Jamie Siminoff is a self-made legend and one of the most successful entrepreneurs of the twenty-first century.
Jamie Siminoff Net Worth: $
Jamie Siminoff, nicknamed Jamie, is one of those brilliant brains by selling his firm to Amazon, the world’s largest eCommerce platform.
An American entrepreneur rose to prominence after appearing on the TV show “Shark Tank” in 2013 to pitch his firm DoorBot but failing to impress the judges. Jamie then chose to take over management of the company and renamed it Ring.
After achieving enormous success, he sold his venture to Amazon in 2018 for an estimated value of $1.2 to $1.8 billion, making him a multimillionaire.
Jamie was just another startup founder in 2013, with his product DoorBot, which was marketed on Shark Tank as a WiFi-enabled video doorbell that can operate as a spy-cam and can easily connect with a smartphone via the specialized app to view who is at the door ringing the doorbell.
The cool thing about DoorBot was the real-time reporting and a function that let homeowners act as though they were at home when they were out of town (far from home). The pitch’s primary points were these two features, together with a high-quality product design.
Jamie didn’t give up and renamed his company from DoorBot to Ring and began selling his goods, just like other successful entrepreneurs.
When he reached $5 million in sales, his company (Ring) attracted angel investors such as Goldman Sachs and Richard Branson, resulting in the company receiving $200 million in funding and attracting Amazon as a buyer.
Jamie held roughly 20 to 30 percent of the shares in the Ring company when it was sold to Amazon for $1.2 – $1.8 billion, earning him more than $300 million ($360 – $540 million before taxes). Jamie was turned down when he asked for $700,000 for a 10% stake in the company, but when he sold it, he made between $180 and $270 million after taxes. That’s the spirit of a true businessperson who never gives up.
Jamie Siminoff’s Other Startups
Not only did Siminoff create the Ring doorbell, but he also developed a number of other businesses and products that, while not as successful as Ring, are still well-known.
Jamie’s first business venture, BodyMint, was a flop because he failed to create a vitamin supplement containing Chlorophyll. After that, he founded NobelBiz, a telecommunications service for which he is still an active advisor.
After NobelBiz, Siminoff founded PhoneTag, the first-ever Voicemail to Text service in the United States, with which he made over $17 million in partnership with DiTech, and then he founded Unsubscribe, Inc to create another bridge between spam and unwanted emails reaching your inbox, as well as EdisonJr, a design laboratory, where he is currently the CEO.