Jamie Siminoff, the creator of the first Wi-Fi video doorbell, has one of the most inspiring stories on Shark Tank. After pitching the startup Ring (originally called Doorbot), he failed to land a deal on the show. Amazon’s acquisition of Ring pushes Jamie Siminoff’s net worth to $300 million! Surprisingly, he returns to the show as a guest shark!
early life
Jamie Siminoff was born on October 18, 1976 in Chester, New Jersey. He is a mature American, but he has not revealed much information about his parents or young children.
Some sources indicate that his father was a businessman and co-founded a pipe manufacturing company. If so, entrepreneurship is in his blood. He went to West Morris Mendham, a public comprehensive high school, and enrolled at Babson College, where he graduated with a degree in entrepreneurship in 1999.
career start
Siminoff founded his first company after graduating from college, your first international company. However, the business failed. He bounced back in 2003 and launched Phonetag, the world's first technology to transcribe voicemails to text. In 2009, Phonetag sold Simulscript for $17 million.
Next, Jamie moved to Unsubscribe.com, a service that helps users unsubscribe from spam emails. The venture raised $2.1 million and was acquired by TrustedID for an undisclosed sale price.
With fresh cash from two sales, Siminoff inspired something to answer the doorbell without interrupting his work. He came up with Doorbot, a doorbell with video capabilities that connects to the owner's smartphone.
road to prominence
Initially, the serial entrepreneur created the product in his garage. However, he realized that if he wanted to expand production, he would need to raise capital again. In 2013, he appeared on Shark Tank, seeking $700,000 in exchange for 10% of his startup.
Kevin O'Leary offered to take out a loan, but Jamie didn't want any debt. Although Shark was fascinated by his brilliant idea, Siminoff left the show without a deal. Still, publicity for the show linked him to other big investors, including billionaire Richard Branson.
Doorbot was later renamed Ring and was acquired by Amazon in 2018 for more than $1 billion. Later that year, he received a call from the producers of Shark Tank asking him to rejoin the show. But this time it’s a guest shark!
net worth and income
Although Jamie is still making $2 million a year as CEO of Phonetag, Unsubscribe.com was making between $25,000 and $100,000 a year before it was sold in 2011. Those companies were successful, but Ring was clearly his most profitable venture.
The company raised more than $200 million before being acquired by Amazon for more than $1.2 billion. Once the deal closes, it will give Jamie a net worth of $300 million. The Smart Home Company had sales of $415 million in 2017 and currently earns $619.4 million annually, as GrowJo.com estimates.
As expected, the entrepreneur created another business called Honesty Day Work. In May 2023, Latch exchanged 27 million shares, worth about $22 million, to take over Honest Day's work.
personal life
Back in 2006, Siminoff married Erin Lindsey, who according to her LinkedIn profile was the vice president of ProductionFox 2000. Jamie and Erin are raising a son, Oliver, and live in Santa Monica, California.
Categories: Shark Tank
Source: svlsf.edu.vn