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Luck may have been what got Ring founder Jamie Siminoff cast for Shark Tank, but preparing for the pitch that supercharged his company required nothing short of Olympic-level preparation.<\/p>\n
It had barely been a year since his company, DoorBot, had released its first iteration of a video-enabled doorbell, but that didn\u2019t stop Siminoff from taking a leap of faith and applying to be featured on Shark Tank.\u00a0<\/p>\n
Out of the 30,000 or more people that applied to be on the popular business reality series that year, Siminoff said he was lucky enough to make the cut\u2014and then also lucky to make it on air. Yet, making the most of his pitch was something else entirely, he told Fortune.<\/p>\n
\u201cWe did get lucky, but lots of people get lucky and don\u2019t take advantage of the luck,\u201d Siminoff said.\u00a0<\/p>\n
For him, going on the show was just one of many pivotal moments in which he jumped in headfirst to take advantage of an opportunity that would later help make Ring the $1 billion success it is today.\u00a0<\/p>\n
Preparing for the pitch<\/p>\n
Ahead of the pitch, Siminoff said he recreated the Shark Tank set as best he could in his backyard, with his neighbors standing in for the sharks and lobbing him questions.<\/p>\n
\u201cOnce we got on [Shark Tank], I was like, \u2018I\u2019m training now. I\u2019m Shaun White, training for the Olympics,\u2019\u201d Simoff said. \u201cNo stone will be unturned.\u201d<\/p>\n
He also watched and rewatched older episodes of Shark Tank, taking notes and preparing hundreds of potential questions for himself.<\/p>\n
\u201cI rewatched the people that I thought did the best job that would correlate to sort of how I wanted our company to be perceived,\u201d he said.<\/p>\n
The end result of Siminoff\u2019s preparation: only one judge, Kevin O\u2019Leary, also known as \u201cMr. Wonderful,\u201d gave him an offer\u2014which Siminoff ultimately rejected. While Siminoff came in asking for $700,000 for 10% of the company, O\u2019Leary offered him a $700,000 loan with a royalty deal and a 5% stake.<\/p>\n
Ring founder Jamie Siminoff returned as a guest shark on Shark Tank in 2018, and sat next to the only shark who gave him an offer, Kevin O\u2019Leary.<\/p>\n
Eric McCandless\u2014Disney General Entertainment Content via Getty Images<\/p>\n
Even though Siminoff turned down the deal, his pitch later earned him praise from O\u2019Leary, who in a 2018 interview with CNBC called him \u201cA really good salesperson.\u201d<\/p>\n
Ring later went on to be acquired by Amazon in 2018 for roughly $1 billion, cementing what is among the biggest misses in Shark Tank history. Siminoff, for his part, eventually returned to Shark Tank in 2018, this time as a guest shark.<\/p>\n
\u201cAs crazy as it is, my goal was to be the best company ever, to be on Shark Tank. Like that was definitely what I wanted. And I worked for it,\u201d he said.<\/p>\n
#Ring #CEO #Jamie #Siminoff #prepared #Shark #Tank #pitch #Olympic #athlete<\/p>\n","protected":false},"excerpt":{"rendered":"
Luck may have been what got Ring founder Jamie Siminoff cast for Shark Tank, but…<\/p>\n","protected":false},"author":1,"featured_media":727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[245],"tags":[593,585,579,580,92,586,592,591,588,581,582,589,583,587,584,590],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/726"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=726"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/726\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/media\/727"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}