If you’ve watched Shark Tank, you’re probably familiar with Jamie Siminoff’s DoorBot business. It’s the company that was featured on the show, and he’s now worth over $6 million. You may even know him as the founder of Ring, another company. In this article, you’ll learn more about his net worth.
Jamie Siminoff’s business was called DoorBot
When Jamie Siminoff, the co-founder of Doorbot, went on the US version of Shark Tank, he wanted to raise $US700,000 for his new company. However, he underestimated the costs involved in taking his idea from the prototype to market. As a result, he was only able to convince Mark Cuban, Kevin O’Leary, and Lori Griener to invest in his venture. Daymond John was also unwilling to invest in his project.
Siminoff had studied entrepreneurship at Babson College and had already founded two companies. Two of them were eventually sold. He then started a venture called Edison Jr. that focused on brainstorming and launching ideas. He eventually came up with the idea for DoorBot, which wasn’t initially intended to be a home security product.
Jamie Siminoff was a Shark on Shark Tank
If you’re a fan of Shark Tank, you probably remember when Jamie Siminoff was a contestant. He was the inventor who drove himself to the TV set to pitch his hardware company. While he was unsuccessful at convincing investors, he gained credibility for his company on television. And, he’s returning for the season 10 premiere.
Siminoff was a Shark on Sharks in 2013 but failed to back the product that he wanted to support. His company, BoxLock, was in the early stages of manufacturing and the founder asked for $1 million for a 5 percent stake. However, he was turned down and sold it to Amazon for $1 billion.
Jamie Siminoff is the founder of Ring
The founder of Doorbot and Ring is a highly successful young entrepreneur with an impressive net worth. He began building inventive products when he was a child. The founder is also a married man with a toddler. His entrepreneurial spirit and integrity have made him a role model for young entrepreneurs.
Siminoff earned his bachelor’s degree in science from Babson College in Massachusetts. After graduating, he started working in tech and founded a number of companies including Ring Inc. which was bought by Amazon for more than a billion dollars. Jamie Siminoff’s success has helped him establish an income of over $5 million a year.
Jamie Siminoff has a net worth of $6 million
Siminoff has made his money in a variety of ways. He has founded several businesses and sold one to Amazon. He also has held numerous board positions and is an investor in several startups. In 2007, he was named one of the top six entrepreneurs in the U.S. He is an advisor at Flo Technologies and an investor in Qwiki, an organization that focuses on automating video production. He is also a board member of Audio Micro, a company that specializes in royalty-free music and sound effects.
Jamie is married with two children. He owns a company that generates millions of dollars in annual sales. When he sells his company, he gets a plus for the transaction. Jamie has a great track record and has been featured on Shark Tank.
Jamie Siminoff’s company was purchased by Amazon for $1 billion
Amazon has recently acquired Jamie Siminoff’s start-up company Ring, which is a wireless video doorbell. Siminoff, who is no longer CEO, founded Ring in 2013 after rejecting an investment pitch on Shark Tank. He first gained attention for his video doorbell, which he then expanded to include other security products. On April 12, Ring will officially be part of Amazon’s growing security portfolio. Despite the recent acquisition, Siminoff continues to operate the company as Chief Inventor, but prefers to call himself CEO instead.
While Siminoff founded the company himself, he still held a substantial stake in it. As a result, he enjoyed a significant portion of the benefits of the sale. Moreover, since Siminoff is still relatively young, he has had time to pursue other interests.
Jamie Siminoff’s offer to buy a shark was borderline predatory
The offer to buy a shark from Jamie Siminoff was borderline predatory. He missed a big opportunity to back a product during his first Shark Tank episode. BoxLock, a padlock for packages, was in the manufacturing phase when Siminoff came to the tank. He wanted $1 million in exchange for a 5 percent stake, but the founder valued the company at $20 million.
Siminoff’s video doorbell idea was rejected by the Shark Tank judges, but the company soon became a hit and was acquired by Amazon for a whopping $1 billion. Siminoff is now a guest shark on Amazon’s “Shark Tank” show starting on Oct. 7. He’ll also be launching two new products this fall that work with Amazon’s Alexa.