How a $200 Doorbell Became a $4B Company
Get the cheat sheet: Jamie's 5 steps to build a $1B product from a $200 idea: https://clickhubspot.com/ajn
Episode 768: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk to Ring founder Jamie Siminoff ( https://x.com/JamieSiminoff ) about the wild story of building and selling Ring–plus business ideas he thinks someone should go after.
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Show Notes:
(0:00) Intro
(2:47) Selling Ring for $1.15B
(6:48) Getting sued by ADT
(17:18) Working with Jeff Bezos
(19:29) $400M to $4B
(24:02) Getting the wire
(26:44) Money v freedom
(28:29) Rule 1: Start with the problem
(30:02) Rule 2: Little solution, massive market
(33:31) Idea: Modern bug control ($5-10B idea)
(40:35) Rule 3: The snowball approach
(43:54) Ding Dong and other must reads
(46:32) The Tom Brady philosophy on hiring
(51:33) The too hard pile
(54:25) Stickwithitness
(56:14) Last mile marketing
(58:08) Rebuilding a town
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Links:
• Ding Dong - https://tinyurl.com/3zrsjete
• Ring - https://ring.com/
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Check Out Shaan's Stuff:
• Shaan's weekly email - https://www.shaanpuri.com
• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.
• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!
Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC
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Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
• Hampton Wealth Survey - https://joinhampton.com/wealth
• Sam’s List - http://samslist.co/
My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano //