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American entrepreneur Jamie Siminoff will join the rest of the sharks on a new season of Shark Tank. Siminoff is no stranger to the show; he first appeared on Shark Tank in 2013, and has since grown to have a net worth of $300 million, according to Celebrity Net Worth.
Interested in learning more about Siminoff? Here’s what you need to know.
1. He Is the Founder and CEO of Ring
Ring CEO Jamie Siminoff (L) and moderator John Biggs speak onstage during Day 2 of TechCrunch Disrupt SF 2018 at Moscone Center on September 6, 2018 in San Francisco, California.
Siminoff appeared on Shark Tank in 2013 with his doorbell invention, then called DoorBot.
He turned down an offer from one of the sharks (the other three passed) and has since renamed his invention The Ring. ABC describes The Ring as “a security powerhouse that offers several DIY home security products and services, including the popular Ring Video Doorbell that’s capable of preventing and solving neighborhood crime.”
According to Celebrity Net Worth, when Siminoff appeared on the show, he was making $1 million in annual sales. He asked the sharks to invest $700,000 for a 10% investment in the company and received four rejections.
In an interview with CNBC last year, Siminoff said, “I remember after that ‘Shark Tank’ episode literally being in tears… I needed the money, we were out of money at the time.”
2. Amazon Bought His Product for $1.2-$1.8 Billion
In February 2018, Siminoff’s Ring was bought by Amazon for $1.2-$1.8 billion.
After his appearance on Shark Tank, business picked up for him. Within four years, he had 1,300 employees, with the Ring being sold in 16,000 stores.
According to Reuters, the acquisition was one of Amazon’s most expensive takeovers. In a note to Reuters, Baird Equity Research analyst Colin Sebastian said, “As Amazon moves more aggressively into the grocery delivery space… we believe smart security devices will be an important factor in driving user adoption.”
3. He Studied Entrepreneurship at Babson College
An article on Siminoff by Digital Trendsem> reveals that he was a C student until he saw a Land Rover Defender 90. His father told him he’d buy him the car if he got straight A’s. With that, Siminoff’s C’s turned to A’s.
He eventually attended Babson College, where he studied entrepreneurship.
He started making money by writing business plans for people. He tells Digital Trends, “Someone offered me $10,000 to create a business plan, which at the time for me, that was like $100 million… They were happy with it and I did another one. One thing kept leading to another and then another.”
It was after college that he came up with the idea for Ring. He was building inventions in a Southern California garage with two assistants. He tells the outlet that he became annoyed by the fact that his doorbell would ring and interrupt him. He then looked for a doorbell that rang to his phone. “I was like, how the fuck can there not be a doorbell that goes to your phone?”
4. Shaquille O’Neal Approached Siminoff to Ask About Being Ring’s Spokesperson
GettyShaq is part of the Legends Edition of NBA 2K18.
Not long after the company was rebranded and named Ring, Siminoff was approached by Shaquille O’Neal, who offered to be Ring’s spokesperson.
In an interview with Digital Trends, Shaq said, “I just moved to a big house in Atlanta. I called a big security company, and they tried to overcharge me. So I go to Best Buy, I see the Ring doorbell, I get it, and it works perfectly.”
He adds, “I love partnering up with Jamie, because one, he’s a brilliant mind… Two, he really cares about the customer, and three, he gave me a million dollars worth of product last year to give away to people in the inner cities.”
5. ‘Shark Tank’s Pass on the Ring Is Considered ‘Probably the Biggest Miss’ in the History of the Show
According to GeekWire, Shark Tank’s pass on the show is considered “probably the biggest miss” in the history of the show.
Speaking to TMZ in February, Kevin O’Leary says there are no hard feelings when it comes to Siminoff, even though he passed on O’Leary’s offer.