Drip Drop, a revolutionary solution created by two teenagers, Sam Nassif and Oliver Greenwald, was designed to tackle the issue of messy ice cream cones. By providing an edible, ring-shaped cream cone material called Drip Drop, they aimed to provide convenience and cleanliness to ice cream lovers of all ages.
In their quest for funding and support, Sam and Oliver appeared on Shark Tank in episode 723. Their pitch caught the attention of Barbara Corcoran, who offered $50,000 for 33.3% equity in their business. With Barbara’s investment, Drip Drop focused on perfecting their design and ramping up production.
While the initial Shark Tank valuation for Drip Drop stood at around $150,000, the journey of this innovative product took an unexpected turn. In 2018, Oliver Greenwald decided to leave the company, leading to the discontinuation of the product. As of now, the official website and social media pages of Drip Drop have not been updated, suggesting an end to its business operations.
Key Takeaways:
- Drip Drop, an edible cream cone material, was created to solve the problem of messy ice cream cones.
- Sam Nassif and Oliver Greenwald appeared on Shark Tank and secured a $50,000 investment from Barbara Corcoran.
- Drip Drop focused on refining their design and scaling up production after the Shark Tank episode.
- However, co-founder Oliver Greenwald’s departure in 2018 led to the discontinuation of the product.
- Despite its discontinuation, Drip Drop had a unique design and offered convenience for ice cream lovers.
The Journey of Drip Drop on Shark Tank
The founders of Drip Drop, Sam Nassif and Oliver Greenwald, came up with a brilliant idea to solve the messy ice cream cone problem. They witnessed children struggling with drips and decided to create an edible, ring-shaped cream cone material called Drip Drop. This innovative solution caught the attention of the Shark Tank investors, and the founders took their chance to pitch their product.
Sam and Oliver appeared on Shark Tank as the youngest entrepreneurs in the tank, without the company of an adult. They impressed the Sharks with their confidence and professionalism, especially Barbara Corcoran. Barbara saw the potential in Drip Drop and made an investment offer of $50,000 for 33.3% equity, which the founders gladly accepted.
After the show, Drip Drop received Barbara Corcoran’s investment in 2016 and focused on refining their design and scaling up production. The valuation of Drip Drop before their Shark Tank appearance was $150,000, showcasing the potential that the Sharks saw in the product.
The Journey of Drip Drop on Shark Tank:
| Event | Details |
|---|---|
| Founding of Drip Drop | Sam Nassif and Oliver Greenwald came up with the idea for an edible, ring-shaped cream cone material to solve the messy ice cream cone problem. |
| Shark Tank Appearance | Sam and Oliver pitched Drip Drop on Shark Tank as the youngest entrepreneurs in the tank and caught the attention of Barbara Corcoran. |
| Investment Deal | Barbara Corcoran offered $50,000 for 33.3% equity in Drip Drop, which the founders accepted. |
| Barbara Corcoran’s Investment | Drip Drop received Barbara Corcoran’s investment in 2016 and focused on improving their design and production process. |
| Valuation | Drip Drop was valued at $150,000 before their Shark Tank appearance. |
The Impact and Challenges of Drip Drop
Drip Drop made a significant impact with its innovative solution to the messy ice cream cone problem. The unique, edible ring-shaped cream cone material provided convenience and cleanliness by catching ice cream drips, eliminating the need for napkins. People of all ages were impressed by its functionality and saw the potential for a hassle-free ice cream experience.
However, despite the initial success on Shark Tank and the investment from Barbara Corcoran, Drip Drop faced challenges that ultimately led to its discontinuation. Co-founder Oliver Greenwald’s departure from the company in 2018 was a setback for the business, and the lack of updates on their official website and social media platforms suggests that Drip Drop is no longer active.
Although Drip Drop is no longer available, there are alternative products in the market that offer similar benefits. These alternatives provide a clean and enjoyable ice cream eating experience without the mess. While we bid farewell to Drip Drop, we can appreciate its unique features, such as its cost-effectiveness, its ability to save wastage of tissues, and its memorable, edible design.
FAQ
What is Drip Drop?
Drip Drop is a simple innovation created by Sam Nassif and Oliver Greenwald, two teenagers, that solves the problem of messy ice cream cones. It provides an edible, ring-shaped cream cone material that catches ice cream drips, eliminating the need for napkins.
What happened to Drip Drop after their Shark Tank appearance?
After appearing on Shark Tank and receiving investment from Barbara Corcoran in 2016, Drip Drop focused on improving their design and scaling up production. However, the company is no longer in business as Oliver Greenwald left in 2018 and the official website and social media pages have not been updated.
How much was Drip Drop valued at before Shark Tank?
At the time of their Shark Tank appearance, Drip Drop was valued at around $150,000.
Why did Drip Drop not succeed?
Despite the initial success on Shark Tank and the investment from Barbara Corcoran, Drip Drop faced challenges that led to its discontinuation. Co-founder Oliver Greenwald left the company in 2018, which likely contributed to its closure.
Is Drip Drop still available?
No, Drip Drop is no longer active. The discontinuation of the product is indicated by Oliver Greenwald’s departure from the company and the lack of updates on their official website and social media platforms.
Are there alternative products similar to Drip Drop?
While Drip Drop is no longer available, there are alternative products in the market that offer similar benefits. These products aim to provide convenience and cleanliness while enjoying ice cream cones.
What are some unique features of Drip Drop?
Drip Drop offered a unique solution with its edible ring-shaped cream cone material. It was cost-effective, saved wastage of tissues, and had a distinctive, edible design.