When Mr Siminoff appeared on the show, he was already making $1 million annually in sales
A video showcasing Jamie Siminoff's incredible journey has taken social media by storm, racking up over 14.6 million views in just five days.
Mr Siminoff, the inventor of the world's first Wi-Fi video doorbell (Ring), appeared on "Shark Tank" in 2013 with his then-called DoorBot, seeking a $700,000 investment. Despite receiving only lukewarm interest from one Shark, Siminoff persevered.
The video captures his remarkable rise from a rejected contestant to a successful entrepreneur, eventually returning to "Shark Tank" as a millionaire investor himself.
Watch the video here:
When Mr Siminoff appeared on the show, he was already making $1 million annually in sales, according to Yahoo News. Mr Siminoff wanted to rope in one of the sharks as an investor in DoorBot, but his pitch was rejected by all the panellists except Kevin O'Leary.
O'Leary, popularly known as "Mr Wonderful," proposed a $700,000 loan to Siminoff with a 10% commission on each sale until the loan was repaid, alongside a 7% royalty on future sales and a 5% equity stake in the company. However, Siminoff found these terms unacceptable and declined the offer, opting to leave the show without a deal.
Subsequently, Mr Siminoff rebranded the company as Ring, which continued to thrive, attracting investments from other avenues and experiencing growth in sales. The appearance on "Shark Tank" also significantly boosted the product's popularity. Siminoff remarked, "We estimate that we gained at least $5 million in additional sales through the airing of 'Shark Tank,'" in an interview with Business Insider.