Get the cheat sheet: Jamie's 5 steps to build a $1B product from a $200 idea: https://clickhubspot.com/ajn

Episode 768: Sam Parr ( ⁠https://x.com/theSamParr⁠ ) and Shaan Puri ( ⁠https://x.com/ShaanVP⁠ ) talk to Ring founder Jamie Siminoff ( https://x.com/JamieSiminoff ) about the wild story of building and selling Ring–plus business ideas he thinks someone should go after.

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Show Notes:

(0:00) Intro

(2:47) Selling Ring for $1.15B

(6:48) Getting sued by ADT

(17:18) Working with Jeff Bezos

(19:29) $400M to $4B

(24:02) Getting the wire

(26:44) Money v freedom

(28:29) Rule 1: Start with the problem

(30:02) Rule 2: Little solution, massive market

(33:31) Idea: Modern bug control ($5-10B idea)

(40:35) Rule 3: The snowball approach

(43:54) Ding Dong and other must reads

(46:32) The Tom Brady philosophy on hiring

(51:33) The too hard pile

(54:25) Stickwithitness

(56:14) Last mile marketing

(58:08) Rebuilding a town

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Links:

• Ding Dong - https://tinyurl.com/3zrsjete

• Ring - https://ring.com/

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Check Out Shaan's Stuff:

• Shaan's weekly email - https://www.shaanpuri.com

• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.

• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!

Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC

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Check Out Sam's Stuff:

• Hampton - https://www.joinhampton.com/

• Ideation Bootcamp - https://www.ideationbootcamp.co/

• Copy That - https://copythat.com

• Hampton Wealth Survey - https://joinhampton.com/wealth

• Sam’s List - http://samslist.co/

My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano //

177: Gary Chapman: Keys to a Successful Marriage