Drip Drop, a thoughtful invention by two teenagers, is your solution to the age-old problem of dropping ice cream. This ring-shaped edible cone holder keeps tasty treats in place and minimizes messes.
Choose between Original or Chocolate flavors – both are scrumptious! Plus, you’ll save tons of napkins with this nifty innovation designed to make life sweeter!
Drip Drop is an edible cone holder that fits snugly around the base of an ice cream cone and keeps its contents in place. Designed by two teenage entrepreneurs, this handy accessory has been featured on the reality TV show Shark Tank and is the perfect solution for anyone who loves ice cream.
In the season 7 premiere of Shark Tank, Drip Drop was one of the businesses that caught the attention of the sharks. The company had a unique product- a water bottle with a built-in straw that allows you to drink water without having to remove the top. The sharks were intrigued by the product and decided to invest in the business. So what happened after Shark Tank?
What Is Drip Drop?
Drop Drip has a ring design that enables it to fit tightly on the ice cream cone. Its disc shape enables it to collect all melting drips and drops from the cone. This ensures that no ice cream melts on the consumer’s fingers or stains their clothes.
Who Is The Founder Of Drip Drop?
Sam Nassif and Oliver Greenwald are the founders of Drip Drop Ice Cream Cone, they began their artistic activities. The two adolescents are from Denver, Colorado.
They pursued a patent as eighth graders and succeeded in their aim of developing an edible ice cream drip solution. Sam is presently a business student at Chapman University, while Oliver is a computer science student at Duke University.
Sam and Oliver were two ordinary fifth-graders who adored ice cream. They came across a woman struggling to scrub melted ice cream from her children’s faces and clothes one day, which triggered an idea.
They built and entered a version of the Drip Drop Cone in the Gate’s Invention Program in 2012, winning second place.
When they were in fifth grade, they joined the Gates Invention & Innovations competition. Their advisors advised them to attempt to tackle a common problem.
They came up with Drip Drop after noticing two dirty youngsters having ice cream at a nearby ice cream restaurant.
They were the winners of the competition, and the first reward was a free patent attorney. By 2015, they had received a design patent and had two other patents pending.
The Drip Drop is a straightforward solution to a complex problem. It’s just a ring of ice cream cone material that glides up a cone and collects all of the drips.
It’s edible, interesting, and tasty. There are two flavors to choose from original and chocolate. The product is not for sale; instead, the guys hope to license it to an ice cream cone maker.
They believe that it will save ice cream establishments a lot of money on napkins. Because the dripping ice cream mess is edible, it’s also green.
Their reward paid for a U.S. Design Patent in 2015, allowing them to make the Drip Drop Cone a reality.
They conducted a successful Kickstarter campaign in 2018 and received 82 supporters to fund Drip Drop’s initial funding of $ 7,047.
Drip Drop Before Shark Tank
The founders of Drip Drop, best friends Oliver Greenwald and Sam Nassif, from Denver, Colorado were aged just fourteen when they appeared in the Shark Tank [2], and in doing so they became the youngest entrepreneurs that had ever appeared in the tank without the company of an adult.
Their confidence and composure in the tank not only impressed the Sharks, but it also showed that these two young men were confident and well-prepared for their appearance, which is no real surprise when you consider that the pair began their business career when they were aged just ten.
But for Oliver and Sam, at that age, they had a flash of inspiration and launched their plans to produce a product that not only made an ice cream cone a less messy business but was also a sweet and tasty treat in its own right too.
The road that eventually led them to the Shark Tank began when they were at a local ice cream store and saw two small children with clothes and hands covered with sticky drips from their ice cream cones that they were waving about carelessly, in the way that small children do.
Oliver and Sam watched the children’s mom try to clean up her toddlers with a mass of napkins, no little effect, and they were suddenly struck with the idea that they should do something to solve the problem of messy cones.
Oliver and Sam may have been young, but they settled down to brainstorming ideas for a solution, and eventually, they came up with a unique and original idea that would end those sticky drip problems forever.
They created an edible wafer ring that fitted around the edge of a cone, thereby catching all the drips, and it had the added bonus of being a perfect accompaniment to an ice cream cone.
Drip Drop On Shark Tank: The Pitch
To assist them to negotiate the perilous world of licensing, Oliver and Sam decided to present their concept to Shark Tank investors.
Sam and Oliver approach the Sharks seeking for $ 50,000 investment in exchange for a 20% stake in Drip Drop at a valuation of $ 250,000 [3].
The Sharks are pleased with the boys’ presentation, particularly Oliver’s declaration that, while they do not have driver’s licenses, they do have a patent.
Kevin O’Leary is curious about expenses and sales. Sam adds that they believe the Drip Drop will cost ice cream producers approximately $ 0.03 cents to produce and that they will be able to sell them to ice cream parlors for roughly $ 0.10 cents.
For comparison, Robert Herjavec wants to know how much ice cream cones cost. Sam says that cones are around $ 0.05 cents.
Mark Cuban wonders if increasing the price of the cone is an issue. Sam indicates that they expect parents will spend an additional $ 0.25 cents to have their children’s cones be less messy.
Barbara Corcoran observes that the remaining cones are spilling over the Drip Drops’ borders. Oliver says that a portion of the funds will be used to employ a food engineer to fine-tune the concept before it is given to ice cream producers.
Mark Cuban believes the couple should take their idea to individual ice cream shops and start developing demand with test projects. He’s quitting because he believes there’s too much effort involved.
Robert Herjavec is adamantly opposed. He believes the couple should proceed with their proposal to sell the Drip Drop to ice cream producers. He doesn’t think they need a Shark, and it’s too early for him, so he’s out.
Kevin O’Leary is pleased that they have obtained a patent. He agrees with Robert on the amount of work required to get the licensing arrangement. He departed.
Lori Greiner disagrees. She believes that licensing is the best option, but she believes that the two can do it by themselves. She quit because she doesn’t want to take a portion of their earnings.
Drip Drop appears to be without hope, but Oliver assures Barbara that “by investing in them, they’re teaching every youngster in America that dreams do come true”.
He believes they can address the design issues and that the Drip Drop might function.
Barbara admires their tenacity. She makes a $ 50,000 offer in exchange for a 33.3% in the firm. After a little discussion, the lads accepted her offer and walked out of the pitch with a deal.
Drip Drop Now
They also created merchandise, including t-shirts and sweatshirts, that featured the brand’s name and colorful images of the Drip Drop in action.
Eventually, Oliver Greenwald left the company, leaving Sam Nassif to figure out how to salvage their business at just 18 years old (via the Wharton Global Youth Program). He managed to get the Drip Drops into three Denver-area ice cream parlors, and made and sold 1,500 Drip Drops over the summer of 2019. He was getting enough leverage that Joy Cone, one of the biggest ice cream cone manufacturers in the world, was allegedly interested in learning more about the product.
Nassif was hopeful he might be able to secure a licensing deal with them for Drip Drop Cone, but the partnership failed to materialize. These days, he is a student at Chapman University, where he’s studying business. And who knows — maybe his next big idea is just around the corner.
The Net Worth Of Drip Drop
At the time of the shark tank appearance, Drip Drop was valued at around $ 150,000 [4].
These two boys are remarkably genius and they use their innovative ideas to add value to Drip Drop and revenue to their pockets.
They also sell Drip Drop T-shirts, another source to earn a considerable profit, and free marketing is done through that, attracting more customers.
As it is entirely unique and edible, it is likable to people of all ages, has more customers, and has more revenue. Currently, Drip Drop is out of the league.
FAQ
- What episode is the Drip Drop on Shark Tank?
The Drip Drop appeared on Shark Tank in episode 1021, which originally aired on March 14, 2019 [5]. They received offers from Barbara Corcoran and Kevin O’Leary, but ultimately accepted an offer from Barbara Corcoran.
- What happened to the Drip Drop after Shark Tank?
After receiving a deal with Barbara Corcoran, Drip Drop continued to work on refining its product and tried to secure licensing deals with major ice cream manufacturers. However, these partnerships were unsuccessful, and Sam Nassif left the company in 2019. Today, he is studying business at Chapman University while continuing to develop new ideas for innovative food products.
- What was the most successful product turned down on Shark Tank?
There are many different products that were turned down on Shark Tank and went on to great success. One of the most notable examples is the fitness tracker company Fitbit, which was initially rejected by all five sharks before successfully raising funding from VC investors. Today, Fitbit is one of the leading companies in its industry, with a market cap of over $ 6 billion as of 2019.
Other popular products that were rejected on Shark Tank include Bombas socks and the dental health product Spinbrush.
- What was Shark Tank’s biggest loss?
One of the biggest losses for the Sharks on Shark Tank was the company Eco-Me, which was pitched as a line of all-natural cleaning products. The investors were hesitant to give up equity and control in the business, but they were ultimately outbid by another shark who offered more money.
However, it turns out that Eco-Me had been selling an identical product under a different brand name for many years. This revelation led to a massive lawsuit against the company and significantly reduced its value, leaving one of the sharks with a total loss.
Other notable failures on Shark Tank include Rael and Mango mobile phone cases and BevBuckle wine bottle holders.
- Can children have a Drip Drop?
Drip Drop is an edible, frozen product that does not contain any artificial additives or preservatives. Because it is made from all-natural ingredients, there is no restriction on who can enjoy Drip Drop [6].
- How often can you eat Drip Drop?
Drip Drop can be enjoyed as a dessert or snack at any time and should not be eaten more than once or twice per day. It is important to follow the recommended serving size on the label, since overconsumption may lead to stomach upset or other digestive issues.
However, if you are looking for a healthy frozen treat that isn’t packed with sugar, Drip Drop is an excellent choice. Just remember to enjoy it in moderation and always check with your doctor before making any changes to your diet.
- Does Drip Drop have artificial sweeteners?
No, Drip Drop does not contain any artificial sweeteners. It is made with only natural ingredients, including real fruit juice and cane sugar. This makes it a great choice for those looking to reduce their consumption of processed foods or added sugars. If you have concerns about the use of additives in your food, Drip Drop is a great option that will help you feel satisfied without compromising on flavor.
- Does Drip Drop have B12?
There is no B12 in Drip Drop [7]. Overall, Drip Drop is a great choice if you are looking for a healthy frozen treat that doesn’t contain any artificial additives or preservatives. Whether you enjoy it as a snack or dessert on its own or pair it with other foods such as fruit and smoothies, you can rest assured that Drip Drop is free of any potentially harmful additives and preservatives. So go ahead, take a bite – your body will thank you for it!
Useful Video: The Drip Drop – Shark Tank
References:
- https://bizzbucket.co/drip-drop-after-shark-tank-update
- https://www.mashed.com/1071145/heres-what-happened-to-drip-drop-cone-after-shark-tank
- https://seoaves.com/drip-drop-shark-tank-update
- https://gazettereview.com/drip-drop-update-happened-shark-tank
- https://www.bstrategyinsights.com/drop-drip-after-shark-tank
- https://biznewske.com/drip-drop-ice-cream-cone-shark-tank-update
- https://www.sharktanksuccess.com/drip-drop-ice-cream-cone