It's no secret that the hit show Shark Tank has made household names out of its investors, or "sharks." And while some entrepreneurs have struck gold after appearing on the show, others have left empty-handed.
Ring is one such company. Back in 2013, the home security startup pitched its wares to the sharks in hopes of securing an investment. But unfortunately for Ring, all four investors passed on the opportunity.
In hindsight, it's easy to see why the sharks were hesitant to invest. At the time, the home security market was highly competitive, and it was unclear if Ring would be able to stand out from the pack.
Fortunately for Ring, the company has since gone on to find success. In 2018, it was acquired by Amazon for a whopping $1 billion.
So while the sharks may have missed out on an opportunity to invest in a now-famous company, they can at least take comfort in the fact that they saved themselves from a sizable loss.
Ring was founded in 2013 by Jamie Siminoff. The company began selling its first product, the video doorbell, in 2014. The doorbell allows users to see who is at their door and talk to them through their smartphone. Ring has since released several other products, including a security camera, a floodlight, and a security system.
The company originally started out as an online retailer, but has since become a subsidiary of Amazon. Its products are now available in more than 15,000 stores in the United States. The company offers a wide variety of products, including clothes, accessories, and home goods.
As the market for home security products and services continues to grow, it's becoming clear that companies who don't have a presence in this space are missing out on a huge opportunity. One company that seems to have made this mistake is Ring, the maker of the popular video doorbell.
While Ring has seen success in the retail market, it's missed out on the much larger opportunity in the home security market. This is a market that's expected to reach $27 billion by 2022, and it's one that's ripe for disruption.
Ring's mistake was not recognizing the potential of this market and failing to capitalize on it. As a result, the company is now playing catch-up to its competitors.
If you're a company that's not currently in the home security space, now is the time to get started. This is a market with tremendous growth potential, and one that you don't want to miss out on.