The biggest problem in continuing any startup or company is getting good funding at right time. Most of the startups fail because they don’t know how to attract investors. A company named Ring was rejected for funding on Shark Tank and now has been bought by Amazon for 1 billion dollars(approx. Rs. 6500 crores).
Ring manufactures doorbells that allow people to see a video while talking with others when they are outside their front door. Earlier, the company was called DoorBot and appeared on Shark Tank in 2013 but didn’t attract any investors. Now, the same company is sold to Amazon, turning the founders into multimillionaires.
Founder Jamie Siminoff felt very sad after getting rejected on Shark Tank. No one believed in his idea, “I needed the money, we were out of money at the time.” And just wasn’t the money — Siminoff said after getting Amazon’s offer. “I can’t count the number of people who didn’t invest in this, who said ‘no,’ the number of people who said it was going to fail. I don’t think Excel could hold the number of records for it.” he added.
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Although DoorBot was rejected on Shark Tank, it helped the company to gain popularity. Later in that year, DoorBot got $1 million funds from First Round Capital and after that company didn’t look back. Richard Branson from Virgin invested in the company after that. By the end of 2017, the company had 1300 employees selling millions of products.
Jamie Siminoff thinks about the past and feels happy because turning the decision of ignoring investors wrong is a great feeling that every entrepreneur dreams of in the early days of business. He loves sharing his past rejections and thinks that failures are necessary for achieving something big. “I will never forget leaving the set without a deal. I hear ‘no’, it hits me. It hits me square in the chest. I just have this thing where I get back up, and when I get back up I’m stronger and I fight harder.” he told in the same interview.
