The truth is you or someone you know lives in a home with the widely popular Amazon RING smart doorbell. This modern doorbell has taken over American suburbs thanks to Private Equity Investor and Tech and Energy CEO, Mr. Solomon RC Ali’s patented smart home technology, licensed to Amazon RING. Every time an Amazon RING is purchased, Solomon gets paid.
Born in Los Angeles, Ali always had high hopes for his life and began early with the goal of being an entrepreneur. His first business was a maintenance company that made good money until a dishonest employee stole significant amounts causing the business to eventually go under and causing Ali, his wife, and daughter to lose everything he had worked so hard for. According to Mr. Ali, "I went from living in a 10,000 square foot home to not being able to pay my electric bill and I began sweeping floors at night to make ends meet while I plotted my next move."
One day, a friend and colleague asked Solomon to help him raise capital for an up-and-coming technology business and the rest is history. "I couldn't imagine why anyone would want my input after the way my finances had imploded, but my friend saw something in me," Solomon explains.
His ideas helped raise enough capital to create some of the most widely known tech products on the market today. Solomon Ali is now the CEO of NDR Energy Group, one of the largest minority-owned companies in the U.S., which holds multiple technology patents including that of Amazon's RING doorbell and others. He has also successfully raised over $250 million in structured investment capital and his company Solomon RC Ali Corporation helps profitable startups raise the working capital they need to scale, build infrastructure and eventually go public.
Check out the advice Solomon Ali gives to entrepreneurs.
After seeing how RING has taken off, what sense of pride have you felt?
I wouldn’t call it pride, but I rejoice in someone else's success and how they have used the licensed technology of our intellectual property to do great and wonderful things and solve problems for other people. I feel like we share in that success and that sense of accomplishment.
How important is it for young creatives or business owners to own their ideas?
I don't believe that it is important for entrepreneurs to own their ideas outright. To own 100% of something that has no monetary value is of no value to you. However, to own a percentage of something you have created and to partner with the right people who can help monetize it and create the value and demand for it should be the goal. If you own your idea and no one knows about it and you are in debt, what good is owning it? If you partner with a company like mine (Solomon RC Ali Corporation), for example, and we build out your patent portfolio and it makes millions of dollars, whether you own ten, twenty, or thirty percent, it is worth much more to you than it was before.
What is the best advice you've received that you apply to your everyday life?
Sometimes the best deals are the deals you walk away from. It is important to know when to do a deal and when not to. A lot of people want to do a deal for the wrong reasons; they need the money or they want to get rich or be well known. Those are the wrong reasons. You should want to do something because what you have to offer provides a service to mankind. Only then, will you be rewarded. Whether you partner with someone or not, you need to be thinking, "How am I of service with what I have to offer? How is moving forward with this alliance or partnership going to help me create that demand in helping and solving a problem for people?"