Jeremy Siminoff’s Product Design Succeeds
The Product Design’s Appearance on Shark TankRing’s success story is a great reflection of the spirit of never loosing hope in what one is truly passionate about. The doorbell company has developed a product design that includes a camera security system, installed at your door that enables you to see who is at the front of your door from your smart phone. This product design was invented with the thought that burglars usually ring the doorbell before breaking into one’s home. Ironically, Jeremy’s success story started when he participated in the ABC show, “Shark Tank”, where he gave his company a 7 million dollar evaluation by asking for a $700,000 investment from the Sharks. At that point the Sharks were unimpressed with the product leaving Jeremy with a disappointing offer of $700,000 with 10% off all sales, along with 7% royalty on all future sales and 5% stake of the company’s equity. While it may have been a difficult decision at the time, Jeremy opted to leave Shark Tank without a deal. Although he left with no success, his appearance on the show was incredibly advantageous as it advertised his product design and increased his sales substantially over a short period of time. With that much demand, Jeremy has successfully distributed his product across various stores including Best Buys and Target. Richard Branson, founder of Virgin Group, took notice of Siminoff’s company, while on a vacation on his island. One of Ring’s customers was answering the door to a UPSdeliveryman through his phone, leading Branson to immediately take interest in the product. Branson offered Siminoff $28 million dollars for funding, allowing the company to rise to a $60 million valuation. Siminoff expressed his contentment towards the success of his company and thought that the redemption from the let down of Shark Tank was what led him into achieving his goal. Siminoff’s remarkable success is a great reminder of what it means to embrace failure. It is important to remember that in the product development industry there are many situations that take place that might discourage individuals from pursuing their goals. The trick is to always remember that with commitment and passion, sometimes failure can transform into the success that you’ve always dreamed off!
Article Author: MAKO Design + Invent
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