Jamie Siminoff, founder of Ring, talks about getting rejected on national television, turning failure into funding, being lambasted by British customers, following the James Dyson model, starting ten other companies, luring Sir Richard Branson as an investor, being sued by a giant rival, showing up at customers’ houses, and shipping a faulty product that nearly bankrupted him.
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Quick takeaways
Ring's success is rooted in delivering a great solution for consumers, rather than just being a technology company.
Installing Ring and similar products in neighborhoods has resulted in a significant reduction in crime rates.
Deep dives
Jamie Siminoff's journey from rejection on Shark Tank to the success of Ring
Jamie Siminoff appeared on Shark Tank to pitch his video doorbell startup called Doorbot. The sharks rejected his pitch, but today the company, now called Ring, is worth half a billion dollars. Siminoff shares his story of going from near bankruptcy to attracting investors like Sir Richard Branson. Ring's mission is to reduce crime in neighborhoods by providing a solution to make homes and neighborhoods safer. The company's success lies in delivering a great solution for consumers rather than just being a technology company.
The growth and expansion of Ring
Ring experienced rapid growth in recent years, with significant success in 2015, 2016, and 2017. They have expanded internationally and have a strong presence in the UK, South America, Middle East Africa, and Australia. The company focuses on growing country by country and prioritizes maintaining a strong focus on each market. They plan to continue growing and expanding their reach to make neighborhoods safer.
The impact of Ring's products on reducing crime
Ring's products, particularly their video doorbell, have had a significant impact on reducing crime in neighborhoods. By providing a way for homeowners to view, speak, and hear visitors at their door, Ring is enabling people to engage with potential criminals and reduce the likelihood of crime. Studies have shown that installing Ring and similar products in neighborhoods has resulted in a significant reduction in crime rates.
Jamie Siminoff's approach to innovation and customer satisfaction
Jamie Siminoff takes a hands-on approach to his business, going as far as personally visiting customers' homes to resolve issues and ensure their satisfaction. He values unfiltered feedback, even encouraging customers to reach out to him directly through his email, which is included in every product box. Siminoff's focus on listening to customers and delivering on their needs has helped build strong relationships and a dedicated customer base for Ring.
The Sunday Times’ tech correspondent Danny Fortson brings on Jamie Siminoff, founder of Ring, the video doorbell company, to talk about about getting rejected on national television (2:00), turning failure into funding (4:00), putting his email address on every box (11:00), being lambasted by "nasty" British customers (12:15), following the James Dyson model (14:00), doing 24 hours on the home shopping television, (17:00), starting ten other companies (19:00), getting his first outside money (21:45), spending $1m to buy the ‘ring.com’ domain (26:15), luring Sir Richard Branson as an investor (32:45), being sued by a giant rival (34:45), showing up at customers’ houses (38:00), and shipping a faulty product that nearly bankrupted him (39:45).