Drip Drop Ice Cream Cone: What Is It?
The Drip Drop Cone is a waffle cone-shaped accessory made completely of waffle cone ingredients. The ice cream cone ring fits securely around the top and captures any melting drips. The Drip Drop Cone removes ice cream stains and sticky fingers off clothing.
As eighth-graders, they obtained a patent and were successful in their goal of producing an edible ice cream drip solution. Sam is now studying business at Champman University, while Oliver is pursuing computer science at Duke University.
Drip Drop Ice Cream Cone Founder:
Drip Drop Ice Cream Cone was founded by Sam Nassif and Oliver Greenwald, who began their artistic careers together. Both of the teenagers are from Denver, Colorado. As eighth-graders, they obtained a patent and were successful in their goal of producing an edible ice cream drip solution. Sam is a Champman University business student, while Oliver is a Duke University computer science student.
Sam and Oliver were two typical fifth-graders who shared a passion for ice cream. One day, they saw a mom scrubbing melting ice cream from her children’s faces and clothes, which sparked an idea. In 2012, they developed and entered a Drip Drop Cone into the Gate’s Invention Program, where they placed second.
They entered the Gates Invention & Innovations competition while they were in fifth grade. Their counselors suggested that they try to solve a shared problem. After seeing two filthy kids eating ice cream at a neighboring ice cream shop, they came up with Drip Drop. They were the competition winners, and the first prize was a free patent attorney. They have a design patent and two more patents pending as of 2015.
The Drip Drop is a simple solution to a difficult problem. It’s simply an ice cream cone material ring that slides up a cone and absorbs all drips. It’s edible, intriguing, and delicious. Original and chocolate are the two flavors available. The product will not be sold; rather, the creators aim to license it to an ice cream cone manufacturer.
They anticipate it will save ice cream parlors a significant amount of money on napkins. It’s also green because the dripping ice cream mess is tasty. Their prize covered the cost of a US Design Patent in 2015, allowing them to bring the Drip Drop Cone to life. In 2018, they ran a successful Kickstarter campaign, receiving 82 backers to help fund Drip Drop’s inaugural investment of $7,047.
Drip Drop Ice Cream Cone’s Shark Tank Pitch: What Happened?
Oliver and Sam decided to pitch their idea to Shark Tank investors to help them navigate the treacherous world of licensing. Sam and Oliver approach the Sharks with a $50,000 investment request in return for a 20% interest in Drip Drop valued at $250,000. The Sharks are impressed with the boys’ performance, particularly Oliver’s remark that, while they lack driver’s licenses, they do have a patent.
Kevin O’Leary is interested in sales and costs. Sam goes on to say that the Drip Drop will cost ice cream makers about $0.03 cents to make and that they will be able to sell them to ice cream shops for around $0.10 cents. Robert Herjavec is curious about the cost of ice cream cones as a comparison. Cones cost roughly $0.05 cents, according to Sam.
Mark Cuban asks if raising the cone’s price is a problem. Parents are expected to spend an extra $0.25 cent to make their children’s cones less dirty, according to Sam. The remaining cones are pouring over the Drip Drops’ limits, according to Barbara Corcoran. A portion of the funding will be used to hire a food engineer to fine-tune the concept before it is offered to ice cream manufacturers, according to Oliver.
Mark Cuban thinks the pair should pitch their concept to individual ice cream businesses and start testing demand with pilot projects. He’s leaving because he feels it requires too much work. Robert Herjavec is an outspoken opponent. He thinks the pair should go forward with their plan to sell the Drip Drop to ice cream companies. He doesn’t believe they require a Shark and believes it is too early for him, so he declines.
Kevin O’Leary is thrilled that a patent has been granted. He and Robert agree on the amount of work needed to complete the licensing agreement. He walked away. Lori Greiner isn’t convinced. She thinks licensing is the greatest choice, but she also thinks the two of them can handle it on their own. She resigned because she refused to take a cut of their revenue.
“By investing in them, they’re educating every student in America that dreams do come true,” Oliver tells Barbara. He thinks they can work out the design concerns and that the Drip Drop will work. Barbara admires their perseverance. She offers $50,000 in return for a 33.3 percent stake in the company. The men accepted her offer after some deliberation and went out of the ground with a contract.
After Shark Tank, What Happened to Drip Drop Ice Cream Cone?
Barbara’s transaction fell through. Since their episode aired in April 2016, Sam and Oliver have been hard at work developing their concept and bringing their licensing deal to a manufacturer. Only time will tell if this sweet deal will result in a cold pile of cash for these two young entrepreneurs.
In early 2018, Oliver Greenwald resigned from the firm. They only had products in three Denver-area ice cream shops at the time. The website is no longer active, and the most recent Facebook post was on June 5, 2019. Nassif, the creator of AlternaCare Health Inc., still lists Drip Drop as “open” on his LinkedIn page.
While on the toilet, Greenwald devised the Make Shit Happen app, which assigns users 5-minute social change activities.
Drip Drop Ice Cream Cone’s Net Worth:
During the pitch, the firm was valued at $250,000; however, the company ceased operations in 2019, hence the net worth is unavailable.