Off The Record
Millions Of People Currently Use The Greatest Lost Investment In Shark Tank History, Which Was Later Sold For $1,000,000,000
On Shark Tank, an entrepreneur lost everything after selling his company to Amazon for $1 billion.
Fans of the show have seen almost every type of pitch and product available, from underwear made to keep farts from getting into the noses of those around you to a man painting a picture of a cat to his six possible investors.
However, Jamie Siminoff’s brief nine-minute presence in 2013 may have left some Sharks feeling the most resentful of all the business owners who have attempted their luck on the program because they were deprived of this chance.
What was Jamie Siminoff’s company?
The CEO of Doorbot demonstrated his clever gadget, but it’s likely that you haven’t heard of the company—at least not under its previous name until it changed to Ring doorbell.
Siminoff requested $700,000 on the show in exchange for a ten percent share in the business, which would have made “DoorBot” worth $7 million.
With Shaquille O’Neal’s assistance, Ring would eventually be sold to Amazon for an estimated $1 billion. In 2016, O’Neal would become a spokesperson and acquire stock in the firm.
Did any of the Sharks make an offer?
Only one Shark actually made an offer.
Mark Cuban, the former owner of the Dallas Mavericks and entertainment magnate, said: “I like it, I think you’re going to do great. But I’ve got to be able to say that when I jump in, I’m going to be able to add enough value that this company that’s worth $7 million could be worth $80 million, $90 million.”
“I just don’t see that progression and for that reason I’m out.”
To Cuban’s credit, the business did not grow to be worth $80 million.
The fact that it got worth a billion dollars is irrelevant.
Kevin O’Leary, sometimes known as “Mr Wonderful,” made a $700,000 offer, but there was a big caveat.
The funds would be a loan rather than an investment, and he would get 10% of sales until the amount was repaid.
He would also receive five percent of the company’s ownership and a seven percent royalty on all future sales.
Siminoff was fortunate that this offer was declined.
O’Leary would have eventually received $50 million from this five percent equity, and he would have received $100 million in equity for only $700,000 if he had accepted their offer right once.
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