Money & Banking

Mon, 12 Mar, 2018Georgia Dixon

The embarrasing mistake that saw Shark Tank judges reject a $1.37 billion idea

The embarrasing mistake that saw Shark Tank judges reject a $1.37 billion idea

Investors on the US version of Shark Tank have just realised the huge mistake they made in turning down an entrepreneur who just sold his company to Amazon for US$1 billion (NZ$1.37 billion).

Jamie Siminoff approached the sharks with his product, a smart video doorbell called Ring, which allows people to answer their door via their smartphone – even if they’re not home.

A post shared by Ring (@ring) on May 13, 2015 at 1:57pm PDT

At the time of his pitch, Siminoff valued the company at just $7 million, and offered the sharks a chance to get in at the ground floor for $700,000, which would give them a 10 per cent stake in the company.

In what’s now the most embarrassing moment in the show’s history, the sharks brutally shut Siminoff and his idea down, with one shark even telling him, “You’re dead to me,” after a counter offer was rejected.

See the embarrassing moment below.

Image credit: Shark Tank.

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