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Drip Drop, a solution for sticky ice cream cones, is pitched to the Sharks in Shark Tank episode 723 by its founders Oliver Greenwald and Sam Nassif.
Both boys started their entrepreneurial journey as fifth-graders by entering the Gates Invention & Innovations competition.
The advisers suggested they take on a common problem. They developed Drip Drop after observing two dirty children having ice cream at a neighborhood ice cream shop.
They won the competition and received a complimentary patent attorney as the first prize. They were granted a design patent in 2015 and had two other inventions pending.
The Drip Drop is a straightforward solution to a complicated problem. It’s essentially a ring made of ice cream cone material that slides up the cone and collects all the drips.
You can eat, see, and taste it. You can choose between original and chocolate flavors.
They hope to license their product to an ice cream cone manufacturer, not sell it.
Ice cream establishments claim that they will save thousands of dollars on napkins. Because the dripping ice cream mess is edible, it is also green.
If you’re looking for a way to show your support for Drip Drop, they sell tee shirts on their website.
Oliver and Sam will almost certainly require the assistance of a Shark to help them negotiate the complex world of licensing. Will a Shark consider this a delectable investment?
What Is Drip Drop?
Drip Drop is a waffle cone ring that wraps around an ice cream cone to collect drips and drops of melting ice cream.
The Waffle Cone Drip Drop Cone is a disc-shaped accessory made up of waffle cone ingredients.
It fits snuggly over the top of the ice cream cone and collects melting drips. The Drip Drop Cone can remove ice cream stains and sticky fingers from clothes.
Who Is The Founder Of Drip Drop?
Sam Nassif and Oliver Greenwald started their creative activities in elementary school and founded Drip Drop Ice cream cone.
They pursued a patent as eighth-graders and succeeded in their goal of developing an edible ice cream drip solution.
The two Denver, Colorado teenagers, wore matching bow ties, oxford shirts, and jeans during their Shark Tank appearance in 2016.
Sam is presently enrolled at Champman University studying business, while Oliver studied computer science at Duke University.
Drip Drop Before Shark Tank
The two best friends from Denver, Colorado, Oliver Greenwald, and Sam Nassif, started Drip Drop at the age of fourteen, becoming the youngest entrepreneurs to appear on Shark Tank without an adult.
Sam and Oliver were two normal fifth-graders who were fond of ice cream. Their idea was sparked when they saw a lady clearing melted ice cream from her toddlers’ faces and clothing.
They looked comfortable and relaxed in the tank, indicating they were well-prepared and confident, which is not surprising since the pair started their business careers at eleven years old.
They created and entered a version of the Drip Drop Cone in the 2012 Gate’s Invention Program, winning second place.
The memories of being 10 years old are fuzzy to me, but one vivid memory is my love of ice cream.
In those rare but glorious summer days of my youth in England, the rarity of a day without rain could only be enhanced by that most delectable of all sweet treats.
Oliver and Sam had a flash of inspiration at that age and launched their plans to create a product that not only made an ice cream cone less messy but was also a sweet and tasty treat in and of itself.
It started when they observed two tiny children whose clothes and hands were covered in sticky drips from their ice cream cones, which they were carelessly waving around in the way small children do.
Oliver and Sam saw the mother attempt to clean up her kids with a heap of napkins, to varying degrees of success, and they were struck by the idea that they could do something about the messy cones.
Oliver and Sam may have been young, but they quickly got to work discussing solutions and eventually came up with a unique and creative method that would permanently solve those sticky drip problems.
They developed an edible wafer ring that fits snugly around the edge of a cone, capturing all the drips, and served as the ideal companion to an ice cream cone.
How Was The Shark Tank Pitch Of Drip Drop?
Sam and Oliver approach the Sharks requesting a $50,000 investment in exchange for a 20% stake in Drip Drop.
Oliver declared that despite not having licenses or drivers’ licenses. The Sharks are shocked by the lads’ performance.”
The pair distributes ice cream cones to calm down the Sharks while listening to the remainder of the pitch.
The Sharks state that a design patent protects their invention. They have already been recommended to license the Drip Drop to a manufacturer of ice cream.
They’re seeking a Shark deal to acquire the authority and influence necessary to propose an ice cream company.
Kevin O’Leary is interested in learning about costs and sales. Sam explains that they predict that the Drip Drop will cost ice cream manufacturers approximately $.03 to manufacture and sell for roughly $.10 to ice cream parlors.
Robert Herjavec is enquiring about the pricing of ice cream cones to make a comparison. Sam responds that cones are approximately $0.05 each.
Mark Cuban wonders if doubling the cone’s price is a problem. Sam explains that they expect parents will pay an additional $.25 for less messy cones for their children.
Barbara Corcoran observes how the leftover cones are pouring over the Drip Drops’ borders.
Oliver says that a portion of the funds will hire a food engineer to finalize the design before giving it to ice cream manufacturers.
Mark Cuban believes the couple should take their concept to individual ice cream shops and generate demand through experimental initiatives. He believes there is too much work involved and hence withdraws.
Robert Herjavec takes a contrary position. He believes the team should pursue their proposal to introduce the Drip Drop to ice cream manufacturers.
He believes they do not require a Shark and that it is too early for him to enter, so he exits.
Kevin O’Leary is taken aback by the fact that they have obtained a patent. He concurs with Robert over the amount of work required to get the licensing deal.
He is no longer present, but he “is going to get Barbara to hand over the $50,000.”
Barbara is “uncertain about that.” She concurs with Mark Cuban that the two should visit ice cream establishments and sell to individual locations, and she believes the design is not “beautiful enough” yet. She thinks it is premature to invest.
Lori Greiner takes a contrary position. She believes licensing is the best course of action, but she thinks the lads can do it independently.
She declines to take a portion of their profits and thus exits.
Drip Drop appears to have no hope, but Oliver assures Barbara that “by investing in us, you are showing all children in America that dreams are possible.”
He believes they can resolve the design issues and that the Drip Drop concept is viable.
Barbara is taken aback by their tenacity. She makes an offer of $50,000 in exchange for a 33.3% interest in the business.
After a brief discussion, the boys agree to her terms.
Final Deal: An investment of $50,0000 For a 33.3% stake in Drip Drop by Barbara Corcoran.
What Happened To Drip Drop After Shark Tank?
Barbara’s agreement with Drip Drop fell through. Sam and Oliver have been working diligently on their concept and getting a manufacturer for the license contract since the April 2016 episode.
It will be interesting to see if this sweet transaction results in a cold pile of cash for these two young entrepreneurs.
Oliver Greenwald resigned down from the business in early 2018. The company sold its product in only three Denver ice cream shops at the time.
Drip Drop had been described as “open” on Nassif’s LinkedIn profile, but the website no longer operates, and the most recent post on Facebook was from June 5, 2019.
Greenwald created the app Make Shit Happen, which assigns people five-minute social change tasks to complete while on the toilet.
Is Drip Drop Still In Business?
The Drip Drop Cone was an innovative way to avoid sticky fingers and the inevitable ice cream mess; however, the concept has since been lost to time.
Oliver Greenwald, a co-founder, left the company in 2018 and is now an intern at Zoom.
Also, the website is no longer active, and the social media accounts have been inactive since 2019.
Sam Nassif remains active with the company on LinkedIn, but Amazon no longer lists the product.
If the company had gone off, it would have faced competition from similar concepts, such as the Dripstik, which can be obtained on Amazon.
Drip Drop Cone is made of plastic, but the edible version is undoubtedly more appealing.