The Yellow Ones were on track to qualify for the next round, but a 3-0 defeat to Tottenham ended their hopes, much to the disappointment of the striker.
Following a goalless first half in London, goals from academy talents Dane Scarlett, Oyindamola Ajayi, and Mikey Moore sealed the defeat for Oscar Hiljemark’s side.
Frick is now focused on moving past the setback and believes the lessons from the European competition will be important for the start of the Swedish top-flight season.
"It's very disappointing. We knew before (the Spurs game) that we had a big chance to get through, even if we lost, if some other results were on our side," he told Flashscore.com.
"But I think it was five teams that got past us winning or drawing at the right moment. We would have had a little more help from teams like Lazio and whoever it was, but it is what it is. We cannot be looking for excuses or get too much help from other teams, but it is what it is.
"This is one of the biggest moments for a lot of players in our team, so hopefully we can bring it to our league, the Allsvenskan and for the future to become better."
Despite earning points against Jose Mourinho's Fenerbahçe, PAOK, and Twente, Elfsborg failed to qualify for the next stage. Reflecting on the near miss, the veteran striker stated that the outcome would have been different if not for the mistakes against Spurs.
Frick added: "I think we just went a little bit too low. Spurs was coming with more attacks and more balls into the box.
"We were defending the whole game, but in the end, it was too tough for us to not consider. It was a good cross from our Swedish friend Dejan Kulusevski and a good goal.
"This is what happens in football, we tried not to concede, but in the end it happened. We knew one point would get us through to the next round, so we were defending a little bit.
"We played against a top team and after the game, we felt we should have attacked a little bit more and wanted to go for scoring ourselves, but this is one of the best teams we've played so far, so it's was not easy for us."
Elfsborg boasts a few African stars in their squad, and Frick has praised their impact on the club. "Really good. We have had Michael Baidoo who left us now for Plymouth. He has been very good for us so far, unfortunately, he is not with us today.
"Timothy Ouma is the same. These two are exceptional players. I believe Jalal Abdullai and Terry Yegbe are amazing, and they’re making great contributions. We have some really talented African players."
Elfsborg finished second in the 2023 Swedish top-flight season, narrowly losing the league title to Malmo despite having the same number of points.
This time, they will be aiming for a seventh title, which the former FBK Karlstad and Falkenbergs FF player believes will not be easy.
"We are also in pre-season, so it's a little bit tough for, but now the league will start in a few months and we will play the cup also," Frick continued.
"So, we have things to look forward to and we just need to restart now."
Hiljemark’s men started their pre-season campaign with a 2-1 win over Sandefjord on Friday. They will next face Osters IF on February 16 and Brage on February 23 in the Svenska Cupen.
