NOT Getting a Deal on Shark Tank was the Best Thing that Ever Happened to Him

Things don’t always go account to plan, eh entrepreneur? Fortunately, that’s true!

It was supposed to be his big break. Instead, it became the biggest no of his life.

In 2013, inventor and entrepreneur Jamie Siminoff walked onto the set of Shark Tank with high hopes.

He had built a prototype called Doorbot - a Wi-Fi-enabled video doorbell that let homeowners see and talk to visitors from their smartphones.

Siminoff made a compelling pitch. He had a very unique product. And so he asked for $700,000 for 10% equity. But the sharks were skeptical:

• "Too niche."

• "Easy for big players to copy."

• "Clunky product."

One by one, the sharks dropped out. Worst of all, the shark who seemingly understood tech the best, Mark Cuban, also dropped out. Siminoff left with no deal.

"It was devastating," he later recalled. "I was nearly broke. My business was nearly dead."

Rebirth

But, as so often happens in the life of an entrepreneur, that rejection turned out to be a gift.

Needless to say, when the Shark Tank episode aired, Siminoff’s Doorbot received massive publicity. Orders poured in.

And with that lifeline, Siminoff rebranded the product as Ring. Instead of a name that sounded like a gadget (Doorbot), Ring was a name that evoked security, community.

And he shifted the narrative too. Ring was no longer just about convenience, it was about protecting neighborhoods.

The breakthrough came fast:

• Ring added features like motion detection and cloud video.

• Sales skyrocketed.

• Siminoff built a loyal customer base.

And by 2017, Ring had $415 million in revenue.

The next year, Amazon acquired Ring for more than $1 billion.

Ultimate Irony

Not only did the same sharks who passed on Doorbot later called it the biggest miss in the show's history, several years later Siminoff was back on the show.

Only this time, he was one of the sharks!

The Takeaway:

It’s not always easy to see, but rejection is also valuable feedback. Jaimie Siminoff used public rejection to create an even better product and a better brand.

If you are going to play in this sandbox, you do not always need validation, but you always need resilience.

Steal This Strategy!

🎥 Video - Jamie Siminoff on Shark Tank
The famous episode where RING was rejected.

📖 Book - The Messy Middle
Scott Belsky’s guide to navigating the hardest part of building something big.

🌐 Website - Ring
From rejected startup to category leader. A masterclass in brand positioning.