Shark Tank's Biggest Mistake—The Billion-Dollar Product They Rejected Now Protects Homes Across America

"The fact they didnt see the value here is wild. I got one of these the second I heard about it... brilliant product."

Chelsi

• Published in Film & TV
• September 19, 2024

Scrub Daddy has been Shark Tank's most publicized success to date. Selling over $200 million worth of products in 2023 alone, it's clear why all the sharks tried to get a piece of the smiling sponge.

Despite the entertaining dynamic and often intense negotiations, the Sharks have made several blunders. One episode that stands out is the one featuring Doorbot, a smart doorbell company founded by Jamie Siminoff.

Doorbot first appeared in the 5th season. Siminoff presented his innovative product — a doorbell with a video camera that allows homeowners to see and communicate with visitors from anywhere using their smartphones.

Despite the impressive concept and Siminoff's enthusiasm, only one of the Sharks attempted to invest in the product. Kevin O'Leary's, Mr. Wonderful, $700k proposal for 10% royalty didn't appeal to Siminoff.

While billionaire Mark Cuban seemed convinced that Siminoff would do great things with his product, he also chose not to invest in Doorbot. Perhaps the Sharks were skeptical about the market potential or the competition in the smart home space.

Doorbot's story didn't end after Siminoff's appearance on the show. They went through some rebranding and eventually became Ring, the smart doorbell that's almost in every home in America!

Ring was reportedly acquired by Amazon for over a billion dollars! It’s fascinating to see how some decisions turn out to be major misses for the Sharks.

During the season's 9th episode in 2013, Jamie Siminoff explained that the doorbell hasn't been improved since its invention in 1880.

He then introduced Doorbot. Siminoff said Doorbot was the first video doorbell made for the smartphone.

"Think of it as caller ID for your front door," said Siminoff. It added another layer of security for homeowners whether they were in or out of their properties.

Siminoff's playful demonstration of Doorbot with a skit using a Mr. Wonderful might have determined his company's trajectory.

Their amusement didn't translate into any investments. The Sharks opted out of the negotiations one by one.

After a quick exchange, Siminoff declined his only offer from Mr. Wonderful as his startup would bleed cash at a time when it needed it most. Siminoff bid the Sharks good luck as he walked away.

The "Shark Tank Effect" helped the company gain publicity. They reportedly sold $5 million worth of Doorbots after their appearance.

Plenty of investors like Shaquille O'Neal and Richard Branson and venture capital firms saw Doorbot's value.

The startup raised over $200 million in capital. It helped them improve their product and expand their offers.

Their skyrocketing success caught Amazon's eye. They were acquired for over a billion dollars in 2018.

The innovative doorbell camera once doubted by Sharks has been protecting homes and packages across America since then.

Siminoff appeared once more in Shark Tank. He was not interested in convincing the Sharks to invest in one of his products.

This time around, Siminoff was one of the Sharks evaluating the potential money-makers that made it into their TV boardroom. Siminoff's Doorbot remains one of the biggest misses the Sharks have made on the show.

Chelsi