Jamie Siminoff is an American entrepreneur who is set to appear on the new season of Shark Tank. He first appeared on the show in 2013 with his invention, DoorBot, now known as Ring, which is a security system that prevents neighborhood crime. Famous for turning down an offer from the sharks, Siminoff’s net worth has grown to a staggering $300 million. Here are five key things you need to know about him.
1. Founder and CEO of Ring
As previously mentioned, Siminoff founded, and is currently the CEO of, Ring. The company offers DIY home security products and services, including the popular Ring video doorbell. In 2013, when Siminoff appeared on Shark Tank, his annual sales totaled $1 million. Despite asking the sharks for a $700,000 investment in exchange for only a 10% stake in his company, he received four rejections. In 2018, Amazon bought Ring for $1.2-$1.8 billion.
2. Studied Entrepreneurship at Babson College
Siminoff was a C student until his father promised to buy him a car if he got straight A’s. This motivated him to become an A student and eventually led him to Babson College, where he studied entrepreneurship. After college, he made money by writing business plans for people.
3. Shaquille O’Neal Approached Him to Become Ring’s Spokesperson
After Ring was rebranded, Shaquille O’Neal approached Siminoff to be the spokesperson for the company. Shaq had just moved to a big house in Atlanta and called a security company, who overcharged him. He then purchased the Ring doorbell and was impressed by its functionality. In an interview with Digital Trends, Shaq said he partnered with Siminoff because of his brilliance, customer care, and giving away a million dollars worth of products to people in inner cities.
4. Amazon Bought Ring for $1.2-$1.8 Billion
Within four years of his Shark Tank debut, Siminoff had 1,300 employees and had Ring sold in 16,000 stores. The acquisition by Amazon was one of the company’s most expensive. Experts believe that as Amazon moves into the grocery delivery space, smart security devices like Ring will play a critical role in driving user adoption.
5. Shark Tank Passed on His Idea
Shark Tank’s pass on Siminoff’s DoorBot is considered to be “probably the biggest miss” in the history of the show. Kevin O’Leary, who made the initial offer, says there are no hard feelings between him and Siminoff despite his rejection.