Jamie Siminoff Net Worth: American entrepreneur Jamie Siminoff. Lots of people will remember him best for his loss on Shark Tank in 2013. But Siminoff may feel empowered, as his company has grown to become the biggest of all those featured on the show.
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Jamie Siminoff Net Worth
Siminoff made most of his money by starting and running Ring Inc., a company that makes smart homes and home security systems. Jamie sold his business to Amazon for $1 billion in 2018. Since Jamie Siminoff has been an inventor all his life, his estimated net worth is $400 million.
|Net Worth||$400 million|
|Full Name||Jamie Siminoff|
|Age||46 Years old|
|Date Of Birth||October 18, 1976|
|Birthplace||Chester, New Jersey|
Jamie Siminoff was born on October 18, 1976, in Chester, New Jersey. He was born in the United States, but he has been cautiously optimistic about his background.
His father, according to some sources, was a successful businessman who helped establish a pipe manufacturing firm. If so, then he must have entrepreneurial spirit in his veins. Close to home, he attended West Morris Mendham, a public, comprehensive high school where he graduated from with his secondary education. Then he enrolled at Babson College, where he earned an MBA in 1999.
Siminoff walked down the aisle and wed Erin Lindsey in 2006. She is employed by 20th Century Fox. Jamie and Erin are caring for their son Oliver in their Santa Monica, California, residence.
After completing his undergraduate degree, Siminoff founded Your First International. It was his first serious setback, though. By 2003, he had created PhoneTag, the first system to automatically translate voicemail into text.
Seven years later, he launched Unsubscribe.com, a website dedicated to removing consumers from unwanted email lists. There were a number of angel investors, as well as DFJ Frontier and Charles River Ventures.
He was motivated to develop a solution in 2011 so that he could answer the doorbell without being distracted from his work. As a solution, he created Doorbot, a video doorbell that can be controlled from a user’s smartphone.
Jamie Siminoff All Organization
|Organization Name||Title At Company||Start Date||End Date|
|Unsubscribe.com||Co-Founder, CEO||Oct 12, 2010||Oct 2011|
|SimulScribe||Co-Founder, CEO||Apr 2003||Sep 2009|
|Ditech Networks||CEO||Sep 10, 2009||Sep 10, 2010|
|PhoneTag||CEO||Jan 2, 2008||Sep 10, 2009|
Shark Tank Pitch Story
Jamie, in 2013, was just another company entrepreneur with a product called DoorBot, which he sold on the TV show Shark Tank as a WiFi-enable video doorbell that can act like a spy-cam and easily link with a smartphone via the dedicated application to observe who is at the door ringing the doorbell.
The two most interesting features of DoorBot were the real-time reports and the ability to make it seem as though the homeowner was home even when they weren’t (far from home). The pitch centered on these two benefits and the high-quality design of the device.
Offering $700,000 in exchange for a 10% stake in the company at a valuation of $7 million on “Shark Tank.” Four of them rejected him right away.
Sharks Didn’t Like the Pitch
The pitch was obviously a bust because no one at the investor desk was willing to put any money into the company, despite the fact that it was bringing in yearly sales of roughly $1 million and having a valuation of $7 million.
In addition, Jamie declined Kevin O’Leary’s offer to sign a loan/royalty agreement and then exited the stage.
Never one to give up, Jamie changed the name of his company from DoorBot to Ring and began marketing his invention.
At $5 million in sales, his company (Ring) caught the attention of angel investors like Goldman Sachs and also Richard Branson, leading to $200 million in funding and eventually luring Amazon as a buyer.
Earning more than $300 million ($360–540 million before taxes) from his 20–30% stake in Ring when it was sold to Amazon for $1.2–1.8 billion.
Keep in mind that Jamie was turned down when he asked for $700,000 in exchange for a 10% stake in the company, but he ended up taking home between $180 and $270 million after paying his fair share of taxes.
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