Јаmeѕ Ѕіmіnоff Net Worth: James Siminoff іѕ a developer and entreрrеnеur who has a net worth of around $350 million. He is best known as the founder of Ring Inc., a software company that provides home security and smart home solutions.
Jamie rose to prominence after appearing on “Shark Tank” in November 2013 to help develop his company. His company was named DoorBot at the time.
The company provided a WiFi-enabled video doorbell system. It can also be synced to the users’ smartphones, allowing them to see who is knocking on the door in real time. This was revolutionary in 2013 as there were no other devices like this.
|Full Name:||Jamie Siminoff|
|Age||44 Years Old|
|Born:||October 18, 1976|
|Birth Place:||Chester, New Jersey, United States|
|Height:||5 ft 11 in|
|Spouse:||Erin Lindsey Siminoff|
|Profession:||Entrepreneur, Tech Inventor|
|Net Worth:||$350 million|
James Siminoff Early Life
Jаmеs Siminoff was born оn October 18, 1976, in Chеstеr, Nеw Jеrsеу. fаthеr was a businessman who co-owned a pipe manufacturing firm.
He finished his high school education at Wеѕt Моrrіѕ Меndhаm Ніgh ѕсhооl. Then he completed his bachelor’s degree frоm Ваbѕоn Соllеgе with a major in Еntrерrеnеurѕhір. He had a strong desire to become an entrepreneur since that time.
James Siminoff Net Worth and Career
Jamie Siminoff rose to prominence after appearing on the TV show “Shark Tank” in 2013 and pitching his startup DoorBot but failing to impress the investors. Jamie then agreed to take over management of the business and renamed it Ring. He became a millionaire after selling his startup business to Amazon in 2018 for an estimated amount of $1.2 to $1.8 billion.
James Siminoff and the Story Behind DoorBot
Back in 2013, Jamie was yet another startup creator who was up with his product named DoorBot and the product was pitched at Shark Tank TV Show as a WiFi-enable video doorbell that can function like a spy-cam and can easily communicate with a smartphone through the dedicated app to see who is at the door ringing the doorbell.
The cool thing about this product DoorBot was the real-time reporting and a feature that allowed homeowners to believe they were at home when they were out of town (far from home). These two features, along with a high-quality product design, were the pitch’s key points.
Asking Shark Tank investors for $700,000 in exchange for a 10% equity stake in the venture, valuing it at $7 million. He got four rejections almost immediately.
Surely, the pitch was a complete failure because no one from the investor’s desk was willing to invest even a single penny in this small business that was already generating revenue of about $1 million per year, and for such a company with just one product, a $7 million valuation was nothing to write home about.
In addition, Kevin O’Leary offered him a complicated loan/royalty contract, which Jamie declined, and he then exited the scene.
Jamie, like many other successful entrepreneurs, did not give up and renamed his company DoorBot to Ring and began selling his product.
As he reached $5 million in revenue, his company (Ring) attracted angel investors such as Goldman Sachs and Richard Branson, resulting in a $200 million investment and the company attracting Amazon as a buyer.
Jamie had about 20 to 30 percent of the stock in the Ring business before it was sold to Amazon for $1.2 – $1.8 billion, earning him more than $300 million ($360 – $540 million before taxes).
If you recall, Jamie was turned down when he asked for just $700,000 for a 10% stake in the business, and when he sold it, he made between $180 and $270 million after taxes.
James Siminoff Net Worth
With all of his success and failures, his ability to persevere and finally develop and sell Ring Inc., led to his fortune. With the selling and still holding a stake of Ring Inc., James Siminoff has a net worth of $350 million.
Images via Instagram: @jsiminoff