Why Did SharkTank Reject This Product?
Mr. Jamie Siminoff, an entrepreneurial inventor, developed the concept for controlling a mounted camera at a door step using an app from a smart phone-like device (“DoorBot”) in 2013.
The “usefulness” of this idea is OBVIOUS to anyone who has experienced situations at home where it’s not desirable to answer the door for various reasons (e.g., not dressed, too early, too late, too busy, or just not feeling like it).
The story is that he appeared on Shark Tank to pitch his company for additional funding, but the “opportunity” was rejected. Almost 5 years later, it appears that Amazon has agreed to purchase the company assets for $1 billion. Presumably, this company has some patent protection over this device to be valued at $1 billion.
It would be interesting to review this episode to understand the reasons why this product/company was rejected by the Sharks.
How strong was their patent portfolio?