IceBeanie Update: What happened to Nic Lamb’s business after Shark Tank?

Shark Tank is a huge franchise spanning several countries and languages. While there's never a drought in anticipation for its new products, fans are also always eager to know how the deals from the past are doing.

All the seasons of the show, give glimpses into the businesses of past deals of the show. Its website sharktankrecap.com features a list of all the business deals from its past seasons.

Nic Lambs' product Icebeanie disrupted the market after its appearance on the show in season 12. His decision to accept Mark Cuban's offer proved to be highly profitable as is seen in the position of his company today.

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How far has Nic Lambs' product Icebeanie come after its appearance on Shark Tank season 12?

IceBeanie is a beanie lined with ice packs, that upon freezing works as a cold compression and helps people with migraine, concussions, chemo, headaches, or relaxation. It is sold on Amazon for $39.95 and takes $7 to produce. According to Nic, there were 40 million migraine sufferers in the US, which was the size of Icebeanie's market.

Nic asked for $50,000 for 20% equity in his company; and while Kevin O'Leary, Barbara Corcoran, and Lori Greiner refrained from giving any offers, Mark Cuban and Daymond John offered $50,000 for 25% equity, and $100,000 for 25% equity respectively. Nic ended up accepting Mark's offer which took his business to new heights.

According to sharktanktalks.com, Icebeanie had reached a revenue of $550,000 by the end of 2021, after its appearance on Shark Tank, and achieved a net worth of $1.2 million.

Shark Tank didn't only give IceBeanie an expert like Mark Cuban but also promoted it to the audiences watching it, creating a ripple effect that got it promoted by reputed networks such as CNBC, ESPN, TMZ, etc, which also hugely contributed to its revenue.

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How was IceBeanie from Shark Tank invented?

Like most newly invented products, Icebeanie also incepted from the ordeal of its owner. Nic is an expert surfer. He started surfing at the young age of 5 and by the age of 9, he started competing in surfing competitions around the world.

Nic won the prestigious Punta Galea Challenge for surfers in Spain in 2014. He returned to the same competition after two years where he suffered a head injury due to a bad wipeout.

The head injury was a serious concussion and even though it healed, it left Nic with bad post-concussion migraines. Nic started heavily depending on ice packs and cold compressions to comfort him with his headaches. It is during this phase that Nic first thought of his product.

He made a beanie that was lined with cold compression gel packs and could be put into the freezer to then be worn to relieve pains or just relax. It was because of IceBeanie that Nic was able to get rid of his migraines. This made him see Icebeanie as a way to help people with migraines, chemo, hangovers, concussions, or relaxation.

Before entering the Shark Tank, he started to sell his product on Amazon in 2020 and sold 2500 pieces worth $100,000. This motivated him to grow his business and come to Shark Tank searching for expertise. Judges like Cuban and Daymond were quick to see the potential in Nic's vision and readily offered him their expertise.

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The experts on the show have bettered many lives and given many deserving businesses new heights, which is the reason for its year-on-year renewal and its pop culture prowess. After season 15, season 16 may be announced soon.