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Back to From Nearly Bankrupt to $5B+ Revenue, with Ring Founder Jamie Siminoff, with Jamie Siminoff.

How Did Ring Fix Thousands of Broken Doorbells on Christmas Eve?

Jamie Siminoff says Ring found out on Christmas Eve that thousands of doorbells were broken. A new engineer had put junk code on a camera chip that could not be updated over the air. He remembers shipping a thousand, maybe 10,000, cameras that did not work. They were taping boxes in a garage they rented in Santa Monica, customers were saying they would cancel if a unit missed Christmas, and the batch went out untested.

They could not afford replacements. He says they barely had cash to stay afloat, let alone to swap something like 5,000 units. They had raised about a million dollars. Turner Novak puts the earlier round at about 100,000, and Jamie says they had not raised since. Driving home from dinner, he thought they would have to shut down.

He called Mark Dillon, the engineer from the Shark Tank shoot, who was in New York. Ring had switched from a paid video encoder to a cheaper open-source one, and that encoder was choking on the junk the camera sent. Jamie asked if the paid one might recover the picture. Mark said he had no idea, that it would take about eight hours, and started that night. He woke Jamie at about 6 a.m. on Christmas Eve: it worked, and the picture was the best they had. Jamie still calls Christmas 2013 the favorite at the Siminoff house. The cameras could sell, and they could raise money. If the call had failed, he says that would have been a kill shot.

Transcript

From Nearly Bankrupt to $5B+ Revenue, with Ring Founder Jamie Siminoff ·

The Peel with Turner Novak

More from this episode

  1. Why Did Jamie Siminoff Go Back to Ring?Jamie Siminoff went back to Ring because AI made him want a second at-bat. He stayed five years after selling the company to Amazon, then left in 2023.
  2. Why Did Ring Call Engineers Builders?Jamie Siminoff made builder the official title for Ring engineering so people feel free to work across firmware, mobile, and backend.
  3. How Big Did Ring's Sales Get After Amazon Bought It?Jamie Siminoff says Ring has done well over 10x the business since it has been at Amazon, with multiple billions of dollars of sales.
  4. Why Does 4.869 Billion Sound More Real Than 5 Billion?Turner Novak says 4.869 billion sounds more real than 5 billion because a figure that is not a round number gets treated as real, while 5 billion gets a shrug.
  5. What Is the Ring App Store?Jamie Siminoff wants Ring to notice a missed visit the way a person would, and Ring launched an app store so other groups can build specialized home apps Ring…
  6. Why Did Jamie Siminoff Start Christie Street?Jamie Siminoff started Christie Street, a crowdfunding site, because Kickstarter had stopped taking hardware, and the doorbell was only the product used to…
  7. Why Was Shark Tank Critical for Ring?Jamie Siminoff says Shark Tank was probably one of the most critical things in getting Ring to survive. Product was arriving that he could not pay for.
  8. Did DoorBot Work on Shark Tank?Jamie Siminoff says DoorBot did not really work when Shark Tank made them do a live demo. It was close.
  9. Why Did Jamie Siminoff Turn Down Shark Tank?Jamie Siminoff turned down Shark Tank because the offer was a revenue share he called a kill shot. Mr. Wonderful made it. Jamie says Mr.
  10. Why Did Investors Back Out of Jamie Siminoff's Round?Jamie Siminoff says an East Coast group of early-stage investors backed out of his round at the last second.
  11. How Much Did DoorBot Pay for Ring.com?Jamie Siminoff paid a million dollars for ring.com over two years, with 175,000 wired the same day, while he had 187,000 dollars in the bank and the company…
  12. How Did Ring Survive Nearly Going Bankrupt?Jamie Siminoff says Ring came to the verge of bankruptcy about four main times, and that a hardware business like theirs was nearly always that close.
  13. Why Did Jamie Siminoff Spend Ring's Last Million on TV Ads?Jamie Siminoff spent about the last million dollars Ring had on TV because he thought a venture-backed company in their spot should go for a big outcome.
  14. Why Did Shaq Take Ring Equity Instead of a Fee?Jamie Siminoff says Shaq took his Ring fee in equity instead of cash.
  15. How Did Jamie Siminoff Learn From Dyson?Jamie Siminoff learned from James Dyson without copying him and without ever meeting him. Dyson does not know he was the mentor Siminoff used.

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