The Shark Tank program has had a string of great successes, but also a string of major failures. The story of Jamie Siminoff and his company ring however, takes the crown. When he was allowed to give his pitch on the program in 2013, nobody seemed interested. Now he’s back in the program, but as a shark.
Sharks see nothing in the “DoorBot” concept
In 2013, Jamie Siminoff made his Shark Tank debut. The TV show gives aspiring entrepreneurs the opportunity to present their business concept to a range of experienced entrepreneurs. If the “sharp” sharks see something in their company, they can decide to invest in the startups.
However, Siminoff made little impression with his company, then called DoorBot. Just Kevin O’Leary, akaMister. Wonderful‘ made an offer out of the five sharks. However, Siminoff’s offer went a little too far, after which he declined. A disappointment for the ambitious entrepreneur, who went into the program in a good mood but had to leave empty-handed.
After the program was rejected, the company was down for a while. Siminoff struggled to support himself and his family. However, his debut on Shark Tank made an impression on audiences, after which he garnered $3 million in investments.
DoorBot was renamed Ring and sold to Amazon
DoorBot’s real breakthrough came when it met businessman Richard Branson. He happened upon Siminoff and his company. Branson made the aspiring entrepreneur $28 million in exchange for 5% of the company. The following year, DoorBot was renamed Ring, after which tremendous growth could begin.
Siminoff teamed up with former pro basketball player Shaquille O’Neal. The NBA Champion directed a series of commercials for the company, which brought Ring great fame. Reaching unprecedented heights, the company was in 2018 sold to Amazon for $1 billion.
Siminoff and his company Ring are now considered the biggest failure Shark Tank ever had. Nonetheless, Siminoff returned to the program after selling it to Amazon. However, this time he did not advertise his company as a pitcher, but was among the business people as a shark.