Ice cream lovers are very familiar with the sticky downside of enjoying a delicious cone: the constant dripping, especially in summer. Luckily, high school freshmen Sam Nassif and Oliver Greenwald have come up with an ingenious creation that will allow you to enjoy your ice cream in peace. What will the sharks think of the youngsters’ product on
Shark Tank The Drip Drop Update
- Entrepreneurs: Sam Nassif and Oliver Greenwald
- Business: Edible ice cream cone drip catcher
- Ask: $50,000 for 20% equity
- Result: $50,000 for 33.3% equity
- Shark: Barbara Corcoran
Teenagers Sam and Oliver were very aware of the importance of a first impression. They walked into
The Drip Drop can prevent much of the dripping and can then be enjoyed as an additional treat at the end. Looking for a $50,000 investment for 20% equity, Sam and Oliver treated the sharks to ice cream cones equipped with The Drip Drop.
They also stated they had a design patent, with several more patents pending.
The Drip Drop was not yet available for sale. The boys wanted to secure an investment first, then take their business straight to ice cream manufacturers. Kevin O’Leary was interested in the costs and pricing of the Drip Drop.
Sam and Oliver replied that they estimated The Drip Drop would cost ice cream about $0.03 cents per unit to make and hoped to sell a unit for around $0.10.
Kevin asked how much a cone cost, and was told it is about 5 cents. He then queried if the doubling of the cost would go well with buyers. Sam thought that parents would be happy to pay the extra cost to reduce the mess.
Barbara Corcoran pointed out that The Drip Drop was dripping down the sides. Sam and Oliver told her that the investment would also go toward a food engineer to ensure the exact proportions would be perfect.
Robert Herjavec said he didn’t see how they could sell directly to ice cream shops, but Mark Cuban interrupted with his vision for it. Despite this, Mark went out first because he thought this would take too much time.
Robert and Mark squabbled over whether the product would be better sold to large manufacturers or not. Robert insisted that the boys should go after big names. He also went out, for the same reason as Mark.
Kevin thought any investing shark would have to do a lot of work to get the project off the ground. He said he admired the boys, but then went out, stating that he would get Barbara to invest the $50,000.
Barbara said she wasn’t sure about that plan and gave them a list of things that they were approaching the business in the wrong manner. Most of the sharks couldn’t agree on whether it was better as a licensing play or an upsell strategy.
Lori Greiner went out, which left only Barbara potentially in play. The boys appealed to her and she once again reiterated what she saw as wrong about the product.
Nevertheless, she made them an offer of becoming their third partner with $50,000 at 33.33% equity, contingent upon them improving the quality of the product.
Sam and Oliver deliberated, then accepted her offer and left
After appearing on
Our research for The Drip Drop update revealed that both Sam and Oliver sought new business ventures as they grew into adulthood. This will be our final update for The Drip Drop.
Would you like to learn more about what happened with the other companies featured in Season 7 Episode 25? Find out more about them here.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!