Jamie Siminoff is a successful American entrepreneur, inventor, and investor. Many know him as being a shark tank contestant back in 2013 when he pitched his company Doorbot and got zero investment.
Since then, Smitty off has changed the name to Ring and has sold it to Amazon for over a billion dollars.
As of May 2023, Siminoff has a net worth of $400 million. This article will explore Siminoff’s life, career, and success.
Table of Contents
Early Life
Siminoff was born on October 18th, 1976, in Chester, New Jersey. while much isn’t known about his early childhood, he has confirmed in several interviews that he was always entrepreneurial.
Similar to Gary vee, he started businesses at a young age and was so in love with entrepreneurship that he wanted to go to college for it.
For college, he went to Babson College, where he studied entrepreneurship. Even as a college student, he ran his own businesses and hustled wherever he could.
In a fireside chat, Siminoff talked about how he always had a lot of creative energy. he mentioned that when he was in college, he would put posters up saying he would do anything for $10, and he meant anything.
He would work all sorts of odd jobs and even started a business called Gadget Tronics, an e-commerce platform that sold radios and television sets.
Through networking and expanding his skill set, he could work with other like-minded entrepreneurs and start himself on a successful entrepreneurial journey.
Early Career
Siminoff’s first company out of college was called your First International. The company failed, but it taught Jamie many lessons about starting and growing a company. After the company failed, he decided to test the entrepreneurial waters again and launch a different company.
After First International, he created the company Phone Tag in 2003. Phone Tag was created as a platform to transcribe voicemail to text. This company would be Siminoff’s first major success.
He ran the company from 2003 to 2009, where he could exit for a multi-million dollar sum.
During this time, Siminoff also started a company called Unsubscribe.com, a platform that allowed users to control their email subscriptions. He would also sell this company for a million-dollar sum to TrustedID.
Creating Doorbot
It was in 2011 when Siminoff came up with the idea for Doorbot, a video doorbell that connected to the user’s smartphone. He came up with the idea when he repeatedly got frustrated while being interrupted during work when someone knocked on his front door.
He created the initial product in his garage, but after seeing how fast sales were growing, he quickly realized if he wanted this to become a big success, he would need capital.
Shark Tank
Siminoff appeared on Shark Tank on November 15, 2013, episode 510. He came in seeking $700,000 for a 10% stake in his company (valuing his company at $7 million).
At the time, Doorbot was selling for $199, costing around $84 to produce. At the time Siminoff was on the show, they only sold directly to customers and didn’t have any partnerships with retailers.
However, even though they only sold directly to customers, they had achieved $1 million in sales in just nine months!
Interestingly enough, none of the sharks took him up on his offer. When it was just Siminoff and Kevin O’Leary, Mr. Wonderful offered him a deal of $700k for a 10% royalty, which Siminoff declined.
He stated after the time with the sharks, “I don’t believe we can build a big company when one person is taking 10%of sales for life.”
Doorbot Becomes Ring
Although Siminoff didn’t get any investors from shark tank, the publicity from the show led to a huge spike in sales for Doorbot. Soon after the show, Siminoff renamed Doorbot to Ring and positioned it as a WiFi-enabled video doorbell.
He was able to find the capital he needed from investors like Shaq, Richard Branson, Qualcomm Ventures, Goldman Sachs, and even venture capital firms like Draper Fisher Jurvetson.
It wouldn’t take long before Amazon got interested. In 2018, Amazon acquired the company Ring for over 1 billion dollars. According to Zippia, Ring now has an annual revenue of $165 million.
Jamie Siminoff Net Worth 2023
As of May 2023, Jamie Siminoff has a net worth of $400 million. He has made many smart investments and is now a multi-millionaire.
Siminoff success story inspires entrepreneurs everywhere, showcasing that anything is possible if you stay determined, hustle hard, and never give up on your dreams!
With his success, he continues to be an ambassador for entrepreneurship and encourages others to pursue their own dreams.
Funny enough, he returned to Shark Tank in episode 1015 as a guest Shark, where Lori, Daymond, and Mark would hear the pitches of 4 companies seeking capital for their business.
Jamie Siminoff has greatly impacted the entrepreneurial world and now lives with his wife, Erin Lindsey, in sunny California.
Frequently Asked Questions (FAQs)
How much did Jamie sell Ring for?
Jamie Siminoff sold Ring to Amazon in 2018 for over 1 billion dollars. The home security system earned such a high valuation due to its rapid growth and innovative technology.
Did Mark Cuban invest in Ring?
He did not. Although Ring became a huge success, he stands by his decision, stating that he doesn’t like to invest in companies that need a lot of capital to grow.
How much is the Ring doorbell inventor worth?
Jamie Siminoff, the founder of Ring, has an estimated net worth of $400 million. Although he has had successful exits in the past, his biggest success was selling the company to Amazon for over a billion dollars.
Key Takeaways
If You Fail Once, Try Again
Siminoff’s first company, First International, failed within a few years. Instead of giving up, Siminoff continued to pursue his entrepreneurial dreams. His next businesses, Phone Tag and Subscribe.com he successfully started and sold for a multi-million dollar sum.
Don’t Give Up On Your Dreams
Siminoff experienced many rejections on his journey to success. Although he didn’t get a deal on Shark Tank, he didn’t give up on his dream of making Ring a success. He was able to find the capital he needed and eventually sold the company for over 1 billion dollars.