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Oliver Greenwald and Sam Nassif came up with Drop Drip, a solution to the sticky ice cream cone problem. The Two teenage boys featured in episode 723 of the Shark Tank pitch their idea. They wanted an investment of $50,000 for a 20% stake in the Drop Drip business.
The two boys amazed the Sharks due to their entrepreneurial minds and confidence during their presentation. Oliver and Sam wanted the funding to help them get a license and kick off their business of selling the Drop Drip Ice Cones. They shared their idea and plans with the Sharks.
Did the Shark consider it and give them a deal? What happened to Drop Drip after the Shark Tank pitch? Read on to learn more about Drop Drip’s status in 2022.
Drop Drip Overview in Shark Tank
What is Drop Drip?
Drop Drip is a disc-ring made of waffles designed to collect all drips melting from the ice cream cone. It is edible, meaning that the user will not throw it away but can eat it. The ring wraps around the ice cream cone to ensure no drop or drip gets to your fingers or clothes. It is designed to avoid the messy associated with ice creams. With it, ice cream consumers will have stainless, and their fingers will be free from sticky elements from the ice cream cones.
How Does Drop Drip Work?
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 Founded Drop Drip?
Oliver Greenwald and Sam Nassif are the founders of Drop Drip. The two boys are from Denver, Colorado. They started their entrepreneurial journey at the age of 10 years while in elementary school. The two took part in the 2012 Gate’s Invention Program, where they first featured the Drop Drip idea. The ranking in the second position in the competition.
The teens drew their inspiration for developing the Drop Drip cone when they saw a mother trying to clean up an ice cream mess on her kids. The kids had enjoyed a nice treat of the ice cream. But the melted ice cream drips got stuck on their fingers and stained their clothes. The kids’ mother used a lot of napkins to deal with the mess with little success.
This observation disturbed their mind and prompted them to develop a lasting solution to the problem. After extensive discussion, they developed the Drop Drip cone.
Currently, Oliver is pursuing a computer science degree at Duke University, while Sam is studying business at Champman University.
Drop Drip Business before Shark Tank
Sam and Oliver were two ice cream lovers who enjoyed this tasty and sweet treat. While in the fifth grade, they entered the Gate’s Invention program, where the facilitators encouraged them to come up with a solution to a shared problem.
Observation at a local ice cream shop inspired them to develop Drop Drip. They show a woman wiping the mess of melted ice cream drips on her kids using napkins. This aspect put them into a thinking mode, and the Drop Drip idea was born.
The two featured the first version of Drop Drip on the Gate’s invention program, and the idea became number two. They went on to get a design patent in 205 using their prize. Three years later, they ran a campaign that helped them to raise $7,047. This amount became the initial investment for bringing Drop Drip to life.
The young entrepreneurs stepped in to feature on Shark Tank to get funding to help them kick start their business on the right foot.
Drop Drip during Shark Tank Pitch
Sam and Oliver are featured in Episode 23 of the Shark Tank Season 6. They were 14 years old, becoming the youngest entrepreneurs to appear on Shark Tank without an adult accompanying them. Their goal was to secure $50,000 funding in exchange for a 20% stake in their business.
The two appeared wearing bow-ties and showed a lot of confidence and self-belief, which amazed the Shark Tank panel. They distributed some ice cream cones to the panelist to ensure they were attentive to their pitch.
The young entrepreneurs opened their pitch on a high note. Oliver started the pitch by stating that everyone loves ice cream. Sam joins in, explaining how the drips from the ice cone made the hands sticky. He states that one requires a batch of napkins to wipe out these drips and throws some in the air.
Oliver introduces the Drop Drip to the Sharks. Sam goes on to state that the product is an add-on to the ice cream cone. He adds that it is edible, environmental-friendly, and useful. Oliver moves the Sharks to smile by stating that this was a simple solution and only kids could develop it.
The young lads pitch impressed Sharks, but Kevin expressed some worries about the possibility of the concept theft. Oliver explains to the Sharks that they have a design patent that protects their innovation and displays the certificate. However, they neither have a driving license nor any other licenses.
The Sharks loved the idea, and all agreed that the presentation was great. It was the turn of the Sharks to share their views about the idea. Robert wanted to know the idea behind Drop Drip and how the pair developed it. Sam took the stage and explained their inspiration from the women at the ice cream shop.
Robert and Barbara wanted to confirm what the patent protection covered. They confirmed that it protected the shape and size of Drop Drip cones. Lori inquired about the pairs progress with their idea. Oliver stated that they had been advised to approach food manufacturers and license it with them. He added that they needed the assistance of a shark’s partner to help them negotiate for the license.
Mark inquired about how they produced the Drop Drip prototype, and Sam said they used 3D printing technology. Sharks also questioned about the cost and price; they stated that the cost was 3.2 cents, and the estimated price was 10 cents per Drop Drip ring.
Robert had a concern about the price since it was double that of the ice cone. Sam responded, citing the potential value of Drop Drip. Barbara also had an issue with the dripping on the sample cone, but Sam pointed out that they were homemade prototypes as the reason for the imperfections noted. Oliver added that a food engineer would also help them sort out such issues.
It was time for offers.
Mark Cuban commended the two and stated that the product would succeed. However, he cited that it requires a lot of work to grow its sales. He was out. Robert also liked the product but was unsure about the possibility of the entrepreneurs securing a deal with a manufacturer. He thought it was too early to invest in it and was out too.
Kevin was the next to opt-out. He cited that the teens could have concentrated on their education first as ice creams are timeless products. He noted that getting a license deal with a manufacturer was a huge task, and he was not ready for it. Lori, too was out and cited that the team would do without Sharks.
Barbara was the remaining Shark. She cited some issues with the product. However, she loved the confidence of the two lads.
Drop Drip Closing Deal in Shark Tank
Barbara was ready to offer them $50,000 but asked for a third of the company shares. But she required the two to improve their product design and taste. Sam and Oliver held a discussion and agreed to the offer. They sealed a deal where Barbara was to get a 33.3% stake of Drop Drip.
Drop Drip after Shark Tank
The deal between Barbara and the Drop Drip entrepreneurs did not go through. The young entrepreneurs are still struggling to get a license contract with a food manufacturer. Oliver Greenwald left the company in 2018 and started the Make Shit Happen app.
By then, they had sold Drop Drip in 3 Denver ice cream stores. Sam Nassif started AlternaCare Health Inc but kept the Drop Drip in his profile.
Current Update: Is Drop Drip Still In Business?
Drop Drip is no longer in business. Its website is down, and social page updates last happened in 2019.
How much does the product cost?
The estimated cost of Drop Drip is 10 cents per piece.
How does Drop Drip help you?
Drop Drip was a waffle disc ring that helped to prevent the melted ice cream drips from messing your hands or staining your clothes. It is wrapped around the ice cream cone to collect the drips and drops.
What is the net worth of Drop Drip?
The estimated worth of Drop Drip was $250,000
What are Sam’s net worth and Oliver’s net worth?
The next worth of Sam and Oliver is unknown.
What percentage of Drop Drip did Barbara Corcoran own?
Barbara was to get a 33.3% stake on Drop Drip for $50,000 funding.
What was the company’s first round of funding?
The initial funding of Drop Drip was $7,047, collected through a campaign backed by 82 funds. Their deal with Barbara fell through.