Ice cream heir David Smith establishes The Frozen Happiness Initiative

The initiative will help support charitable organizations, guide innovative frozen dessert startups.

David Smith — founder of Smith Global Ventures, New York; former chief operating officer of ice cream company CoolBrands International; and part of the family that once owned New York ice cream brands such as Dolly Madison Ice Cream and Sedutto — announced the establishment of The Frozen Happiness Initiative. The initiative aims to help support charitable organizations and guide innovative frozen dessert startups.

Smith said his father, Richard Smith, created the super-premium ice cream brand Frusen Glädjé in the 1980s. The brand name means "frozen happiness" in Swedish. Although Frusen Glädjé Ice Cream hasn't been on the market for decades, the iconic brand is remembered by many and is still referenced today in popular TV shows, most recently in Seth MacFarlane's sci-fi spoof "The Orville."

"What better way to honor my father, Richard, than to name this new initiative after the famous ice cream brand that he created," Smith said. “The purpose of The Frozen Happiness Initiative is twofold: to help support important charitable organizations which are making a difference in the lives of adults, children, animals and the environment, and to identify innovative new startups focused on the ice cream and frozen dessert sector.”

The initiative will provide access to early-stage capital, he said, helping to bring innovative products to market at the appropriate time.

"The global ice cream industry is valued at approximately $55 billion in revenues; however, frozen dessert innovation has been stagnant for decades, and consumers have grown tired of the same products, flavors and form factors such as pints, half gallons and novelties,” Smith stated. “I'm hoping, through The Frozen Happiness Initiative, we will be able to support important charitable organizations and see more excitement and innovation in the frozen dessert segment."