However, this ended up being a blessing in disguise, as Siminoff’s Shark Tank appearance and the company’s growth over the years has led to a $1 billion acquisition this year. All rights reserved. I’ve done some tech companies and startups in the past, but nothing close to what we were able to build with Ring.

I decided to go into my garage and build my next idea. Jamie Siminoff: So, we’re in the garage and have a tiny bit of money, but really looking back, it wasn’t much. The smart home was a new thing and we were one of the early, not players in terms of size, but players in terms of new entrance. And still, I wasn’t looking for myself personally to get out of something. But for a customer, they need a true benefit.

Luckily, no matter how mentally hard that was, I had one choice, which was "Pick yourself up, Jamie, and get back out there." Again, I think that was the biggest invention of the whole thing.

The thing that drove me was if I stopped, I was going to go out of business and lose everything I had. For the full interview with Jamie, make sure to check out the November/December issue of Residential Tech Today. Amazon celebrates being frugal. It should be tough to achieve great success. Jamie Siminoff: I think it’s safe to say that I probably would have a bankruptcy history if I didn’t bring it on the show. I had a whole bunch of ideas I was working on. As a fan of the show who went on it from his garage, and with Ring now the largest company ever to have appeared on it--that achievement is incredible.


In late 2013, all the Sharks on Shark Tank declined to invest in Jamie  Siminoff's Wi-Fi-enabled video doorbell company, which he started in his garage in Los Angeles. Are you one of these people that gets ideas and you go in and start tinkering and throwing things together?

So, I kept this relationship going, and we saw the huge rise of Alexa. I think that’s exactly what happened, which is now, the products and the companies that have stayed around and gotten bigger like Ring focused on the customer experience, and they’re flourishing. So, you have a bazillion companies out there and everyone had a doorbell. And, thanks to Jamie Siminoff, the doorbell is no exception. How were we going to make it to tomorrow? But it's not like we're going to Amazon thinking it will lavish us with stuff, and we're going to have three meals a day for free. It gave us incredible awareness. It’s almost kind of maddening because, in some ways, I wish I just didn’t always think that way, because it makes a lot more work on me. I think the misnomer is they take integration and smart home as the same thing. And it really is the thing that drives the business. They have a Sonos app and they use that for their music, so they play on their Sonos. Someone else said to me, "I heard a fund pulled out of one of your rounds." It’s this giant thing on my door that my wife said, “This thing’s great. I think you really need to look at what true human problem you are solving and work on that.
So, for a little startup in a garage to now be a player in the market and also have some money coming in from the sales side, it’s what allowed us to become Ring. It doesn’t just make her feel safer at home. I mean, probably 100. I’d say in the last two years, what we’ve seen is most of those companies, because I think they weren’t trying to solve a legitimate problem – I think they were just trying to build technology for technology’s sake – most of them have ended up where they should, which is in the graveyard. And I buried it all into this DoorBot and was way over my head in terms of how I thought it was going to take a lot less to get it out there and it ended up being a lot more. So, all of a sudden, we get this opportunity to be on Shark Tank, which for me, was like, “Holy crap!” And when we got on it, we didn’t get a deal which I really needed because we were broke. Through that we ended up meeting the corporate development people. And I said, “The smart home’s dead. From where every investor’s idea originate, my garage. Founder Jamie Siminoff landed a coveted spot on "Shark Tank" (yes, the show where he was rejected) as a guest judge for season 10. I guess Ring.com would have been more suited to a lot of other content but if a name is marketed properly, it can be totally unrelated to the product it represents (not that it is in this situation), and still become a recognised brand. We had never built a hardware product before. Jamie Siminoff: It’s so easy to fall in love with a new technology that doesn’t benefit anyone, and therefore it crashes to the ground. Then we sort of finalized our first product, which was Doorbot. We learned a lot from that product and then we sat back down to the drawing board to build Ring and that was in basically starting January of 2014. Jamie Siminoff: From where every investor’s idea originate, my garage. I think if you want to achieve something great, you should be challenged along the way. © Residential Tech Today 2019. Featured image courtesy of Flickr user Official Leweb Photo. If you watch how people really do use smart devices, they are typically using the native app for those devices. I went and showed them Ring before we actually officially launched it. But overall, I think the concept is that everything has to be integrated. And then maybe they have something like Alexa and use that. I hope I have bad days. Because stopping would have resulted in the end. It’s almost kind of maddening because, in some ways, I wish I just didn’t always think that way, because it makes a lot more work on me. Sound United Finalizes Acquisition of Bowers & Wilkins, Growth and Innovation Drives Nortek Security & Control to Rebrand as Nortek Control, New Programs and Initiatives Help HTSA Members Navigate COVID-related Business Disruptions. Goals that are achievable are boring and unsatisfying, because you just get there. Getty Images


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