Doorbot was a doorbell company featured on Shark Tank in Season 5. The company has since been bought by Amazon. Doorbot was created by Jamie Siminoff, who appeared on Shark Tank seeking an investment of $700,000 in exchange for 10% equity in the company.
Doorbot is a doorbell that is Wi-Fi-enabled and allows you to see and speak to visitors at your door from your smartphone. The device also comes with a camera so you can take a picture of the person at your door, and it has a motion sensor that can detect when someone is approaching your door.
How Did the Shark Tank Pitch Go?
Jamie is a seasoned entrepreneur who has already founded and sold two software firms. He came to the Shark Tank hoping to raise $700,000 in exchange for a 10% ownership in his third venture.
Jamie made a memorable entrance by knocking on the stage doors, almost like he was setting up a knock-knock joke.
When the Sharks let him in, he gave a presentation about the Doorbot, which records video of anyone who knocks and has two-way audio so that users can talk to visitors from anywhere using their smartphones.
The Doorbot’s production price was conveyed as $81, and the sale price as $199. The company stood behind its product with a replacement guarantee; if the Doorbot is lost or stolen, the company will replace it at no cost to the customer.
A million dollars’ worth of sales was made through online channels alone in the first nine months.
Lori Greiner thought the Doorbot wasn’t special enough to succeed in today’s market, and for that she was out.
It seemed that Mark Cuban was also out because he didn’t “see the growth” and the company making millions of dollars. (LOL: read about their acquisition below…)
Daymond John was also out because he predicted that the idea would be adopted by security firms and incorporated into their present services.
Given his worries that the gadget could be hacked, Robert Herjavec had also decided to leave the deal.
Kevin O’Leary was the only one left. He put up a proposal. Despite offering Jamie $700,000, he asked for a royalty of 10% (decreasing to 7% once his initial investment is recouped) and 5% ownership of the company.
Jamie worried about giving up the 10 percent at a time when the company’s cash flow was really important. He countered with an offer of $700,000 at 10% interest and 3% equity.
O’Leary did not think the potential reward justified the danger. The counteroffer was rejected by him. Jamie declined the offer politely and walked away from the Shark Tank without a business partnership.
Who Is Doorbot For?
Doorbot is a great solution for anyone who wants a little extra security around their home or office. It’s perfect for those who live in areas with high crime rates or for businesses that want to keep an eye on who is coming and going.
Doorbot can also be used as a pet cam, so you can check in on your furry friends while you’re away.
Whether you’re looking for security, peace of mind, or just a way to stay connected to your home, Doorbot is the perfect solution.
Are They Still an Active Company?
Doorbot became Ring, which was acquired by Amazon in 2018 for $1 Billion. Yes, that’s a billion with a B. So much for not being able to make a million dollars…
Our Review of Doorbot
We think that the Doorbot is a great product for people who want to be able to answer their door from their smartphone. The Sharks were impressed with the product, and we think that it had a lot of potential.
Pros of Doorbot
- Allows you to answer your door from your smartphone
Cons of Doorbot
- The company appears to be no longer active
Are There Any Alternatives?
Looking for an alternative to Doorbot? You’re in luck! There are a few different options available on the market, each with its own set of features.
Nest Hello
Another option is Nest Hello, which also offers two-way audio and HD video streaming. It also has facial recognition, so you can be alerted when someone you know is at your door. And like the Ring Video Doorbell, it also has motion detection.
SkyBell HD
If you’re looking for a doorbell camera with night vision, then you might want to consider SkyBell HD. It also offers two-way audio and HD video streaming, and it has motion detection. Plus, it comes with a free 30-day trial of cloud storage.
So, there you have it! A few alternatives to Doorbot that you may want to consider. Which one is right for you will ultimately depend on your needs and preferences.
Bottom Line
So, what happened with Doorbot after it was featured on Shark Tank? Well, the company did quite well for itself, largely thanks to the boost in exposure that the show provided. Doorbot became Ring and they sold to Amazon in 2018 for a billion dollars.
