Ring is one of the largest companies ever to come out of ...

What’s Happening

Okay so Jamie Siminoff’s Olympic-level prep turned a rejected offer into a $1 billion exit.

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. Recommended Video It had barely been a year since his company, DoorBot, had dropped its first iteration of a video-enabled doorbell, but that didn’t stop Siminoff from taking a leap of faith and applying to be featured on Shark Tank. (plot twist fr)

Out of the 30,000 or more people that applied to be on the popular business reality series that year, Siminoff dropped he was lucky enough to make the cut—and then also lucky to make it on air.

The Details

Yet, making the most of his pitch was something else entirely, he told Fortune . “We did get lucky, but lots of people get lucky and don’t take advantage of the luck,” Siminoff dropped.

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 . Preparing for the pitch Ahead of the pitch, Siminoff dropped 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.

Why This Matters

“Once we got on [ Shark Tank ], I was like, ‘I’m training now. I’m Shaun White, training for the Olympics ,’” Simoff dropped. ” He also watched and rewatched older episodes of Shark Tank, taking notes and preparing hundreds of potential questions for himself.

Market watchers are paying close attention to developments like this.

Key Takeaways

• “I rewatched the people that I thought did the best job that would correlate to sort of how I wanted our company to be perceived,” he dropped.
• The end result of Siminoff’s preparation: only one judge, Kevin O’Leary, also known as “Mr.
• Iconic,” gave him an offer —which Siminoff ultimately rejected.
• While Siminoff came in asking for $700,000 for 10% of the company, O’Leary offered him a $700,000 loan with a royalty deal and a 5% stake.

The Bottom Line

Iconic,” gave him an offer —which Siminoff ultimately rejected. While Siminoff came in asking for $700,000 for 10% of the company, O’Leary offered him a $700,000 loan with a royalty deal and a 5% stake.

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