This is tech inventor Jamie Siminoff. And he’s wealthy. But how wealthy exactly? How did he manage to get there? Get ready because there’s more to this story than meets the eye.
In this article, we’ll be spilling the beans on everything you need to know about Jamie Siminoff, including who he is, his back story, his net worth (2022), and how he built his wealth from the ground up.
Without further ado, let’s take a closer look and see how he got to where he is today!
Jamie Siminoff is an inventor and entrepreneur, known best for being chief inventor and founder of the company Ring.
Currently, he resides in Los Angeles, California with his wife Erin Lindsey and their son Oliver.
He was born on October 18, 1976 in New Jersey. Jamie was always a tinkerer, and his parents were always supportive of his intellectual curiosity. They also taught him to value hard work and persistence — qualities that would serve him well later in life. However, the path forward wasn’t always easy.
Jamie Siminoff’s Early Life
Jamie struggled in school early on, but his father found an opportunity to hone some motivation in him by offering a Land Rover Defender 90 should he do well in school. He ended up subsequently getting straight A’s in his classes.
Jamie went on to enroll in Babson College to study entrepreneurship.
Deep down, Jamie always knew he had an entrepreneurial spirit which led him to start various companies even before Ring.
Jamie Siminoff on Shark Tank
It wasn’t until 2013, that he founded the company Ring; only then it wasn’t known as Ring, but rather as Doorbot.
It was an ambitious mission to create the world’s best smart doorbell system — one that would allow people to not only see who was at their door but also give them the ability to talk through their smartphones so they wouldn’t have to open their front door every time someone came over.
When he went to Shark Tank to pitch the product, it was also marketed as Doorbot at the time. As many know from watching that episode, he did not walk out with a deal.
But being on Shark Tank alone spurred a huge increase in sales, and numerous big names started to invest in the company afterward. Some of these names include:
- Shaquille O’Neal
- Richard Branson
- Goldman Sachs
A large part of Siminoff’s mission was to make communities safer, which in turn improves people’s lives tremendously. This was a huge selling point to investors such as Richard Branson who value these sorts of ideals.
The company name Doorbot was changed to Ring after Jamie decided that Doorbot was too techie of a name, as he wanted to appeal to mainstream consumers.
The company went on to become one of the most successful connected home devices on Kickstarter in 2015, with more than $200 million raised across two different campaigns and an overall value of $1 billion after selling shares to additional investors like Sequoia Capital and Kleiner Perkins Caufield & Byers.
In 2016, Ring announced plans to expand into security systems with its acquisition of smart home security startup Blink for $60 million.
Then 2 years later, Ring caught Amazon’s attention and was bought for $1 billion. The rest is history.
What Is Jamie Siminoff’s Net Worth?
Jamie Siminoff’s net worth is estimated to be $400 million as of 2022.
What Is Ring’s Company Net Worth?
Ring the company is estimated to be worth $1.8 million as of 2022 under the ownership of Amazon.
Jamie Siminoff Awards and Accolades
Jamie received many accolades for his entrepreneurial efforts, including being named in:
- TIME Magazine’s 100 Most Influential People in 2016
- Forbes’ 30 Under 30
- Inc’s 20 Youngest Self Made Billionaires on the Planet
- Fortune’s 40 Under 40
There is no doubt that he deserves what he has built over the past few years with hard work, perseverance, and self-belief.
How Did Jamie Siminoff Make His Fortune?
By and large, Jamie made his fortune by founding Ring and eventually selling it to Amazon for $1 billion. Remember though, he had multiple investors who helped him start it up, so he wasn’t the sole owner of it and most definitely did not receive the full $1 billion sum to himself.
Still, $400 million is nothing to sneeze at.
Jamie Siminoff’s Other Ventures
Over the years, Jamie Siminoff has worked with some of the biggest brands on the planet. In fact, he’s been so busy that it can be tough to keep track of everything he’s done.
In addition to his work with Ring, Siminoff has also helped other companies develop new products by advising them on design and engineering.
He has also partnered with Amazon Echo to create a home security system called Cloud Cam, which helps protect customers’ homes and businesses against theft, fire, and intruders.
Aside from being an inventor, Jamie has been an investor in other startups, including:
- PillPack (later sold to Walmart)
Jamie Siminoff’s Quotes and Life Philosophy
“Just don’t waste money.”– Jamie Siminoff
“My dad always said that if you really want something bad enough and you’re willing to do whatever it takes, it’ll happen. I feel like I’ve lived my entire life that way.”– Jamie Siminoff
“If you want to be in the business of having your own company and succeeding, welcome to the failure game.”– Jamie Siminoff
“The one thing no one can copy is me.”– Jamie Siminoff
Jamie Siminoff started out on his own to fulfill his dreams of becoming a self-made entrepreneur, and he’s done very well.
If there’s one key takeaway, it’s that Jamie leveraged his time to learn as much as he could, be it through his own ventures or by collaborating with other companies. Getting rejected by all the Sharks on the infamous show Shark Tank wasn’t enough to stop Jamie from pursuing his mission to improve the lives of many through his ideas. These ideas disrupted the status quo and led him to the wealthy and successful businessman he is today.