Owner of Ring Doorbell Company Turns 'Shark Tank' Rejection Into Billion-Dollar Deal
The video doorbell was one of QVC's top sellers for 2017.
Video doorbell company Ring was just acquired for a reported $1 billion — five years after Shark Tank judges passed on the idea.
The inventor, Jamie Siminoff, pitched the product — then called DoorBot — to the panel on the popular show in 2013. The special doorbell allows homeowners to see who's at their front door on their smartphone and to even communicate with them.
The investors each passed apart from Kevin O'Leary, who offered a $700,000 loan, 10 percent of all sales until the loan was paid off, seven percent on future sales, plus a five percent stake in the company.
But Siminoff turned down the deal and walked away with nothing.
He re-branded the company and appeared on QVC last year. Ring ended up being one of QVC's best sellers in 2017, generating $23 million in sales in just one day.
Inside Edition's Megan Alexander spoke to Kevin O'Leary about missing out on a stake in the company.
"Your offer was ultimately rejected — do you regret not making a better offer?" Alexander asked.
He responded: "It's a wonderful outcome, it's a great thing. I'm not jealous of it. Do I wish I had a piece of the deal? Of course."
Liz Claman, anchor of Countdown to the Closing Bell on Fox Business Network, told Inside Edition, "You could look at this one as the big fish that got away from the sharks... this should give hope to anybody who has an idea and is willing to fight for it."
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