The journey of Ring is one of enterprise and grit. Founded in 2013 by Jamie Siminoff, Ring started off with this one potent idea-to create a smart doorbell that would make homeowners more secure by helping them see and talk to visitors through their smartphones. The felt need for this security adjustment and convenience-one that was getting increasingly prepared well for the product to be received by tech-savvy customers-was there in this case.
Despite the revolutionary idea, Siminoff struggled a great deal to find investors. Shark Tank in 2013 proved to be a turning point. He did not land a deal with the Sharks; however, the show proved priceless exposure. The exposure on a national scale set Ring into motion and attracted investors outside of the show. It was really about overcoming that first significant hurdle: his conviction in the product, and that he could change course on a dime.
And boy, did persistence pay off for Ring. The company continued to grow, and in 2018, Amazon bought Ring for a reported $1 billion. More than the validation of Siminoff’s vision, the acquisition epitomized resilience and adaptability-part of the very tenets of entrepreneurship. This story of Ring reminds one that the setbacks become the steppingstones to success, and with will and innovation, entrepreneurs can turn their dreams into reality.
https://ring.com/products/battery-doorbell
Reagan Thomas
This is so cool! I think it is so impressive how they persisted despite the fact they did not receive funding from Shark Tank. The idea is brilliant because it makes safety easy and simple for homeowners. There are so many similar options, but since it was bought by Amazon, it became even more popularized.
I thought that this product was pretty cool and how it was founded in 2013. It is a smart idea to combine having security and style in a way that is techy because back then not many people thought of combining everything and making a successful product out of it. It was interesting though how ring didn’t get any funding from Shark Tank, but it was good how they also got more exposure of what their product and brand was. It’s impressive how Amazon eventually bought the company for around $1 billion! Overall, despite the setbacks, most businesses can still be successful!
I am surprised the Ring struggled on Shark Tank because nowadays every other front door has some sort of Ring or Ring inspired camera on it. I think this story shows how hard being an entrepreneur can be. Even if you have a fantastic billion-dollar idea, it may still take a while for people to like it. You have to be patience and willing to work through negativity and setbacks. You also have to be opened minded and willing to accept criticism to improve your product.
Reagan, good work with your post. The Ring story is actually pretty impressive, and it is always surprising to hear about these big companies nowadays failing at the start of their business. The idea behind the Ring cameras are pretty innovative and there was nothing like it, and I think it is so cool that it eventually paid off for Siminoff.
I did not know this about the Ring! that it first appeared on shark tank I feel like one day it just kind of showed up and everyone had one. The way they marketed themselves and it really being a solution to a cheap at home security system. At the time it was made there where people stealing packages, they saw the problem and found a solution which is why I think it blew up. I personally have a Ring, although it hasn’t worked in years it’s still a great deterrent which really shows the power the Ring has!