turned down the offer. He later rebranded the company as Ring and continued to do well, attracting investments from many other sources. Moreover, the Shark Tank episode also helped him to become famous. “We think we got at least $5 million of additional sales through the airing of 'Shark Tank,” he once told Business Insider.



 

In 2018, the company was acquired by Amazon for over $1 billion which was a testament to the company's success. Now with Amazon's vast resources, the company continued to innovate and expand its product offerings. "I couldn’t believe the price tag," he said on CNBC this week. "Unbelievable," said Kevin O’Leary at the time of the acquisition. "I think giving anybody $700,000 is a full offer, and there’s a reason they call me Mr. Wonderful," he said. “I was the only shark to make any kind of an offer. We didn’t see eye-to-eye, and of course like everybody else, when I saw the deal cross the tape last night, I said, ay, chihuahua, caramba," he added, at the time, via GeekWire. 



 

Today, Ring is an integral part of any smart home. However, it's not the only security camera brand that is owned by Amazon. The company also owns 'Blink' which offers very similar features. Blink is known for being the economical version of the Ring Cameras which are slightly more expensive.

Siminoff says that he was "always an inventor" and loved tinkering with all sorts of things as a child. “I don’t know if there are serial entrepreneurs — I think it’s people who haven’t found out what they like yet. A lot of the times, you think that’s a serial entrepreneur, but it’s just trying to figure something out," he told Medium.

This article originally appeared 2 months ago.

MORE ON MARKET REALIST
The TikTok creator @thebiteo87 stirred a debate on social media by exposing the new tactic.
12 hours ago
Harvey couldn't believe what the NFLPA stars would choose for their wives to wear
14 hours ago
Harvey barely held on to the podium after hearing the answers that shook him.
17 hours ago
The celebration was justified as Joseph won a brand new car on his birthday.
1 day ago
The player, Shaunica Amantine missed out on taking home over $82,000 over the seemingly tough puzzle
1 day ago
After nearly losing a brand new car, Dylan got a second chance to take it home.
1 day ago
The seller Robert, chose to keep to his one-of-a-kind Boba Fett prototype, expecting to get more.
2 days ago
The player, Cherie Noisette, missed on out taking home more than $61,000 in prizes.
2 days ago
The seller refused to accept a lowball bid for his signed, rookie Mickey Mantle card.
2 days ago
Harvey couldn't relate more with the contestant and demanded the response to be number 1.
2 days ago
The player also brought her husband along on the stage to support her.
3 days ago
The guest who had very little idea about the Sun Valley poster was beyond delighted.
3 days ago
The FSIS announced at least five people were injured from consumption of the affected products.
4 days ago
In the end, the guest was ready to fight her sister for an item worth thousands of dollars.
4 days ago
Fans were heartbroken to see the player, Ryan, walk away empty handed.
4 days ago
Harvey couldn't believe the hard researched facts about catfish on the show.
4 days ago
Carey demanded the Wikipedia page of "Stack the Deck" game to be updated after the win.
4 days ago
The player Titus Stevens missed out on taking home nearly $65,000 over an easy puzzle.
5 days ago
Harvey couldn't control himself after hearing some of the answers.
5 days ago
The thrift store find turned out to be quite profitable for the seller named Kimberly.
6 days ago