Rise & Grind Business Podcast | Learn from top entrepreneurs
About This Show
Every week, your host, Antonio Da Mota interviews the most exciting and inspiring entrepreneurs, business experts and top performers of today to reveal their strategies, actionable tips and secrets.
Rise & Grind was created for YOU, the Entrepreneur, the Sidepreneur, the Solopreneur or for someone who wants the become one!
We discuss topics ranging from entrepreneurship, self-improvement, money mindset, SEO, social media, networking, productivity, life-hacking, e-commerce and branding.
Looking to start your own company? Do you need strategies to grow your business? Want to learn personal and business skills?
Your journey starts here!
Most Recent Episode
From no deal on Shark Tank to $28 million from Richard Branson with James Siminoff
6 days ago
IN THIS EPISODE:
of Rise & Grind, episode 46 we chat with James (Jamie) Siminoff, the CEO and Founder of Ring, a video Doorbell that lets you answer the door from anywhere using your smartphone. Their mission is extremely noble. To reduce criminality. It was previously known as Doorbot and it might ring a bell (no pun intended) as Jamie appeared on Shark Tank Season 3.
If you are a frequent listener of our show you might recall our episode number 6 where we talked with Tanner Dame, I used a very provocative title "Is this company Sharks’ biggest missed opportunity?" as the sharks missed a great investment opportunity.
Well, with Jamie and Ring the sharks made a huge mistake, again.
But let's start by the beginning.
Jamie, a serial entrepreneur, started Ring because of necessity, as other great entrepreneurial stories. One day he was in the garage and couldn't hear the doorbell. That was his a-ha moment.
In college he studied entrepreneurship and he is a self-taught engineer, he mentions he's always been a tinker, always busy in the garage creating new products.
I tried to get his secret sauce to create physical products but Siminoff replied "I don't know how to explain how to create something. I just do stuff. It kind of happened."
Siminoff's journey with Ring has been quite remarkable.
He started by creating his own pre-orders' website as Kickstarter at the time didn't accept products with cameras. Then he got to know about Shark Tank via a personal friend who knew a Shark Tank producer.
He appeared in Season 3 and only O'Leary was interested in Ring (at that time called Doorbot) but as sometimes Mr. Wonderful does he made a truly bad offer that Siminoff couldn't accept even though he was pretty desperate for money.
That didn't hit his self-confidence and he gives a lot of credit to Shark Tank for his success.
Even today people tell him that they saw the product on Shark Tank.
The Shark Tank effect is certainly difficult to quantify but he mentions that it is "between 5 and 10 million".
Sales were growing and then something truly amazing happened. He received an email from Richard Branson asking if he could invest. Siminoff accept and Branson became an investor. Big time. $28 million dollars and Branson has become one of the biggest supporters of Ring.
Jamie couldn't share revenue numbers but looking at the following data you can certainly say that the Sharks let an amazing investing opportunity fly way:
Raised $100 million to date