I’m the first entrepreneur to have gone from pitching the Sharks to sitting with them - something I couldn’t have imagined even in my wildest dreams,” he says. “Returning to the show on the other side of things was surreal. Last year, he was back in the tank - only this time as a guest investor. It’s not lost on Siminoff that his appearance on Shark Tank helped propel his then-struggling start-up into the public eye. Ring was acquired by Amazon in 2018 for a reported $1 billion.
After several years of multimillion-dollar annual sales, Amazon’s Jeff Bezos made Siminoff an offer he couldn’t refuse. He even got legendary entrepreneur Richard Branson to invest in his company. By 2015, Siminoff managed to grow his scrappy eight-person team working out of a two-car garage into 155 employees based in two offices in California and Arizona. “While walking away wasn’t easy, it turned out to be the best decision I could’ve made at the time,” he told Kiplinger.Īfter the episode aired, business got a much-needed boost. After his counteroffer was rejected by O’Leary, Siminoff decided a deal with a Shark wasn’t in the cards for his company. In a high-pressure situation like this someone else may have given in, but not Siminoff.
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Kevin O’Leary was the only Shark to bite, but he wanted a 10% sales royalty plus 5% equity in the company.
He pitched the investor panel on his video doorbell system then-named Doorbot. This company has come a long way since Siminoff first appeared on ABC’s Shark Tank in 2013.
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