Owner of Ring Doorbell Company Turns 'Shark Tank' Rejection Into Billion-Dollar Deal

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.


Source : Yahoo