Beer Blizzard Net Worth: What Happened After Shark Tank? Founder Complete Details 2022
Beer Blizzard Before Shark Tank: Tom Osborne and Mike Robb, the creators of Beer Blizzard, used to take a few days each year to camp in the woods of their home state of Pennsylvania to get away from their hectic work lives and enjoy the beautiful scenery. Tom, an executive in the food safety industry, and Mike, a lawyer, took regular weekend trips but were always irritated by the age-old problem of warm beer.
The two friends, who are both drinkers and creative problem-solvers, set out to create a solution to the issue once and for all. Their months of experimentation yielded the Beer Blizzard: a plastic ice cube holding a hydra-gel that froze quicker than water and remained frozen for longer, but the truly novel aspect of the Beer Blizzard was its shape.
The rounded insert at the bottom of the can is a universal feature of all carbonated beverages, from your favorite soft drink to your preferred beer.
Tom and Rob made their invention such that it fits snugly inside the can’s pressure relief valve, making it ideal for rapidly chilling drinks. They debuted their groundbreaking concept to the marketing and manufacturing industries at the 2014 Invention & New Product Exposition (INPEX), a one-of-a-kind trade show.
Rob and Mike’s Beer Blizzard won a Gold Medal in the Technical Design category at the INPEX show, and they were so encouraged by the response that they decided to launch a crowd fundraising campaign on the website Kickstarter in April of that year to raise $5,000 to pay for a 10,000 unit manufacturing run.
The Kickstarter community’s reaction was just as enthusiastic as that at INPEX. In just three days, the $5,000 goal was met, and by the end of the 45-day campaign, more than $43,000 had been committed by 2,000 backers.
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Beer Blizzard Now In 2022 – The After Shark Tank Update
There was a $100,000 arrangement with Mark, but it fell through. Even so, the show was incredibly influential to the company’s success. In particular, once the show aired, sales skyrocketed. It also helped them gain exposure for their business, which was crucial for its growth.
The product quickly gained distribution to major chains like Walmart, Bed Bath & Beyond, Target, and 7-Eleven. Plus, they signed a sponsorship contract with NASCAR driver Dale Earnhardt Jr., whose name, car number, and emblem could be included in the kits. Beer Blizzard coolers were even sold at some NASCAR events.
They also tried to increase manufacturing by launching a Kickstarter campaign, which was also very successful. They were able to raise over $43,000, far exceeding their initial goal of $5,000, in just three days. Beer Blizzards were retailing for $12.99 for a six-pack and $19.99 for a case by that point. A Beer Blizzard Koozie, a cloth can cooler, was included in each set at no extra cost.
Aside from that, one of their ultimate objectives was to have their product carried by breweries.
That, however, did not occur. After only two years since its TV debut, the company folded in 2018. Besides taking down their website, they also abandoned all of their social media profiles.
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BEER BLIZZARD QUICK FACTS
|Company Net Worth:||$0|
|Pitch:||Insertable cold packs for beers|
|Entrepreneur:||Mike Robb and Tom Osbourne|
|Asked For:||$100,000 for 20%|
|Deal:||$100,000 for 25%|
Beer Blizzard On Shark Tank
In March 2016, Tom and Mike pitched their Beer Blizzard business on ABC’s “Shark Tank,” aiming to raise $100,000 in exchange for 20% ownership of the company. They also sought a Shark partner’s help in networking with large retail chains.
The two were dressed for the casual tone of their presentation, opting for jeans, shorts, and Beer Blizzard T-shirts. Tom started off by defining his role as CRIC, or “Chief Redneck in Charge,” before introducing Mike as the company’s CEO.
The sharks laughed obediently as Tom continued, demonstrating that his dual expertise as CRIC was well-received. The first was style, as he pointed out his own laid-back outfit; the second was beer, and he cut to the chase by declaring, “Cold Beer Sucks!” to which Mark Cuban nodded in full agreement.
The two described their prior attempts to address this critical issue, and then they unveiled their final creation: the Beer Blizzard. Tom elaborated that it was a reusable ice cube, but what was really significant was that it fit snugly into the domed opening found at the base of every fizzy drink. The two yelled in unison, “America, You’re Welcome,” and the Sharks erupted into a brief round of hilarity at the realization that the United States would never have to suffer the indignities of a warm beer again.
Then, the sharks were given samples of ice-cold beers; Lori didn’t drink hers with the same excitement as the others, but she did inquire whether or not the Beer Blizzard coolers were successful at keeping a beverage cold.
Tom stated that lab tests showed that utilizing the product in conjunction with an insulator could keep a drink cool for up to 21 minutes; in the same conditions, the drink would have become warm after only six minutes without the help of Beer Blizzard.
When Kevin O’Leary asked about patents, Mike said that Beer Blizzard has both design and utility patent applications in the works. They did acknowledge that the product did, in fact, include a gel that would freeze for longer than water, but was reticent to reveal any further information.
Lori made the point that the product’s target audience may be beer drinkers, but it could be used with any soft drink. She inquired as to whether or not the two had ever thought of expanding their market to include other drinks besides just coffee and tea.
Mike said that he and Tom had considered that approach, but ultimately decided to target drinkers with the Beer Blizzard because they care more about the temperature of their beverages than anyone else.
There had been a lot of joking during the show, which was not only refreshing to see but also an encouraging indication for the Beer Blizzards. They were always eager to provide any information the sharks needed, and their pleasant demeanor seemed to be rubbing off on the sharks, making them much more receptive to the pitch than they usually are.
Tom informed the Sharks about the tremendous success of the Kickstarter campaign after it came up in conversation. After Robert Herjavec inquired as to the company’s sales performance over the past year, Tom proudly reported a total of $166,000 in gross sales.
Beer Blizzard’s box boasted, “As seen on TV,” which puzzled Robert Herjavec, so he inquired as to the product’s origins on the show. To the delight of the Sharks, Tom then revealed that he and Mike had been imbibing when they came up with the idea, explaining that they were nervous about their approaching appearance on Shark Tank.
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Daymond John was curious about the purpose of the $100,000 contribution. Mike explained that he and his partner required the assistance of a “shark” to secure appointments with major retailers so that they could expand their product line, manufactured in larger batches, and raise their profit margins.
According to Robert Herjavec, Beer Blizzard was only a product, albeit a wonderful one, and not enough to build a company around. He hoped well for Tom and Mike, but he wasn’t interested in funding their venture. Daymond John and Robert both left because they realized there was too much work to be done to grow the business any further.
On the other hand, Mark Cuban had much better news for the couple. He confessed that the concept appealed to him and that, while it would not generate millions of dollars, it could nevertheless be quite successful. An investment of $100,000 in exchange for 25% ownership was his offer.
Tom began to accept the deal, when Lori interrupted him with, “Wait, there’s more.” She, too, was keen on being a Beer Blizzard partner, and her offer of $100,000 in exchange for 20% of the firm was identical to the tanks.
Tom and Mike surprised the sharks by asking for time to talk things over. Daymond noted that the entrepreneurs didn’t need to give Lori’s offer a second thought because it was clearly the superior of the two. At last, Tom let Lori know that he and his business partner were “flattered” by her offer, but that Mike had a “severe man-crush” on Mark because they were both from Pittsburgh.
Lori said, “How can I compete with a man-crush?” as Mark stood up to shake hands on the deal. Tom and Mike announced their departure from the tank to the sounds of raucous laughter, saying that they were going to do more “Research & Development,” and Mark Cuban looked at Lori with a hint of victory in his eyes.
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