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This Business Idea Was Rejected on ‘Shark Tank’ but Is Now Worth $1 Billion

Calling all budding entrepreneurs—don’t let the haters get you down. That’s the lesson Ring CEO and founder Jamie Siminoff learned after his initial business proposal was rejected by the Shark Tank investors. 

According to Reuters, Siminoff’s video-doorbell business is now valued at $1 billion and is being bought by Amazon. Talk about a win.

Appearing on the reality show back in 2013, Siminoff’s idea (then called Doorbot) was rejected by all of the investors except for Kevin O’Leary who made what Siminoff considered to be a bad offer.

But fast-forward five years later, and the company now employs more than 1,000 people and counts Richard Branson as one of its investors. Not too shabby. 

Apparently, Ring’s security devices could work well with Amazon Key, a lock and camera system that users can control remotely in order to let couriers deliver goods directly into their homes. 

Moral of the story: Don’t give up on your dreams. (Especially the ones that could make you a billionaire.)

RELATED: 8 Surprising Facts You Never Knew About “Shark Tank”

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