A look back at the billion dollar comeback story of Jamie Siminoff, founder & CEO of Ring. When Siminoff pitched his smart doorbell startup Doorbot (now known as Ring), every shark on Shark Tank rejected him.
During the episode, Mark Cuban said “When I jump in I’ve got to add enough value that this company worth 7 million could be worth 80 million 90 million. I just don’t see that progression. And for that reason, I’m out.” Siminoff declined a lowball offer from Kevin O’Leary (a.k.a. Mr. Wonderful) of a $700,000 for a 7% perpetual royalty and 5% equity stake.
He went on to raise funding from top VCs like First Round Ventures (using this pitch deck) and Richard Branson, before selling the company to Amazon for $1 billion five years later.