Passion Struck with John R. Miles - How Jamie Siminoff Built Ring: 6 Lessons for Startup Success | EP 523

Episode Date: October 18, 2024

In today’s episode of Passion Struck, I dive into the incredible journey of Jamie Siminoff and how Jamie Siminoff built Ring after facing a public rejection on Shark Tank. What started as a million-dollar idea dismissed by investors turned into a billion-dollar acquisition by Amazon, redefining the home security industry. Siminoff's story is a testament to resilience, innovation, and the unwavering belief in his vision.Throughout this solo episode, we’ll explore how Jamie’s relentless pursuit of his idea, despite the odds, not only led to Ring’s success but also offers six key lessons for overcoming rejection and turning setbacks into stepping stones for success. If you’ve ever faced doubt or adversity in your own journey, this is an episode you won’t want to miss!Link to the full show notes:   https://passionstruck.com/how-jamie-siminoff-built-ring/In this episode, you will learn:Turning rejection into opportunityLessons on resilience and innovation from Jamie SiminoffThe journey from DoorBot to Ring’s billion-dollar acquisitionThe power of believing in your vision despite setbacksSponsors:Babbel: Master a new language with Babbel’s comprehensive learning system. Get 60% off at babbel.com/PASSION.Hims: Start your journey to regrowing hair with Hims. Get your free online visit at hims.com/PASSIONSTRUCK.Quince: Discover luxury at affordable prices with Quince. Enjoy free shipping and 365-day returns at quince.com/PASSION.For more information on advertisers and promo codes, visit Passion Struck Deals.Join the Passion Struck Community! Sign up for the Live Intentionally newsletter, where I share exclusive content, actionable advice, and insights to help you ignite your purpose and live your most intentional life. Get access to practical exercises, inspiring stories, and tools designed to help you grow.  Learn more and sign up here.Speaking Engagements & Workshops Are you looking to inspire your team, organization, or audience to take intentional action in their lives and careers? I’m available for keynote speaking, workshops, and leadership training on topics such as intentional living, resilience, leadership, and personal growth. Let’s work together to create transformational change. Learn more at johnrmiles.com/speaking.Episode Starter Packs With over 500 episodes, it can be overwhelming to know where to start. We’ve curated Episode Starter Packs based on key themes like leadership, mental health, and personal growth, making it easier for you to dive into the topics you care about. Check them out at passionstruck.com/starterpacks.Catch More of Passion Struck:Check My solo episode on Find Your Matter Meter: Create Belief in Why You MatterCatch My Episode with Jamie Kern Lima on the Power of Believing You Are WorthyWatch my interview with Dan Cnossen on Unstoppable Success Through AdversityCan't miss my episode with Hari Budha Magar on Defy Your Limits to Conquer Your EverestListen to my interview with Daniel Fielding on Harnessing the Power of the ‘Asset Mindset’If you liked the show, please leave us a review—it only takes a moment and helps us reach more people! Don’t forget to include your Twitter or Instagram handle so we can thank you personally.How to Connect with John:Connect with John on Twitter at @John_RMiles and on Instagram at @John_R_Miles. Subscribe to our main YouTube Channel here and to our YouTube Clips Channel here. For more insights and resources, visit John’s website.Want to explore where you stand on the path to becoming Passion Struck? Take our 20-question quiz on Passionstruck.com and find out today!

Coming up next on Passion Struck. What would you do if your million dollar idea was publicly rejected on national TV? Most of us might throw in the towel, but not Jamie Siminoff. Instead of letting that rejection define him, he turned it into the fuel for one of the biggest success stories in tech today. From his garage to a billion dollar Amazon acquisition, Jamie's journey is filled with powerful lessons about resilience, innovation, and believing in your vision no matter the obstacles. Join me on this episode of Passion Struck as we uncover the incredible story behind the founder of Reng. You won't want to miss this one. Tune in and get

inspired. Welcome to Passion Struck. Hi, I'm your host, John R. Miles. And on the show, we decipher the secrets, tips, and guidance of the world's most inspiring people and turned their wisdom into practical advice for you and those around you. Our mission is to help you unlock the power of intentionality so that you can become the best version of yourself. If you're new to the show, I offer advice and answer listener questions on Fridays. We have long-form interviews the rest of the week with guests ranging from astronauts to authors, CEOs, creators, innovators, scientists, military

leaders, visionaries, and athletes. Now let's go out there and become Passion Struck. Hey Passion Struck fam, welcome back to episode 522 of the Passion Struck podcast. You, yes you, are the driving force behind this community, and I am so grateful for your continued energy, passion, and commitment to living a more intentional life. Week after week you show up ready to elevate yourself, and that's what makes this movement so powerful. If this is your first time tuning in, welcome to the PassionStruck family. You've just joined a community that's all about igniting purpose and living boldly with intention. We're thrilled to have you on this journey with us.

Before we dive into today's episode, I want to give a quick shout out to my incredible conversations from earlier this week. I sat down with my friend, Terry Cole, to dive deep into her latest book, Too Much, and the concept of high functioning codependency. And I also had a fascinating conversation with Dr. Art Markman, where we explored the science of decision making and how to align our habits with long term goals. If you haven't had a chance to listen yet, I highly recommend checking them out. And don't forget, for those of you who want to take these insights even further, sign up for my Live Intentionally newsletter. Every week, I send out exclusive content, practical exercises and

tools to help you apply the lessons from the podcast directly to your life. Head over to passionstruck.com to get started. Also, if you're wondering where to start with the podcast, we've made it super easy with our episode starter packs with over 500 episodes, it can be overwhelming. So we've curated playlists based on themes like leadership, mental health and personal growth. Check them all out on Spotify or visit passionstruck.com slash

starter packs to dive in. Today, we're diving deep into an incredible story. One that's bound to leave you feeling inspired no matter where you are in your own journey. You know, we often think that success comes from smooth sailing, but today's story reminds us that it's the challenges, the rejections, and the moments of doubt that can become the foundation for our greatest victories. This episode is all about overcoming adversity and believing in your vision no matter how tough things get.

Now, let's take you back to 2013. Picture this, Jamie Siminoff is standing in front of the sharks on Shark Tank. He's passionate, he's determined, and he's pitching his product called DoorBot, a video doorbell that could revolutionize home security. The air is thick with anticipation. You can almost feel the weight of the moment. Jamie knows that his product is solid. It's solving a real problem. People missing deliveries because they can't hear the doorbell. And he's already generating a million dollars in annual sales. But despite that, things don't go quite as planned.

Today we're going to unpack Jamie Siminoff's incredible journey. We'll explore the lessons he learned along the way, how he turned rejection into opportunity, and what his story can teach us all about resilience, innovation, and most importantly, believing in your vision. Whether you're an entrepreneur, someone facing a personal challenge, or just looking for a boost of inspiration, this episode has something for you.

So let's dive in. Thank you for choosing Passionstruck and choosing me to be your host and guide on your journey to creating an intentional life. Now, let that journey begin. Let's start at the beginning. Jamie Simonoff didn't just wake up one day and decide to create a billion dollar company. No, his story started much earlier than that. Born in New Jersey, Jamie was that kid who was always taking things apart,

tinkering with gadgets and dreaming up new inventions. You know the type, the kid with the messy room, full of half-finished projects and tools scattered everywhere. Jamie's passion for building things and solving problems was clear from a young age. And that curiosity, it never left him. It was the same curiosity that led him to Babson College, a school known for fostering entrepreneurs. While there, Jamie wasn't just focused on academics. He was focused on solving problems.

He saw the world through the lens of innovation, always asking, how can I make this better? Now, not every idea he had was a success. In fact, Jamie's early ventures were anything but smooth sailing. He tried, he failed, he learned, and he kept going. And this is a key point, folks. Failure isn't the end. It's part of the process. Each failure taught Jamie something new

about perseverance about creativity and about the importance of believing in your vision even when others don't these early experiences shaped him into a problem solver with a mindset focused on pushing forward learning from failure and never losing sight of the end goal little did he know that one of those early challenges something something as simple as missing deliveries, would spark an idea that would change his life forever. Now, let's fast forward a few years. Jamie's working in his garage. Yes, the classic garage inventor story.

And he's constantly missing deliveries because he can't hear the doorbell while he's working. It's a simple problem, but like all great entrepreneurs, Jamie's mind immediately starts thinking of a solution. He realized that if he had simple problem, but like all great entrepreneurs, Jamie's mind immediately starts thinking of a solution. He realized that if he had this problem, other people probably did too. That's where the idea for DoorBot was born. He envisioned a device that would allow homeowners to see who was at the door and even communicate with them no matter where they were, all through their smartphones.

Sound familiar? It should. This was the precursor to what we now know as Ring. But here's the thing. Turning an idea into reality is rarely easy. Jamie faced massive hurdles. Funding, technical challenges, and market skepticism. Investors didn't see the potential and there were significant obstacles in making the device

reliable, user-friendly, and affordable. But despite all of these challenges, Jamie didn't give up. He had belief, that kind of belief that keeps you going when the world tells you no. He was determined to make DoorBot work, and that's exactly what he did. After refining the product and launching it, DoorBot started making sales, and things were looking up. That initial success provided the validation he needed to keep pushing forward. But as any entrepreneur knows, making early sales is just the beginning.

To take DoorBot to the next level, Jamie needed something more. More exposure, more investment, and more credibility. And that's when the opportunity to appear on Shark Tank came along. It's 2013 and Jamie Siminoff walks into the Shark Tank studio, ready to pitch his heart out. Imagine the pressure, standing in front of some of the biggest names in business, knowing that this could be the moment that changes everything. At this point, DoorBot was doing a million dollars in annual sales,

which is no small number for a startup. Jamie had something good and he knew it. He needed an investment to scale, to grow, to bring his vision to the masses. So there he was pitching his heart out, showing the Sharks how Doorbot could revolutionize home security. But the Sharks? They weren't as convinced. All except Kevin O'Leary, who you probably know as Mr. Wonderful. O'Leary offered a deal, but here's the thing about Kevin. His deals come with a lot of strings. He offered a $700,000 loan in exchange for a royalty on every sale and a chunk of the

company. Jamie knew that deal wasn't right for him. It didn't align with the vision for DoorBot, so he walked away without a deal. Imagine that. You have just put everything on the line in front of millions of viewers, and you walk away empty-handed. For Jamie, this was a crushing blow blow and I'm not going to lie. He said in interviews that it was one of the lowest moments of his career getting rejected

in front of millions of viewers, especially after putting so much into your pitch and feel like a public failure. But here's where things get interesting. Instead of letting this rejection define him, Jamie used it as a fuel. He realized that even though he didn't get the deal, he had just received an incredible amount of exposure. Millions of people had just seen his product, and that visibility was priceless. So, rather than retreat, Jamie doubled down. He focused on refining Doorbot, addressing the concerns the Sharks had raised, and capitalizing on the publicity from the show.

This period of reflection and adjustment became a pivotal moment in his journey. He took what could have been a failure and turned it into an opportunity for growth. This, my friends, is one of the most important lessons we can learn from Jamie Semenov's story. Setbacks are inevitable, but they don't have to define you. It's how you respond to them that matters. Now, this is where things get really interesting. Jamie knew that to take DoorBot to the next level, he needed to make some changes, so he rebranded the product. DoorBot became Ring, a name that was more appealing

and more in line with Jamie's vision for the company. But it wasn't just about the name. Jamie made significant improvements to the product itself. He focused on making it more reliable, enhancing the video quality and improving the overall user experience. He listened to customer feedback and used it to drive innovation. This is another key lesson.

Innovation doesn't stop once your product hits the market. It's a continuous process, one that requires you to stay in tune with your customers and constantly look for ways to improve. And let me tell you, this wasn't easy. Jamie faced stiff competition from other tech companies entering the smart home market. But instead of backing down, he pushed harder. He forged strategic partnerships with major retailers, expanding the company's reach and invested heavily in customer support. Jamie understood something that many entrepreneurs overlook. Your customers are your greatest asset. If you focus on providing them with an exceptional experience, they'll

stick with you and they'll tell others. This relentless focus on customer satisfaction paid off. Ring began to gain serious traction and Jamie started attracting more investors. In 2015, Sir Richard Branson stepped in, investing 28 million into Ring. That was a huge turning point for the company. Branson saw the potential that the Sharks missed and his investment gave Jamie the resources he needed to continue growing the business. But Jamie didn't stop there. He kept hustling, kept innovating, and kept looking for ways to make Ring the best it could be. One of the smartest moves Jamie made was securing a partnership with Amazon. That deal put Ring in

front of millions of customers, and it didn't take long for Ring to become one of the best-selling home security products on the market. Sales soared and Jamie's persistence paid off in a big way. As Ring continued to grow, it caught the attention of Amazon, a company that was looking to expand its smart home offerings. In 2018, Amazon acquired Ring for a reported $1 billion. Yes, you heard that right. $1 billion. Now think back to Jamie's Shark Tank pitch. Mark Cuban, one of the sharks, had doubts that Doorbot could even reach a $90 million valuation, let alone a billion dollar one.

But Jamie didn't let those doubts stop him. He believed in his vision, and that belief, combined with relentless hard work and innovation, led him to build a company that Amazon saw as a crucial piece of their future in the smart home space. But here's the thing. The Amazon acquisition wasn't just a payday for Jamie. It came with its own set of challenges. Jamie had to integrate Ring into Amazon's vast ecosystem while making sure that Ring

kept its unique identity and customer first approach. And let me tell you, that's no easy feat. But under Jamie's leadership, Ring has flourished. The company has expanded its product line, introducing new devices and features that make home security even more accessible and convenient. And through it all, Jamie has remained committed to the same vision he had back in his garage, solving problems and making people's lives better. So what can we learn from Jamie's incredible journey?

There are a few powerful lessons that I think are worth highlighting, and these aren't just for entrepreneurs. These lessons apply to anyone who's ever faced rejection, struggled with self-doubt, or felt like giving up. First, believe in your vision. This is, without a doubt, the most important lesson. Throughout his journey, Jamie never stopped believing in his vision Even when the sharks doubted him even when investors turned him down and even when things got tough

Jamie held on to the belief that doorbot later ring could change the world This belief is what fueled him through the difficult times if you don't believe in your vision No one else will second resilience is everythingion is part of the process. You will face setbacks. You will face doubt. But it's how you respond to those setbacks that will determine your success. Jamie could have let the shark tank rejection define him, but he didn't. He used it as fuel to keep pushing forward. And that resilience, it made all the difference. Third, innovate, innovate, innovate. Innovation doesn't stop once you've launched your product or achieved your goal. It's a continuous process.

Jamie was constantly looking for ways to improve Ring, whether it was by enhancing the technology, expanding the product line, or improving customer experience. This focus on innovation is what kept Ring ahead of the competition and made it such an attractive acquisition for Amazon. Fourth, turn setbacks into opportunities. Setbacks are inevitable, but every setback contains a lesson. If you're willing to look for it, Jamie took his Shark Tank rejection and turned it into an opportunity to refine his product and build his brand. What could have been the end of his journey became

the catalyst for his greatest success. Fifth, build strategic partnerships. Jamie knew that to grow Ring, he couldn't do it alone. He built strategic partnerships. First was Sir Richard Branson and later with Amazon. These partnerships provided him with the resources, exposure and credibility needed to take Ring to new heights. In your own journey, think about who you can partner with to accelerate your growth. And sixth, focus on customer satisfaction. At the end of the day, your customers are your most valuable asset. Jamie understood this from the beginning, and it's one of the reasons Ring was so successful. He invested heavily in customer support, listened to feedback, and made improvements based on

what his customers needed. If you focus on delivering value to the people you serve, success will follow. Before we wrap up, I want to share a personal story. Like Jamie, I faced my share of rejection. When I was trying to publish my book, Passionstruck, I was turned down by over 50 literary agents. Fifteen publishers rejected my manuscript. It was tough. There were moments when I questioned whether I should keep going, but I didn't give up.

I believed in my vision and eventually I found a literary agent who believed in it too. Today Passionstruck is the number one Amazon bestseller, has won several prestigious awards, and has been nominated for even more. And looking back, I realize that the rejections I faced were just stepping stones. They taught me resilience, patience, and the importance of believing in myself. So if you're out there facing rejection right now, remember this, every no brings you one step closer to a yes. So here are my final thoughts. Jamie Siminoff's journey from garage inventor to the founder of a billion dollar company is a powerful reminder that success isn't a straight path. It's filled with twists, turns, setbacks, and challenges. But if you believe in your vision, stay resilient, and keep pushing forward, anything is possible.

Whether you're an entrepreneur or someone pursuing a personal goal, the lessons from Jamie's story are universally applicable. Believe in your vision, be resilient in the face of rejection, embrace innovation, build strategic partnerships, and most importantly, always focus on the people you serve. So I want to leave you with this. What's your vision? What's the big idea or goal you're working toward? And how will you respond when you face rejection or obstacles? Remember, it's not about avoiding failure. It's about how you bounce back and use it to propel you forward. Success isn't about avoiding failure. It's about using it as a fuel to keep moving forward.

So go out there and chase your dreams. Stay passionate, stay resilient, and keep striving for greatness. If today's episode resonated with you, I'd love to hear your thoughts. Please take a moment to leave us a five-star rating in review. It helps us continue bringing these powerful conversations to you. And if you know someone who could benefit from Jamie's story, share this episode with them. You never know how one story can inspire someone else to keep going. You can find links to everything we discussed today in the show notes at passionstruck.com. You can find our videos on YouTube and don't

forget to check out our sponsors and deals at passionstruck.com slash deals. Please consider supporting those who support the show. Before we wrap up, I want to remind you that beyond hosting the podcast, I'm passionate about sharing these insights with organizations and teams through speaking engagements. If today's message sparks something in you and you think can inspire your company or team, head over to johnrmiles.com slash speaking to learn more. Let's work together to create intentional change and drive success. Next week, I'm excited to be joined by Zoe Chance, a Yale professor and author of Influence

is Your Superpower. We'll be diving into the art of persuasion and how you can harness your influence to create positive change. It's going to be a powerful conversation you won't want to miss. When you can reach somebody who wants to do a DIY home improvement project and you make it easy, you give them the information that they need, the tools, maybe you give them discounts, it's the opposite of annoying. It's a blessing and they appreciate it. So just the simple ability to figure out when is the right time to reach out to someone

that I'm trying to influence is pure gold. As always, the fee for the show is simple. If you found value in today's episode, share it with someone who could benefit from it. And remember, do your best to apply what you hear on the show so that you can live what you listen. And until next time, live life passion stride. extract.