In 2013, American inventor and entrepreneur Jamie Siminoff brought his growing company, then known as DoorBot, to the five uber-rich moguls that make up the investment panel of NBC’s hit show Shark Tank. At the time, he was already selling over $1 million annually with his idea for a video-doorbell/security system. Despite this, Four Sharks backed out immediately, scoffing at his $7 million valuation, while the last one gave Siminoff an offer so insulting he was forced to walk away. Recently, Siminoff finally found the deal he was looking for, selling the product now known as Ring to Amazon for over $1 billion.
Jamie Siminoff Net Worth: $350-$500 Million
The deal with Amazon is so fresh that exact numbers on its purchase remain unavailable, but here’s what we can know: if Siminoff was able to maintain even 30% equity in Ring at the time of purchase, then he just made anywhere from $350 million to $500 million before taxes. It’s a wide margin for sure, but with a series of big investors like Richard Branson and Goldman Sachs already involved, and over 1,300 employees beneath him, Siminoff’s equity could be watered down in a variety of ways. Here’s what we know for sure, though: dude just got seriously paid.
It should come as no surprise that Siminoff grew up tinkering and inventing, building RC cars in his spare time and using his father’s tools to create humane mousetraps and heated blankets. While attending Babson College, one of the most revered entrepreneurial colleges in the United States, Siminoff founded Your First Step International, Inc., a company initially started to help entrepreneurs progress and fulfill their business ideas that would later pivot to working strictly through IPs in developing nations.
2000 – 2011
By 2005 he had founded his second company, PhoneTag, which was the first ever voicemail-to-text service. In 2009, he would sell PhoneTag to Ditech Networks, using the funds to start up his next company, Unsubscribe.com, which attempted to tackle the issue of commercial and spam e-mails. Less than two years later, Siminoff would finish with his second company, selling Unsubscribe.com to the personal security company TrustedID.
2012 – 2018
In 2012, Siminoff returned to his roots of hands-on, practical invention. After realizing he couldn’t hear his front doorbell from his garage and considering the potential security risk that could pose, Siminoff created a battery-powered doorbell which connected to his smartphone over Wi-Fi, used an HD camera, and allowed him to see and speak with whoever was at his door, no matter where he was.
Siminoff called this new product DoorBot, and less than two years after inventing and perfecting it, he brought it with him into the often life-changing Shark Tank. Siminoff entered Shark Tank with a sharp pitch, asking for a $700,000 investment in exchange for a 10% stake in his company, basically valuing DoorBot at about $7 million. Some Sharks didn’t see the market for it, others, such as Dallas Mavericks owner Mark Cuban, didn’t see a plausible progression from the $7 million range to the $80-100 million range. In the end, all of them, even Siminoff were way off in their valuations.
Following his failure on Shark Tank, Siminoff regrouped and rebranded the product from DoorBot to Ring, using the visibility boost from the show to secure further funding in a variety of ways: from crowdfunding for over $300,000, to getting a surprise check of $29 million from billionaire Richard Branson, who first witnessed a friend use the Ring app on his phone to check up on their house from thousands of miles away. With additional investments from the likes of Goldman Sachs, Qualcomm Ventures, and DFJ Growth, Ring found its way into every major box retailer in America, and sold out completely in less than 24 hours on QVC.
Look out neighborhood criminals – @JamieSiminoff sold 140,000 @ring video doorbells yesterday on QVC. pic.twitter.com/xm7aYOlbHe
— Chris Fralic (@chrisfralic) November 26, 2017
Following the sale of Ring to Amazon, it would seem Siminoff has the rare entrepreneurial opportunity to relax for a little bit. Maybe he can call up Robert Herjavec or Mark Cuban and talk about how that little 10% investment back in 2013 would be worth at least $100 million today.