Before we get to Jamie Siminoff net worth, wouldn’t you be interested to know how a Shark Tank rejected entrepreneur built such a successful business that he was invited in the show as a Guest Shark?
Also, can we dig deeper into his personal and professional life and his journey to becoming a millionaire. Well, this article summarizes Jamie Siminoff net worth 2023, his personal life, career, and much more.
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Who is Jamie Siminoff?
Jamie Simnioff is an American inventor and entrepreneur. He is the founder and CEO of a company called Ring Doorbell. He gained popularity after his appearance on Shark Tank to pitch for getting investment for his company, which was called Doorbot at that time.
Jamie presented the product, a Wi-Fi-enabled video doorbell that allows residents to see who is ringing the door via their smartphones. It also allowed them to access their doors and other features remotely as well. His company also invented a unique feature to prevent burglary. It allowed residents to pretend they were in their homes even if they were not.
|October 18, 1976
|Chester, New Jersey, U.S
|PhoneTag, Unsubscribe.com, Ring.Inc
|Erin Lindsey Siminoff
|5 ft 11 in
|Country of Origin
|United States of America
Jamie Siminoff was born in Chester, New Jersey on October 18, 1976. He is 46 years old as of September 2023. He is 5 ft and 11 inches tall and weighs 60 kg.
His father was in partnership in a pipe manufacturing factory.
He has done his schooling at West Morris Mendham High School and then went to Babson College in Wellesley, Massachusetts, for an entrepreneurship degree, finishing his graduation in 1999.
From a very young age, it was clear what he wanted to become and do for the rest of his life.
In college, he founded his very first company, Your First International.
The company aimed to help entrepreneurs of the country fulfill their business ideas that further aid in the nation’s development.
As mentioned earlier, he was quite keen on becoming an inventor and entrepreneur. Even as a kid, he spent most of his time in his parent’s garage creating and inventing new things.
In fact, he even created things like explosives, which sometimes injured him in the process. We must say he pulled quite a Young Sheldon Cooper!
The man is curious and creative, and always trying to invent new things.
Jamie founded his first company while in college itself. He graduated in entrepreneurship from Babson College in Wellesley, Massachusetts.
He indeed became famous through his Shark Tank appearance for his video doorbell product, but he founded several successful start-ups in his career.
Jamie founded a tech company in around the mid-2000s. It was a company called offering transcription from voicemail to text, named PhoneTag. He didn’t have any support from venture investors at that time. Still, he was able to build this company from scratch, all bootstrapped.
PhoneTag went for premium pricing and was able to make $19 per month from each direct customer. However, Siminoff exited PhoneTag at the peak of its success. This was because, right after three years of his company, Google launched a free voice service that included the same voicemail-to-text transcription feature.
Jamie sold his company PhoneTag for a whopping $17 million to SimulScribe in 2009, almost after nine successful years of the company.
Ditech Networks further acquired the company in 2013.
Next year, in 2010, Siminoff co-founded another company called Unsubscribe.com, an online service through which email users can quickly register for unwanted mail in their inbox. This company was also a success, and he sold it in 2011 only to TrustID, an identity protection company.
In 2011, he invented a Wi-Fi-enabled video doorbell called Doorbot. This product was later rebranded as Ring.
Before he created Doorbot, he was going through a midlife entrepreneurial crisis. Jamie shared how he became too hasty in turning an idea into a company.
Doorbot was going to be his most successful achievement throughout his entrepreneurial career. A company with the most significant addition to Jamie Siminoff net worth.
He created this product in his garage in Los Angeles. Apparently, he initially created this product for himself only to see the delivery person at his door.
The journey of turning this invention into a marketable and viable product went on for a while.
He gave credit to his wife for the success of the company. She was the one who heard all the bad ideas and gave her approval to the video doorbell idea.
Jamie had to take many risks for this, facing constant rejection from people.
Coming On Shark Tank
After two years of his struggle to float his Doorbot business, he went to ‘Shark Tank’ in its 5th Season, Episode 9.
Shark Tank is a popular TV reality show that allows entrepreneurs to pitch their business ideas to a panel of successful investors, called “Sharks.”
Jamie appeared in the 9th episode of the fifth season, aired on November 15, 2013, on ABC Business.
According to him, he was broke when he pitched his idea on Shark Tank. He went there hoping to raise a good amount of money for his company.
He asked for $700,000 at a $7 million valuation from the Sharks. Even though Sharks liked the business idea, they didn’t offer any investment to him.
Even though Kevin O’Leary made his offer, Siminoff turned it down as he didn’t like the offer, so he left the show without any deal.
After His Shark Tank Appearance
Even though he left without any deal in Shark Tank, just his appearance on this popular TV show skyrocketed his sales.
Siminoff’s business witnessed mushrooming growth and success. He went on to rebrand Doorbot to a fully-fledged home security system called Ring.
This enabled them to launch more home security products and services focussed on reducing or preventing crimes in the neighborhood.
Ring products were available in more than 16,000 retail stores by 2017.
His groundbreaking products even managed to get the attention of the Virgin Group owner & billionaire Richard Branson, making him an investor in the company.
Amazon Purchasing Ring.Inc
It was February 2018 when e-commerce giant Amazon bought Ring for an estimated value between $1.2 billion and $1.8 billion.
This was Amazon’s one of the most significant acquisitions in recent years that helped expand their smart home category.
Right after selling his company to Amazon, Jamie gave himself a mountain bike worth $8,000, referring to it as a “total splurge.”
Returning To ‘Shark Tank’ as Guest Shark
Even though his last appearance as a contestant, back in 2013 on Shark Tank, didn’t turn out to be a success, his second appearance was something else entirely.
He returned to Shark Tank in its 10th season in 2019, not as a contestant but as a guest shark.
In his October 2019 interview with CNBC, Siminoff revealed that he thought getting on the show as a contestant was a pinnacle of success, but coming back as a guest shark was beyond surreal.
Leaving Ring.Inc & Amazon
In May 2023, Liz Hamren, Ring’s new CEO, announced to their employees in an email that Founder Jamie Siminoff is leaving Ring and its parent company, Amazon. However, when Siminoff announced that Hamren would take over for him as CEO in March, he would shift his role to Chief Inventor. But he left the company to pursue a new business venture or opportunity.
Becoming the New CEO of Latch
Right after the day, it was out that he was leaving Ring.Inc. and Amazon altogether, the news was out of him becoming the new CEO of the company Latch.
Latch is a smart home company that bought Honest Day’s Work (HDW), a lesser-known business Siminoff founded four months ago.
He seemed excited about this transition, looking forward to combining his company HDW and Latch to build a holistic residential ecosystem.
Just a week ago, the news came out that Siminoff is rebranding Latch as Door.com, expanding beyond just the smart locks product.
Apart from founding companies like Ring Inc., PhoneTag, and Unsubscribe.com, he has done many other notable works as an inventor, entrepreneur, and investor.
As per his website, he is currently the chief inventor at the design laboratory, Edition Jr. He is also a president of NobelBiz, which is an integrated network company.
Jamie also serves his role as Chief Strategy Advisor of Ditech Networks, a telecommunication service provider company.
Jamie got married to Erin Lindsey Siminoff, who is from Indianapolis. She has supported him in every aspect of life.
Erin did her schooling at Louisville High School in Woodland Hills, California, and completed her graduation from Pepperdine University.
She was the executive vice president of production at 21st Century Fox. She started her career with Century Fox Film Corporation and was even featured in many movies like Alvin and the Chipmunks, The Fault in Our Stars, Stuck in Love, Life As We Know It, and Hidden Figures.
Jamie and Erin got married in a private ceremony with only close family in the year of 2006.
They have a child together, a son named Oliver, but he was diagnosed with a rare genetic disease called Galactosemia.
It is a disorder that prevents the ability of newborn babies to process break milk sugar named lactose.
However, since the disease was diagnosed early, he received proper treatment within just four days of his birth.
Jamie Siminoff net worth
As of September 2023, Jamie Siminoff Net Worth is estimated to be around $400 million.
Amazon acquired his company Ring at $1.2- $1.8 billion in 2019, which boosted his net worth to new heights.
That’s why, if you look at Jamie Siminoff Net Worth 2021 or 2020, it was already around $350 million till October 2021.
Before that, he also sold another company named PhoneTag and UnSubscribe.com in 2019 and 2011, respectively.
Jamie also founded a design laboratory, Edison Jr., and is the company’s CEO. He is also an advisor to the company Nobelbiz.
Recently, he became the CEO of the company Latch after it acquired his other company, HDW.
All of his past successes translate into a significant net worth, estimated to be $400 million as of today.
|Jamie Siminoff net worth 2023
|Jamie Siminoff net worth 2022
|Jamie Siminoff net worth 2021
|Jamie Siminoff net worth 2020
|Jamie Siminoff net worth 2019
Jamie Siminoff is a lifelong inventor and founder of the company Ring.Inc. He was known for his inspiring comeback story where, at first, he didn’t get any deal on Shark Tank as a contestant, and after a few years, he returned to the show as a guest shark.
Apparently, his appearance on Shark promoting his product Doorbot attracted a lot of potential customers and opportunities that gave his business immense growth.
Eventually, Amazon bought it, making Jamie Siminoff ring net worth more than $1.2 billion at that time.
Apart from Ring.inc, he has founded many other companies such as PhoneTag and Unsubscribe.com which he both sold successfully in 2009 and 2011 respectively.
He stepped down from his role as CEO of Ring, also leaving Amazon in March 2023, and currently is CEO of the company Latch, soon to be rebranded as Door.com.
Jamie Siminoff’s total net worth as of today is whopping $400 million.
1. Who is Jamie Siminoff’s Wife?
Jamie Siminoff’s wife is Erin Lindsey Siminoff.
2. Who is the CEO of The Ring?
Liz Hamren is the CEO of the Ring. Jamie Siminoff, former CEO and founder of the Ring, stepped down from his role in March 2023.
3. How Much is Jamie Siminoff Net Worth?
Jamie Siminoff net worth 2023 is estimated to be $400 million.
4. What is Jamie Siminoff Doing Now?
Jamie Siminioff became the CEO of smart home company Latch after it acquired another company, HDW, founded by Jamie himself.