Wine Balloon Shark Tank Update| Wine Balloon after Shark Tank
What is Wine Balloon?
Wine Balloon is a reusable, single use alternative to cork, made of food quality natural latex. The concept has been an instant hit with wine lovers who want to save their expensive wines longer.
The wine will remain fresh for days after an initial opening, allowing open bottles to be saved until the next day.
The gadget is activated by a hand pump fashioned like a grape bunch that is linked to a tube that ends in an inflating balloon.
For almost 30 years, Eric Corti has been a pioneer in the commercial building industry. He is presently the Chief Operating Officer of Structure First in Cincinnati, Ohio.
Structure first acts as a connection between the customer management and the construction of financial facilities. Eric graduated from Purdue University with a BS in Building Construction Management.
Who is the founder of Wine Balloon?
Eric Corti is the founder of Wine Balloon he has been a commercial construction industry leader for over 30 years. He is presently the COO of Structure First in Cincinnati, Ohio.
Eric and his wife Lisa savored a fine bottle of wine, which meant they seldom finished it in one sitting. However, without an effective method of sealing the wine, the Corti discovered that leftovers did not store well.
Eric had an insight one day and created a temporary halt by severing the end of a blood pressure cuff and connecting a balloon to it.
They noticed that his innovation worked after doing a gadget test with Lisa sampling the preserved wine. The Wine Balloon was developed as a result of this new business endeavor.
After many unsuccessful attempts to get investors and distribute the product alone, Eric formed cooperation with other persons in the food sector in 2018.
Eric Corti proposed a solution. He removed a blood pressure cuff and used the tubing and pump to invent a new, easy method of “corking” wine.
The balloon suffocates the bottle’s air gap, keeping the wine from spoiling due to exposure to air. They renamed the Wine Balloon the Air Cork.
Since then, the Air Cork has grown to be a huge success in retail and online sales, as well as with vineyards.
What Happened to Wine Balloon at Shark Tank pitch?
Eric decided to propose his concept to Shark Tank investors in order to encourage them to try his invention.
Eric enters the Tank looking for a $40,000 investment in exchange for 30% ownership of the Wine Balloon Company, which is valued at $133,333.
He offers a quick demonstration of his innovation, demonstrating how the balloon fills the bottle, eliminating air space and reducing wine oxidation.
The Sharks are curious. Lori Greiner wants to know if the product is protected by a patent. Eric claims to have a pending patent. He has laboratory evidence to support his argument that the bladder has no influence on the wine.
Kevin O’Leary wants to know whether he has tested the Wine Balloon to see how long it can keep wine fresh. Eric adds that the Wine Balloon will stay inflated for 3-4 days and may be re-filled on a regular basis to keep the wine fresh.
He was able to sell over 700 units with no advertising or promotion, simply by putting up a website.
While Eric’s sales aren’t great so far, the Sharks are impressed with the product’s functionality and appeal to wine enthusiasts.
Kevin O’Leary is the first to make an offer. He offers $40,000 in exchange for Eric allowing him to license the product to an established wine preservation firm that has sold hundreds of thousands of substandard units.
Lori Greiner makes another offer before Eric accepts. She is not interested in licensing the product, but she would want to purchase Eric for $500,000. Mark Cuban intervenes, urging Eric to accept Lori Greiner’s offer.
He joins Lori Greiner, increasing her contract to a $600,000 buyout. Mark Cuban puts pressure on Eric to make a choice right now.
Eric counters, asking a 3% royalty as part of the arrangement. Mark Cuban refuses to include a royalty fee in the deal. Mark Cuban walks out as Eric demands for a 2% royalty.
Lori Greiner reduces her offer to $500,000 and invites Robert Herjavec to come aboard, but he declines and exits. Mark Cuban returns, but lowers his offer to no royalty and $400,000.
Daymond John has also stepped down. Under Shark pressure, Eric takes the $400,000 and departs the Tank with a deal by selling the entire firm.
What Happened to Wine Balloon after Shark Tank?
Deals struck under duress nearly invariably result in regret. Eric pulled out of the contract for $400,000 when it came time to sign the final papers.
Instead, he opted to keep control of his firm and test how far he could go without a Shark investment.
He seemed to have made the correct decision. The Wine Balloon was renamed the “Air Cork” by him. Eric has participated on the Food Network’s Kitchen Inventors, a Shark Tank show promoting kitchen/food goods.
He struck an agreement this time, which resulted in the name change to Air Cork and widespread distribution.
Sales have been consistent and spectacular, and he is on his way to monopolizing the market. The firm is still in operation as of November 2021, with annual revenue of $7 million.
Net Worth of Wine Balloon
The company was valued at $133,333 during the pitch, after the two Sharks acquired the company valued at $400,000. Since then the company had made a lot of sales with annual revenue of $7 million in 2021, this shows that the net worth of the company have elevate.
Wine Balloon FAQs
What is Wine Balloon?
Wine Balloon is a reusable, single use alternative to cork, made of food quality natural latex. The concept has been an instant hit with wine lovers who want to save their expensive wines longer.
The wine will remain fresh for days after an initial opening, allowing open bottles to be saved until the next day.
Who is the founder?
The founder of Wine Balloon is Eric Corti. Eric is an individual who has an idea to create product that prevent wine from oxidation, taking advantage of the pump and tubing in a blood pressure cuff.
How much was asking on Shark Tank?
Eric was asking for $40,000 for a 30% stake in his firm, valued at $133,333.
Did he get the deal?
Yes, he managed to secure a deal with Lori Greiner and Mark Cuban for $400,000.
Is Wine Balloon still in business?
Yes, Lori Greiner and Mark Cuban are running the company.
How does it work?
Wine Balloon consist of a length of latex tubing and a pump with mouthpiece attached, which are used to insert into the wine bottle.
The latex inflates into the top opening and seals it off, preventing further oxidation by eliminating air space around the wine. This prevents oxygen from interacting with the wine.
Is Wine Balloon Benefits?
The benefits of this product are few but most important. You will never again have to throw away half a bottle of wine just because it wasn’t finished the first time.
Does the wine balloon work?
The balloon floats on top of the wine, and when it makes contact with the side of the bottle, the wine is totally sealed from the air, preventing further oxidation. The Air Cork is clearly operating, and the bottle is entirely sealed.
How do I buy Wine Balloon?
One can buy Wine Balloon from their official website. The product is available in stores.
How much is Wine Balloon?
The product cost $29.95 per unit on the firm’s official site.
How do I pay for Wine Balloon?
One can pay through paypal and credit card
What is the net worth of Eric Corti?
The net worth of Eric Corti estimated at $14 Million.
