The following is a breakdown of singer Jamie Siminoff’s net worth and primary income sources.
Jamie Siminoff is an American entrepreneur, founder of the company Ring Inc. His company was acquired by Amazon in 2018 for over $1 billion. While the deal itself didn’t make him a billionaire, he amassed a great fortune and fame as a result of the deal [1].
According to reputable online sources, Jamie Siminoff’s net worth is around $400 million.
Jamie Siminoff has accumulated wealth and fame through his company Ring. Let’s examine the entrepreneurs estimated net worth and income sources.
Table of Contents
Jamie Siminoff Net Worth: $400 million
Jamie Siminoff Income Sources
Jamie Siminoff earns income mainly through his position as CEO of the company Ring. He also earns income from his investment in securities and other assets.
The following summarizes his income sources.
- CEO of Ring ($500,000 a year)
- Investments (income not known)
Income Source 1: CEO of Ring
Jamie Siminoff is the CEO of Ring that he created in 2013. The company was originally called Doorbot which sold WiFi doorbells.
Siminoff later rebranded the company as Ring. His company was acquired by Amazon in 2018. He remained as chief executive officer (CEO) of the company after the acquisition.
According to COMPARABLY, the salary of the most compensated executive at Ring is $500,000 per year [2]. Siminoff being the CEO of the company earns the most compensation at Ring.
Income Source 2: Investment
High net worth individuals such as Siminoff invest in securities, real estate, and other assets. He owns farmland and various other investments. But his income from these investments has not been disclosed.
Jamie Siminoff Bio/Early Life
Jamie Siminoff was born on 18th October 1976 in Chester, New Jersey. He studied entrepreneurship at Babson College in Wellesley, Massachusetts. Not much is known about his parents or early life.
Entrepreneurial Career
Jamie Siminoff invented a wireless doorbell in his home garage in 2011. He was frustrated that he couldn’t answer the doorbell while busy at work. So, he created a wireless video doorbell that would allow him to communicate with a person at the door using his smartphone. He named the device DoorBot which was later renamed simply Ring.
He was able to raise $364,000 through Christie Street to create the company DoorBot in 2013.
Siminoff made an appearance in the famous ABC TV program Shark Tank in 2013. He wanted to get funding of $700,000 to promote and sell his product. All the investors at the show rejected his proposal. But his appearance at the show attracted the interest of Richard Branson who invested in his business idea.
Over the years, Siminoff was able to attract more investors to his company including Goldman Sachs, Shaquille O’Neal, Kleiner Perkins Caufield & Byers, DFG Growth, and Qualcomm Ventures.
Siminoff worked hard to make the company a success. His hard work paid off as the company started getting millions of orders from all over the US.
The company launched other complementary products. In 2015, it introduced a wireless IP camera called ‘Stick-Up Cam’. The device had features such as motion detection, stereo audio, and solar power options.
Ring introduced a Floodlight Cam in 2017. The product had motion-activated LED lights for improved illumination at night.
In 2018, his company introduced a Ring Alarm that contained motion sensors, a siren, and a keypad. The same year Amazon purchased Ring for a deal that was worth over $1 billion.
Siminoff was able to focus more on innovation after the sale of his company. Under his leadership, the company introduced Ring Indoor Cam in 2019. The next year it introduced Ring Car Cam and Car Alarm that connect with Amazon Sidewalk to send alerts of break-ins. Tesla partnered with Ring to promote Car Connect which serves as a platform for auto manufacturers to integrate car security systems.
Jamie Siminoff Accomplishments
Jamie Siminoff won the John H. Miller Jr. Business Plan Competition while studying at Babson College. He and his teammate Daniel J. Drabinski were awarded $5,000 prize money for creating a business plan for a fictional company BSF Storage in 1999.
In 2011, Siminoff invented the first Wi-Fi doorbell. He created a company two years later initially called DoorBot to sell his product. Siminoff later renamed his company Ring which was acquired by Amazon for a deal valued at over $1 billion in 2018.
Jamie Siminoff Controversy/Criticism
Jamie Siminoff’s invention was initially rejected on the ABC reality show Shark Tank. The investors criticized his idea suggesting that such a company won’t be valued at more than $70 million. One of the investors made a significantly low offer that Jamie rejected.
In 2018, his company was acquired by Amazon and is now valued at over $1 billion.
Jonathan Davis’s most popular product is a Wifi Doorbell:
Best Jamie Siminoff Quotes
“Excited to partner with Lucinda at Moink to bring sustainable and ethically farmed meat.”
“Our mission to reduce crime in neighborhoods has been at the core of everything we do at Ring, and I’m excited to bring accessible home security to more Neighbors with @Amazon.”
“I know we all love Ring and how it helps to make our neighborhoods safer.”
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Jamie Siminoff Biography
| Legal Name | James W. Siminoff |
| Net Worth | $400 Million |
| Source of Wealth | Entrepreneur |
| Date of Birth | 18th October 1976 |
| Place of Birth | Chester, New Jersey |
| Gender | Male |
| Height | 180 cm, 5 ft 11 inches |
| Weight | 68 kg, 150 lbs |
| Religion | N/A |
| Marital Status | Married |
| Partner | Erin Lindsey Siminoff |
| Children | 1 |
| Names of Children | Oliver Siminoff |
| Nationality | American |
Frequently Asked Questions About Jamie Siminoff
What did Jamie Siminoff invent?
Jamie Siminoff invented the first wireless doorbell in 2011.
How much did Amazon pay for the Ring doorbell?
Amazon bought Ring from Jamie Siminoff for an estimated between $1.2 and $1.8 billion.
Did Jamie Siminoff go on Shark Tank?
Jamie Siminoff attended the ABC program Shark Tank to get funds for his company in 2013. However, none of the investors on the reality TV show showed interest in his company [4]. After the show, he got the needed investment from investors such as Richard Branson who paved the way to the success of the company.
References
[1]. About Jamie Siminoff’s company
