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In November 2013, during Shark Tank season 5, Jamie Siminoff pitched DoorBot, seeking $700,000 for 10% equity. Despite $1 million in sales and a Staples partnership, he left without a deal, rejecting Kevin O'Leary's royalty offer.
The company rebranded as Ring, attracted Richard Branson's investment, expanded its product line, and sold to Amazon for $1.2-1.8 billion in 2018. Five years later, Siminoff returned as a guest judge for the season 10 premiere, greeted by Kevin O'Leary.
"Well well well, look who's back," O'Leary said.
As per CNBC's March 2023 report, the former contestant oversaw Ring as CEO under Amazon till March 22, 2023. Currently, led by Elizabeth Hamren, Ring products are sold through Best Buy, Home Depot, Target, and other major retailers worldwide.
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Shark Tank's rejected Jamie Siminoff returned as judge after billion-dollar deal
Shark Tank pitch (2013)
Shark Tank entrepreneur Jamie Siminoff’s smart doorbell connected to smartphones allowed users to see and speak with visitors from anywhere. Priced at $199 with an $82 production cost, DoorBot showed strong market performance.
The company reached $1 million in sales within 9 months of launch, with $250,000 generated in the previous month alone. A newly secured Staples retail partnership strengthened their position.
Lori Greiner stepped away first, stating consumers might hesitate at the price point. Mark Cuban followed, expressing doubts about reaching substantial growth milestones. Daymond John worried established security companies would create similar products. Robert Herjavec mentioned potential security risks from hacking.
Shark Tank Investor Kevin O'Leary presented a $700,000 investment proposal with a 10% royalty structure that would reduce to 7% after investment recovery, plus 5% equity in the company.
Siminoff took time to analyze the proposal and came back with a counter offer of $700,000 at a 10% interest rate along with 3% equity. The negotiation reached a standstill as both parties remained firm on their positions.
"Okay Jamie, It’s the moment when I say, ‘you are dead to me’ because you don’t want to take my offer. I made you a very valid offer i think, under the circumstances," O'Leary stated.
Siminoff further responded:
"Respectfully, Mr. Wonderful, we're going to decline."
He left the tank without securing investment at his $7 million company valuation.
Post-Shark Tank growth
DoorBot underwent significant changes after the show. As per Shark Tank Blog, the company rebranded as Ring and expanded beyond doorbells into security cameras and smart home devices. British entrepreneur Sir Richard Branson discovered the product during a vacation rental stay in 2015. Impressed by its functionality, he became a major investor in the company.
The investment from Branson accelerated Ring's market reach. The company built partnerships with major retailers beyond Staples, including Best Buy, Home Depot, and Target. Ring's product range grew to include floodlight cameras, alarm systems, and various smart security solutions.
Return as Judge
In 2018, Amazon purchased Ring for a price between $1.2 and $1.8 billion, as reported by Vox in February 2018. The moment highlighted a dramatic role reversal from his previous appearance.
Sitting in the same chair where Sharks once questioned his business model, Siminoff now evaluated other entrepreneurs' pitches. His return marked the first time in the show's history that a former contestant served as a Shark. O’Leary greeted him and said:
“I was the only one that believed in you”
During the episode, O'Leary acknowledged his missed opportunity, estimating he could have made $30 million if he had adjusted his original offer.
Business evolution
As per CNBC, Ring maintained strong growth under Amazon's ownership. The company expanded its presence in the smart home security market through new product launches and technology improvements. The original video doorbell received updates with enhanced features like 1080p HD video quality, improved motion detection, and privacy controls.
By 2022, Ring's annual revenue reached $274 million, per Shark Tank Blog. The company retained Siminoff as CEO after the acquisition, allowing him to continue leading product development and business strategy. In March 2023, Jamie stepped down from the CEO role and now the Amazon-owned company is led by Elizabeth Hamren.
Jamie instead took the role of chief inventor instead and Ring's security devices now integrate with Amazon's ecosystem, including Alexa voice commands and Prime membership benefits.
Fans can watch the new episodes of Shark Tank on the ABC network
