Here’s why he thinks success is a little bit like playing the lottery. April 9, 2020 2 min read Viewpoints revealed by Entrepreneur factors are their own.
Ring founder Jamie Siminoff’s really public failure ultimately landed his company a $ 1 billion sale to Amazon. A long-lasting inventor, Siminoff often played with originalities in his garage. Annoyed by his inability to hear the doorbell while working, he wondered if there was a way to link it to his phone.
Picking up that he had stumbled onto something big, Siminoff started constructing a Wi-Fi-connected doorbell that would use video security to screen visitors. His objective was to make houses more secure and rid neighborhoods of criminal offense.
Wanting to take his budding company to the next level, Siminoff landed a look on Shark Tank. With his bank accounts drained, he laid it all on the line for a shot with the
Sharks. However when the day finally came, he went home without an offer.
“Driving house from Shark Tank without the cash, as much as I was practically in tears in the vehicle, still dead broke … I only had something to do the next day,” Siminoff says.” [I had] to attempt to keep going, since stopping was death.”
Siminoff now thinks his look on Shark Tank was his finest marketing technique. Within a month of the episode airing, he had raised $ 1 million in seed financing en path to his billion-dollar sale and has because gone on to be a guest investor on the show.”I believe the trick is luck, a lot of effort and more luck,”Siminoff says.”Every hour of effort you put in is like purchasing another lotto ticket.”
In this episode of How Brands Are Born, learn how Siminoff is working to make communities safer and smarter.
How Brands Are Born exists by Cardone Ventures, in collaboration with Original Stories Media. Learn howGrant Cardone and Brandon Dawson can help your company scale and transform to 10X levels HERE. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.