What Is Ice Beanie, Exactly?
The Ice Beanie is a cold compression beanie that uses cold compression therapy to cure migraines, headaches, fevers, and stress naturally. It is also reported to help in rehabilitation after concussions, chemotherapy, traumatic brain injury (TBI), inflammation, and sports-related ailments.
Nic Lamb, the Ice Beanie creator, is a competitive big wave surfer from Santa Cruz, California. He competes in surfing competitions all over the world. He began surfing at the age of five and, at the age of 14, he rode Northern California’s devastating “Mavericks” wave to become the world’s youngest surfer.
In 2016, Lamb realized his goal of becoming a Mavericks Champion. In 2017, he had a serious concussion while surfing a massive wave in Nazare, Portugal. Following the incident, Lamb continued to suffer from migraines and headaches. As a non-drug treatment for his post-concussion migraines, he found cold compression therapy or cryotherapy.
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He rapidly became tired of placing cold packs over his head on a daily basis. He reasoned that there has to be a more efficient way of doing things. He came up with the concept for the Ice Beanie in the end. The head is totally covered by the chilly compression beanie, which is made of soft microfiber polyester.
Gel packs are carefully positioned on the head to stimulate acupressure points while keeping the user cool. It includes a built-in velcro belt that can be adjusted to fit a range of head sizes.
Simply put it in the freezer for an hour before wearing it for some refreshing relaxation. It will mold to the wearer’s head as it heats up from the wearer’s body heat. The beanie is lightweight, machine washable, and reusable.
Who Is the Founder of Ice Beanie?
Ice Beanie was founded by Nic Lamb.
What Happens to Ice Beanie at The Shark Tank Pitch?
In the Shark Tank, Nic Lamb, the developer of Ice Beanie, drove a skateboard barefoot. I’m looking for a $50,000 investment in exchange for 20% stock or a $250,000 value. He talked about his past and showed footage of himself being thrown from a strong wave and suffering a concussion.
The Shark panel was given Ice Beanies from Lamb, which they excitedly tried. He said that the Ice Beanie design is the subject of a pending patent. “Does this make your hair grow?” O’Leary cracked a witty remark. He went on to ask about the magnitude of the market for cold compression pain relief headgear. “How many people are willing to have their heads encased in ice?”
“Anyone who felt it would succeed would do it,” said Cuban of Lamb, who saw the product’s potential. According to Lamb, roughly 40 million people in the United States suffer from severe headaches and migraines. Each Ice Beanie costs $7 to make and sells for $39.95 on the company’s website and on Etsy and Amazon, among other places.
When Herjavec asked about lifetime sales, Lamb said that Ice Beanie has sold $100,000 or 2,500 copies since its release in the fourth quarter of 2020. Lamb claimed that he advertised the Ice Beanie through his network of CrossFit worldwide competitors, elite UFC fighters, and Olympic athletes. Athletes have utilized the Ice Beanie to recuperate from strenuous activities, decrease inflammation, and relieve tension headaches.
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Kevin O’Leary was the first to decline, stating that the customer niche market was too small. Lori Greiner liked Lamb’s business acumen, but she declined to participate owing to concerns about the brand’s competition. “Because at $50,000, you’re a wonderful partner,” Cuban said, offering $50,000 in exchange for a 30% ownership.
The Ice Beanie cooling compression caps will be placed in the locker room of Cuban’s NBA team, the Dallas Mavericks, in an attempt to sweeten the deal. Lamb inquired about Cuban’s readiness to drop his proposal for a 25% stake from 30% to 25%. Cubans enthusiastically agreed. Ice Beanie’s founder, Nic Lamb, decided to seal the deal with billionaire Shark Mark Cuban.
Shark Daymond John broke his silence as the elite surfer was celebrating his acceptance of Cuban’s offer. “Are you sure you didn’t want to hear my offer?” said FUBU’s inventor. “I had an amazing offer,” said Shark Robert Herjavec, who had been deafeningly quiet after Lamb’s presentation.
The Sharks O’Leary and Herjavec tried to persuade Lamb that accepting the original offer was a mistake. As a mediator, Lori Greiner counseled Lamb to reconsider his decision and listen to what the other two Sharks had to say.
John revealed his $100,000 offer in exchange for a 25% stake in the company. Lamb was unmoved, holding to the Shark with whom he had already made an agreement. This raises the total to $200,000 in value.
After the Shark Tank, Ice Beanie:
The Ice Beanie was in high demand and sold out on Amazon quickly after the Shark Tank program in February 2021. Users who found relief with Ice Beanie have given it great reviews on Amazon.
The brand has restocked on its official website, where it can be purchased separately for $39.95 or in a variety of packs ranging from $71.91 for two to $127.84 for four. The “Natural Migraine and Headache Relief Hat” is now available on Etsy as well.
The company has a tiny following on Facebook and Instagram, where it offers holistic well-being tips on a daily basis. There is no sign that this transaction was finalized as of March 2021. In October 2021, the deal with Mark was finalized. The company makes a profit of $550,000.
Ice Beanie’s Net Worth:
Nic Lamb appears on Shark Tank in search of a $50,000 investment in exchange for a 20% stake in his company, valuing it at $250,000. He accepted Mark’s offer of $50,000 in exchange for a quarter-share, valuing his company at $200,000.