It is an adjustable beanie made up of plush polyester. It contains a gel pack that is designed to give acupressure to the wearer so that he or she can get relief from the contact pain in the head.
Ice Beanie has a remarkable customer base on Amazon. A lot of people have given positive reviews about Ice Beanie on Amazon. The customers have given great responses to the product.
In this article, we are going to discuss how Mark Cuban’s investment developed the business.
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A Short Note On Ice Beanie
Ice Beanie is a very effective headache reduction therapy, mainly for the headaches associated with a cold and compressed impact of migraines, traumas, and even nominal head pains.
It is a very effective option to apply ice but people generally get frustrated from having to apply the pack of ice on the head for a long time.
That is why the Icebeanie product has been very useful in replacing it with a unique cold hat and helping people to reduce migraine pain efficiently. We can also use Ice Beanie to cure any injury related to sports.
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Who Is The Founder Of Ice Beanie?
Nic Lamb is the person behind the foundation of Ice Beanie. He is by profession a big wave surfer.
But he has talents in various fields. Nic began to participate in professional surfing all over the world when he was only 9 years old.
That is why he became a professional surfer. Recently he became successful in Spain when he became the national Mavericks champion in the year 2016.
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How Would One Use The Ice Beanie Product?
It is very easy to use Ice Beanie. You may use Ice Beanie for migraines. To use the product you just need to place the hat in the freezer for a minimum of one hour.
Then you wear it to have a cooling effect. The cap moulds to the shape of the head as it warms up from the body heat of the wearer. It is a reusable, washable, and portable product.
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What Occurred To IceBeanie Before Shark Tank?
Nic Lamb set up IceBeanie in 2017 when he met with an accident that resulted in a concussion. Being a prime surfer, Nic Lamb travels all over the world in search of the biggest waves.
In 2016, Nic travelled to Portugal to master Nazaré, the biggest wave worldwide. At the time of trying to take on the wave, Nic ended up wiping out.
He suffered from a concussion, which ultimately led to terrible migraines. To recover from his concussion, Nic used ice packs to alleviate the migraines; nonetheless, he often found himself frustrated with having to hold the packs up.
From then on, he began to think of various ideas and finally came up with a more convenient and more effective alternative. He knew that the compression and the coldness of the ice packs were very effective and they helped him to reduce his pain. That is why he made up his mind to mix up the two things together and gave birth to Ice Beanie.
When he used Ice Beanie and found that it was a very successful product he developed his prototype at the beginning of 2020. Soon after this, he began to sell the beanies online successfully.
In short, we can say that the Ice Beanie is only a beanie that comes with gel ice packs inserted inside. The product is available in one size and it fits all and you may adjust it with the velcro strap.
Needless to say, you may use the product easily. You just need to stock it in a freezer for nearly one hour before using it.
But do you know how it works? As per the research, it has been found that coldness is very useful for a lot of things, including fevers, migraines, hangovers, etc.
As soon as the gel packs are frozen the goodness generally takes over, making you concentrate more on the cold than the pain.
While the IceBeanie is almost tricking you in this way, it also works effectively to reduce inflammation and swelling within the painful area.
Nic Lamb was able to make nearly $100,000 in sales since the launch of the product. He feels proud of his product as it has helped him effectively with his migraines so that he can pursue his surfing legacy.
According to him a lot of people who suffer from migraine will find the product Ice Beanie very useful.
Nonetheless, he wanted to make sure of that assumption. That is why he made up his mind to dive deeper. Therefore, Nic decided to come up on Shark Tank and make a deal with a shark.
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Nic Lamb came up on Shark Tank on 12 February 2021 intending to get an investment of $50,000 in exchange for a 20% stake in the business.
Nic asked the shares who was ready to get cool and invest in Ice Beanie. Then he pitched the product in front of the sharks. He played a video of his accident with a large wave and explained his past in brief to them.
After that, he gave a beanie to each of the Sharks so that they could try and said that the patent for the design was still pending.
Mark Cuban said that the Ice Beanie felt good and Robert Herjavec nodded his head to support Mark Cuban. Kevin O’Leary joked about the product, inquiring whether it grew hair before asking about the market for a product as such.
Kevin O’Leary then asked how many people would wrap their heads in ice. In reply, Mark Cuban said that anybody who thought that it would work would do it.
Nic then explained the marketing of the product in reply to O’Leary’s query. It requires $7 to assemble one Ice beanie. But the product is sold at $39.95 each.
Nic then said that nearly 40 million people in the US suffer from migraines. That is why Ice Beanie is an outstanding product to invest in.
Herjavec asked Nic about the lifetime sales of the product. In reply, Nic said that the business had generated $100,000 in sales since the launching of the product.
He then shared with the sharks that he marketed IceBeanie to the UFC athletes, Olympic athletes, and CrossFit athletes to increase its revenue.
Kevin O’Leary and Lori Grenier made up their mind to drop out of the deal. O’Leary thought that the product would not sell so well and Lori Grenier was more attentive to which companies may contest with Ice Beanie.
Cuban was still curious about the product. That is why he gave a proposal of investing $50,000 in exchange for a 30% investment and claimed that Nic would be a great partner for $50,000.
He also added that he would market the company by stocking the Ice Beanies in the NBA Dallas Mavericks locker room.
Although Cuban gave a quite fair proposal, Nic appealed to him to consider the equity take and decrease it to 25% from 30%. Mark Cuban accepted the terms and Nic accepted the proposal.
Nonetheless, Daymind John was silent for a long time and finally, he asked if Nic did not want to hear his proposal with Herjavec following.
He said that he had an amazing offer. He wanted to invest $100,000 in exchange for a 25% stake in Ice Beanie.
The two sharks, Daymond John and Robert Herjavec tried to convince Nic that he was making a blunder by making a deal with Cuban.
But he did not agree with that and did not want to change his mind. In reply to John and Herjavec, Nic said that he had already accepted Mark’s proposal and he had to honour that.
So, Nic became successful in securing a deal on Shark Tank. He left the stage with a $50,000 offer for a 25% stake in Ice Beanie.
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Ice Beanie Shark Tank Update
After giving a successful pitch on Shark Tank and making a deal with Mark Cuban, Ice Beanie experienced incredible growth.
They completed the deal in late 2021. IceBeanie has reached a $200,000 valuation and has been doing well in business, with an extended $550,000 in IceBeanie sales.
The actress, Geena Davis, and an influencer, Brooke Ence had even purchased the Ice Beanies. Although it is not confirmed now, it is thought that Nic is working with Mark Cuban to expand the market for Ice Beanie so that he can reach more customers like chemotherapy patients.
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Did Icebeanie Make It?
As per the expectation each of the sharks liked the idea and they instantly made up their minds to make a deal with Nic for introducing the unique product.
There are more than 40 million cases in the US where people often suffer because of migraine attacks. Nic appealed to the sharks for an investment of $50,000 in exchange for a 20% stake in the business.
The simple but unique product grabbed the attention of the sharks within no time. Finally, Mark Cuban made a deal with Nic by investing $50,000 in exchange for a 25% stake in the business. Within only one year the product was sold for about 25000 units.
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What Was The Net Worth Of Ice Beanie Before Shark Tank?
Ice Beanie is an effective drug-free way to get rid of inflammation, swelling, headache, and migraine pain by using cold treatment. Before appearing on Shark Tank, Ice Beanie’s net worth was $ 600,000.
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What Is The Worth Of Ice Beanie Right Now?
After making a deal with Mark Cuban, Ice Beanie’s worth is now $200,000. This is slightly less than the $250,000 that Ice Beanie’s founder requested when he first represented the business on Shark Tank.
How Did Ice Beanie’s Pitch Go On Shark Tank, And Did They Secure A Deal With Any Of The Sharks?
The pitch of Ice Beanie went well on Shark Tank. The founder of Ice Beanie, Nic Lamb got a lot of offers from multiple sharks like Mark Cuban, Robert Herjavec, and Daymond John.
Finally, he made up his mind to make a deal with Mark Cuban who was ready to invest in the business.
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How Has Ice Beanie Been Performing Since Its Appearance On Shark Tank?
Ice Beanie after appearing on Shark Tank experienced remarkable growth. Within the first year after its launch in the fourth quarter of 2020, it managed to generate $100,000 in total sales.
Furthermore, eminent people like Geena Davis and Brooke Ence were eager to buy the product.
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From Where Will You Buy Ice Beanie Products, And What Is Their Pricing?
As of 2023, you may get Ice Beanie on Amazon, Etsy, and the official website of the company, ice beanie.com. The cost of one Ice Beanie is $39.95. The price of two beanies is $71.91 and four beanies are priced at $127.84.
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Are There Any Plans For Ice Beanie To Expand Its Market Or Collaborate With Specific Individuals Or Organizations?
It seems that the founder of Ice Beanie, Nic Lamb is working with Mark Cuban to develop the Ice Beanie market so that he could reach more people along with chemotherapy patients. But it is not confirmed yet. But it indeed suggests the potential growth and outreach plans for the future.
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IceBeanie Shark Tank’s pitch went well as the founder of the company Nic Lamb was able to make a deal with Mark Cuban. The deal was finished in late 2021. The current worth of Ice Beanie is $200,000. Ice Beanie after Shark Tank has been doing very well in business.
It seems that Nic is working with Mark to develop the market of the product and to reach more people like chemotherapy patients. Currently, you may purchase the product on Amazon, Etsy, and the company’s website, ice beanie.com which is sold at $71.91 for two beanies and $127.84 for four beanies.
What is Ice Beanie, and what is its main objective?
Ice Beanie is a firm that was featured on Shark Tank Season 12 Episode 13. It is popular for producing cold therapy hats designed to relieve headaches. These hats enable you to be released from migraines, fevers, stress, and other conditions without the requirement for drugs.
They are even capable of recovering concussions, chemotherapy, traumatic brain injuries (TBI), inflammation, and sports injuries.
Who is the founder of Ice Beanie, and what inspired the invention of this product?
Nic Lamb, a professional surfer and entrepreneur, is the inventor of Ice Beanie. The idea for Ice Beanie came up in his mind after Nic suffered from an unbearable migraine headache following a head injury. He used an ice pack to reduce the pain and found the experience inspiring and it inspired him to create Ice Beanie.
What was the estimated net worth of Ice Beanie before appearing on Shark Tank?
Before appearing on Shark Tank, Ice Beanie had a net worth of about $600,000. The net worth is estimated as per the value of the business at that time.