Ring CEO Jamie Siminoff has a rags to riches story that most entrepreneurs can only dream of. He was famously turned down on Shark Tank only to later sell his company to Amazon for $1 billion just this past February. Siminoff says he is now appearing on an upcoming Shark Tank episode on the other side as one of the Sharks. Even though he was turned down he says “I really have no animosity for any of the Sharks.”
— Shark Tank (@ABCSharkTank) August 30, 2018
New Technological Innovations Coming to Ring Soon
We are doing a number of things around battery life. One is around solar where we are adding a lot of solar accessories to our products. We are also going to be coming out with some other technology innovations that we will be announcing over the next couple of months.
A lot of that technology comes from the integration that we have been able to do with Amazon, now being able to leverage a much bigger pool of technology and experts that we just couldn’t as a small independent company.
Amazon has done a wonderful job of securing and protecting the privacy around their customers. We’ve focused on that for our neighbors. We are one of the best solutions for security in the neighborhood and I think we will just let customers continue to choose that.
We Are the Market Leader Because Ring is Effective
From the competition side, we’ve had literally hundreds of people come into the market. Why we’ve been able to keep such a large market share I believe is because we really are there to deliver effective affordable solutions to our customers.
We are not just about selling a product, it’s about selling something with effectiveness and we’ve really been able to prove that. A study we did with the New York police showed we were able to reduce burglaries by 50 percent. It’s really about that effectiveness of our solution not just about the particular hardware product.
I Have No Animosity for Any of the Sharks
I think as an investor now that I’ve been able to go to the other side of the Tank I’m sure I will miss the next big Ring because investments are very tough to pick. Who’s the best, who’s not? I really have no animosity for any of the Sharks. That platform is really what helped build Ring into what it is today so I’m thankful that we just had the opportunity to be on it.
I do wish that we had gotten money at the time because I was broke and it would have been very nice to have had that money, but we still made it. What I tell any entrepreneur that doesn’t get the money either from Shark Tank or another investor is we were turned down over 100 times and you just got to keep going.