A video exhibiting the journey of American entrepreneur Jamie Siminoff, whose pitch on Shark Tank was as soon as rejected, goes viral on social media platforms.
In September 2013, Jamie Siminoff’s product Ring – the world’s first Wi-Fi video doorbell – was rejected on the enterprise actuality TV present Shark Tank. He walked off with out a deal then, solely to return to the present as a millionaire investor.
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The video exhibiting Siminoff’s journey from Shark Tank pitcher to changing into ‘Shark’ on the present has amassed a staggering 14.6 million views on social media platform X since being shared 5 days in the past.
Siminoff wished to lift $700,000 for his firm, then known as DoorBot, on the Shark Tank present in 2013. His pitch was rejected by all of the judges besides Kevin O’Leary.
In accordance with Yahoo Information, Siminoff was already raking in $1 million in annual gross sales when he appeared on the present 11 years again.
O’Leary had supplied Siminoff a $700,000 mortgage in return of a ten per cent fee on each sale till the mortgage was repaid.
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He had additionally requested for a 7 per cent royalty on all future gross sales and 5 per cent of the agency’s fairness.
Nevertheless, Siminoff had rejected the supply.
Later, Siminoff rebranded his firm as Ring, however his product gained recognition from that Shark Tank episode.
“We expect we bought no less than $5 million of further gross sales via the airing of ‘Shark Tank,” he had mentioned, as per a report by Enterprise Insider.
Ring was acquired by world retailer Amazon for $1 billion in 2018.
For the 2018 season of the Shark Tank present, Siminoff was invited as a visitor choose.
“That was a fast sure for me,” he had mentioned. “Ring would by no means have survived or been the place we have been if it hadn’t been for that publicity.”
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Printed: 11 Apr 2024, 07:55 PM IST
