Arvind Devalia 💙

The most underrated business story you've never heard of: - Got rejected at Shark Tank in 2013 - Rebranded and raised $200 million + - Did hundreds of millions in revenue - Sold to Amazon for > $1 BILLION Here's how Jamie Siminoff built Ring into a roaring success 👇 In 2011, working at his garage in Los Angeles, Jamie Siminoff was looking for a way to see who was at his front door without interrupting his work. So he started DoorBot: A doorbell with a built-in camera that could stream video directly to a homeowner's smartphone. He drained his life savings and maxed out his credit cards to build V1. But it looked like a good product. And even with a very small team, it started moving. By the time he appeared on Shark Tank in 2013, they were doing about $1 million in sales. He was trying to raise $700k for 10% of his company. EVERY shark rejected him. So Jamie went back to the drawing board. He had a decent product, but there were issues: -- WiFi connectivity -- UI problems -- Battery life And more. Plus, he'd done no marketing. Shark Tank gave him publicity but they were still nobodies. So he branded DoorBot to Ring. Expanded his product line beyond the video doorbell to include various home security products, such as security cameras and alarm systems. Short of money, he started building an offshore team to make the software and run customer service. Ukraine was the key location where they offshored tech and software. Ring built a whole offshore dev team, one that they could scale up easily as they grew. They established customer service in the Philippines. And they started shipping new versions. It worked. Sales started growing. VCs got interested. They raised millions from serious investors. In 2015, Richard Branson put in a check. From there, things skyrocketed. In < 5 years post shark tank rejection, Amazon bought them for $1.2 Billion. And later that year Jamie returned as a guest Shark on Shark Tank, circle of life complete. What a business. What a story.