BABSON ALUMNUS BUSINESS ‘RING’ ACQUIRED BY AMAZON
On Tuesday February 28, 2018 Ring, founded by Jamie Siminoff ’99, was acquired by Amazon, according to published reports, for more than $1 billion, the second largest Amazon acquisition after Whole Foods. Ring, the creator of the video doorbell for your smartphone, has raised $209 million and was last valued at $760 million, according to Pitchbook.
“The Babson community is incredibly proud of Jamie Siminoff,” said Babson President Kerry Healey. “Jamie is a creative innovator who identified a problem and seized the opportunity to solve it by inventing Ring. He exemplifies the power of entrepreneurship and the impact it can have on businesses, communities and lives.”
Siminoff has continued his relationship with Babson following graduation, receiving recognition as a Babson Rising Star in 2016. He was a featured speaker at Babson Connect at the San Francisco campus in 2017.
Jamie Siminoff at Babson
“When you’re making the transition from a kid to a businessperson, Babson surrounds you with like-minded people who are going through the same thing, and faculty that understands what you need. It’s a greenhouse for entrepreneurs, where they can grow in a safe environment before going outside,” says Siminoff in his Babson Entrepreneurs of All Kinds profile.
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Ring’s mission is to reduce crime in neighborhoods. With affordable solutions that work on any home, Ring is committed to offering smart security that is accessible to everyone. Ring lets you stop crime before it happens. Because with Ring, you’re always home.
“I founded Ring with the goal of reducing crime in neighborhoods, and that remains the company mission today. By taking a different approach to the doorbell, we were able to build the first pre-crime prevention system with the Ring Video Doorbell. This was proven in a long-term study with the LAPD where we were able to reduce crime in a community by 55 percent using the Ring Video Doorbell. At Ring, we’re doing more than just creating a great product, we’re making communities around the world safer, and that’s why we work tirelessly every day,” Siminoff said, featured in 25 Inspiring Entrepreneurs Under 40 Who Are Creating the Next Big Thing by Entrepreneur.
About Babson College
Babson College is the educator, convener, and thought leader for Entrepreneurship of All Kinds®. The top-rankedcollege for entrepreneurship education, Babson is a dynamic living and learning laboratory where students, faculty, and staff work together to address the real-world problems of business and society. We prepare the entrepreneurial leaders our world needs most: those with strong functional knowledge and the skills and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to make a difference in the world, and have an impact on organizations of all sizes and types. As we have for nearly a half-century, Babson continues to advance Entrepreneurial Thought & Action® as the most positive force on the planet for generating sustainable economic and social value.