-
Ring owner Jamie Siminoff is a businessman who currently works as a shark on Shark Tank.
-
In the formation of his business he was rejected by the sharks of which he is now a part.
-
Ring is considered to be the most successful company that has gone through the series.
Perseverance in business has proven to be a fundamental element to meet the objectives and even to keep the dream afloat, Jamie Siminoff, an entrepreneur of a doorbell company for smart homes, gives the best lesson and that is that after appearing on the program Shark Tank in the United States sharing his project as an entrepreneur and being rejected and almost bankrupt, the owner of Amazon, Jeff Bezos, became interested in his project and bought his company.
The famous American reality television series consists of entrepreneurs appearing before a selected group of investors, known as “sharks” and presenting their project to try to make them believe through an offer that an investment can make the business grow exponentially. Many entrepreneurs leave with their hands full and others with their hands empty.
One of the most particular cases that have gone through the program was that of Jamie Siminoff, who until now, has the most successful company that has gone through the series.
The rejection of Shark Thank that set the tone for the credibility of the entrepreneur’s project
Siminoff was 35 years old and had designed Wi-Fi connected door chimes in his garage, and Ring soon saw the light of day. Two years later he presented his idea to Shank Tan with the possibility of obtaining financing; however, no shark was interested in the offer because the costs and complexities of bringing it to market outweighed the profit.
https://www.youtube.com/watch?v=YqQblsZgF8M
Ring had no financing and in the midst of a bankruptcy crisis that included the mortgage on his home and child support, the entrepreneur was desperate.
It was at that moment that perseverance took its course and with the encouragement to continue, the entrepreneur decided to rethink his business model and turned it around with a new objective: to help reduce crime rates in neighborhoods around the globe.
For the modifications, he received a $28 million investment from Richard Branson.
Shortly after it began to be sold on Amazon and the neighborhood watch system accompanied by the free app called “Neighbors” of neighborhood networks became a success.
Due to its great popularity, Jeff Bezos’s company bought Ring for a billion dollars, which represented one of the highest valuations ever presented on Shank Tank.
The rethinking of the project and the appropriate sales channel led Ring to have exponential growth. The rescue of Amazon and its interest in Jamie Siminoff’s project opened the panorama so that 5 years later the owner of Ring would sit in a series chair to pitch the projects seeking financing.
“It was a duty and an honor to return to the program as a shark, now to help others achieve their dreams and further their missions to leave a positive impact on the world,” concluded the businessman.