The Drip Drop – Edible Waffle Ring
DEAL
EPISODE SUMMARY
🕓 Air Date: April 22, 2016
Asking For:
$50,000 for 20%
Investor:
Barbara Corcoran
Deal:
$50,000 for 33.3%
PRODUCT SUMMARY
Drip Drop is an edible, environmentally friendly ring that solves the issue of melting ice cream dripping down cones.
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Background Story
Sam Nassif and Oliver Greenwald, best friends and business partners from Denver, Colorado, developed the Drip Drop as high school freshmen. Coming from entrepreneurial families, they were encouraged to think creatively. The idea for Drip Drop emerged during a childhood visit to an ice cream store, witnessing a child with messy drips. Inspired to find a solution, they entered a school invention competition in fifth grade, securing second place and a design patent nod. The school funded their patents, leading to the creation of Drip Drop, an edible ring made from cone ingredients.
The Product
Drip Drop is a simple yet effective solution to messy ice cream cones. An edible ring made from cone ingredients, it features a hole in the middle, allowing it to slide up the ice cream cone, catching melting drips.
Available in various flavors like sugar cone and chocolate-covered, it enhances the ice cream experience. To make prototypes, the founders use a 3-D model turned into a silicone mold, where homemade batter is poured and then toasted to create the final product.
How It Went
The company’s position before Shark Tank
Drip Drop aims to license its patent to major ice cream cone manufacturers, leveraging existing connections and customer bases. Estimated production costs are 3.2 cents, with a proposed selling price of 10 cents to ice cream stores. The founders believe the market will accept the slightly increased cost for the added convenience. The product is patented, securing its uniqueness.
While the company is in its early stages, it has received advice from food industry experts. The founders plan to use investment funds to refine the design with a food engineer. Currently structured as a startup, Drip Drop seeks a high-profile Shark to facilitate introductions and negotiations with ice cream cone manufacturers.
The Negotiations:
The pitch garnered offers from Barbara and Lori. While Lori saw potential in selling the product directly at ice cream stores, Barbara believed in licensing to major manufacturers. The young entrepreneurs ultimately accepted Barbara’s offer of $50,000 for a partnership. Barbara emphasized the need to improve the product’s design and taste.
Despite initial reluctance, the founders agreed to Barbara’s offer, expressing excitement and gratitude. The deal marks a significant boost for Drip Drop’s visibility and potential success, with Barbara becoming a strategic partner in their journey.
