What does a garage, 20th Century Fox, Shark Tank, Upfront Ventures, a domain-name squatter, Shaquille O’Neal, Richard Branson, and the LAPD all have in common?
They all helped take Jamie Siminoff’s company, Ring.com 2 the next level of success and a billion-dollar acquisition from Amazon.com
Here are some of the steps Jamie Siminoff took to get acquired by Amazon.com
- Jamie started his company out of his garage.
- Jamies’ wife, who at the time worked for 20th Century Fox gave him the idea when she could not get ahold of him in the back of the garage because he could not hear the front doorbell.
- Jamie failed at getting funding from Shark Tank but the exposure got him a million dollars in sales.
- Upfront Ventures investor, Hamet Watt, suggested he rename the company Ring because it signified both a doorbell tone and a ring of security around a customer’s home.
- Jamie Purchased Ring.com from a domain-name squatter for 1 million dollars
- Shaquille O’Neal agreed to become the spokesperson for Ring.com in exchange for equity in the company.
- Billionaire Richard Branson invested in Ring after a visitor to his private island spoke remotely with a delivery person back home.
- The LAPD did a proof of concept study. Ring gave away 40 doorbells in Wilshire Park, a middle-class L.A. neighborhood plagued by home burglaries. Though the devices covered only 10% of the area’s homes, burglaries fell by 55% within six months, according to the LAPD, mostly by discouraging robbers who strike when they believe no one is home.
Read the full story at Forbes.com
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