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mentalfloss l Thursday March 1, 2018
Amazon Just Spent $1 Billion on Ring, a Smart Doorbell Shark Tank Rejected
The entrepreneurs at Shark Tank have invested in a number of major products since the show premiered in the U.S. in 2009, but for every hit they've spotted, there have been plenty of missed opportunities. The biggest one that got away was a smart doorbell called Doorbot. After the idea was passed up by five sharks in a row, its valuation climbed higher than any product to appear on the show. Now, Quartz reports that Amazon has bought the business, now called Ring, for over $1 billion. Entrepreneur Jamie Siminoff pitched his concept to the sharks in November 2013. He framed the product as a "caller I.D. for your front door," explaining that every time someone rang the doorbell, the homeowner would receive a video feed on their smartphone showing the person standing outside. Siminoff asked for a $700,000 investment for a 10 percent stake, an offer each shark ultimately declined. "This company instead of being worth $7 million, can be worth $80 million, $90 million. I just don't see the progression," Mark Cuban said in the video below. But Siminoff didn't let the rejection slow him down. He kept building the company, and within four years it was valued at $1 billion and had attracted big-name investors like Virgin's Richard Branson...Read more