678: Jamie Siminoff (Ring Doorbell Inventor) - Shark Tank Rejection, Selling to Amazon for $1 Billion, Surviving $3M to $480M Hypergrowth, Hiring Passionate People Over Experts, and Jeff Bezos's Leadership Lessons

www.LearningLeader.com The Learning Leader Show with Ryan Hawk This is brought to you by Insight Global. If you need to hire one person, hire a team of people, or transform your business through Talent or Technical Services, Insight Global's team of 30,000 people around the world has the hustle and grit to deliver. My Guest: Jamie Siminoff is the founder of Ring, which he sold to Amazon for over a billion dollars. He's an inventor and builder who couldn't hear his doorbell while working in his garage, so he built a video doorbell. When his wife said it made her feel safer, he realized technology had changed, and home security needed a complete reinvention. Ring became the world's largest home security company with a mission to make neighborhoods safer. Key Learnings Jeff Bezos reads and writes his own stuff. When Jamie asked Jeff to write something for the book's back cover, Jeff actually read it and wanted his own curated quote that was from him. Jeff loves entrepreneurs, so they kept him out of negotiations. After the Whole Foods deal, Amazon learned to keep Jeff out of negotiations because he finds it tough to negotiate hard with someone he respects. Hardware companies can die while growing fast. Ring grew from $3M to $30M to $174M to $480M, which sounds amazing. But to go from $170M to $480M, you're buying hundreds of millions of dollars of product when you're selling less than that. If sales growth slows, you're basically going out of business. Going from $480M to over a billion in revenue was like being on a motorcycle at 200 miles an hour. If a leaf falls down and hits you, you're dead. At Amazon, when Ring said, "We need another billion dollars to order stuff for next year," Amazon said, "Okay, what else do you want?" There are different types of entrepreneurs. Jamie is an inventor/entrepreneur. There are business entrepreneurs who are maniacal business people we've never heard of that have just crushed it. Jamie is maniacal on product and brings invention into how they run the company. Hire marathon runners. Marathons are the dumbest thing any human could ever do. Even if you win, no one cares. Jamie finished the Boston Marathon in 22,000th place and he's so proud of himself. You want people that don't care about external validation; they just care about getting the mission done. AI has democratized all information. With AI making it so you don't even need to know C++ programming anymore, fill your business with passionate people who care about the mission and they'll crush anything. When building your team, start with the mission. Jamie tells people, "Our mission is to make neighborhoods safer. Do you want to work on making neighborhoods safer? Because if you don't, you're going to be miserable here. You're going to hear it every day, and you're going to roll your eyes." Referrals work because people don't want to let you down. The best hires are when someone's referred by someone (uncle, friend, whatever) because they feel guilty. They don't want to let the person who referred them down. Find an infinite truth to work on. Amazon's core principles are infinite: Will customers always want lower price, more selection, and faster delivery? Yes. If you deliver in 30 minutes, they'll want it in 10 minutes. Making neighborhoods safer is an infinite thing to work on. Your wife saying one thing can change everything. Jamie built a video doorbell so he could hear the door from his garage. His wife said, "It makes me feel safer at home." That's when he realized technology had changed and home security needed a whole new approach. The hard part is bringing the infinite down to the tactical. When you have an infinite mission, you can get overwhelmed trying to solve it all at once. You have to figure out what to do every single day to work toward that infinite goal. Shark Tank was a disaster that turned into everything. Jamie went on Shark Tank desperately needing money. He got zero offers and cried in his car after. But when it aired, the boost in sales gave them cash to hire people and build Ring, which started the clock on their success. Sometimes you can't stop because you're in too deep. After Shark Tank bombed, Jamie couldn't back out. He'd already ordered too many products and owed too much money. He'd be personally bankrupt if he stopped. People think he's tough for keeping going, but he didn't have a choice. Being naive is a superpower. Great inventions are things people say can't happen because if they could happen, they'd already be out there. You have to be naive enough to say "I think I can do this" or "I don't even know that I can't." People said you couldn't build a battery-operated camera on WiFi. Jamie had never built anything before, so what did he know? They just went out and tried to put some parts together that seemed like they would work. Knowing too much gets in the way of doing the work. If you're thinking and analyzing the whole world, that's time you're not inventing, ...