This founder sold his company to Amazon for $1 billion after being rejected on 'Shark Tank.' Here's the one thing he said every startup needs to succeed.

Ring founder and inventor Jamie Siminoff says the most successful businesses are the ones that tackle long-term problems.

Siminoff says the key to success is to focus on a long-term problem rather than a booming technology or industry.Jamie Siminoff's entire career has been about rejection. But back in 2013, long before those achievements, Siminoff walked away from"Shark Tank" with no deal after pitching his company, then called DoorBot, to the panel of"Shark Tank" investors.

So how do you make sure your company doesn't end up in that 67%? Siminoff says the key to success is to focus on a long-term problem rather than a booming technology or industry.

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