What Happened to Wine Balloon After Shark Tank?
What is a Wine Balloon?
Wine Balloon is a reusable, one-time use cork substitute manufactured of food-grade natural latex. The idea has gone down a storm with wine enthusiasts who wish to keep their pricey bottles for a longer period of time.
The wine will keep for days after the first opening, allowing open bottles to be preserved until the next day.
The device is powered by a hand pump shaped like a grape bunch and connected to a tube that finishes in an inflated balloon.
Eric Corti has been a commercial building sector pioneer for almost 30 years. He currently serves as the Chief Operating Officer at Structure First in Cincinnati, Ohio.
Structure initially serves as a link between customer management and financial facility construction. Eric earned a BS in Building Construction Management from Purdue University.
Who is the man behind Wine Balloon?
Eric Corti is the inventor of Wine Balloon, and he has been a pioneer in the commercial building sector for over 30 years. He is currently the Chief Operating Officer of Structure First in Cincinnati, Ohio.
Eric and his wife Lisa loved a good bottle of wine, which meant they rarely drank it all at once. However, because to the lack of an adequate means of preserving the wine, the Corti observed that leftovers did not keep well.
Eric had an epiphany one day and brought the world to a standstill by removing the end of a blood pressure cuff and attaching a balloon to it.
After doing a device test with Lisa sipping the preserved wine, they realized that his concept worked. As a result of this new business venture, the Wine Balloon was created.
After numerous failed attempts to find investors and promote the product on his own, Eric created a partnership with other people in the food industry in 2018.
Eric Corti came up with a solution. He took off a blood pressure cuff and utilized the tubing and pump to create a new, simple way of “corking” wine.
The balloon suffocates the air gap in the bottle, preventing the wine from deteriorating due to air exposure. The Wine Balloon was dubbed the Air Cork. Since then, the Air Cork has been a big hit in retail, internet sales, and vineyards.
What Happened to the Wine Balloon During the Shark Tank Pitch?
Eric chose to pitch his idea to Shark Tank investors in order to persuade them to try his technology.
Eric entered the Shark Tank seeking a $40,000 investment in return for a 30% stake in the Wine Balloon Company, which is worth $133,333.
He gives a brief demonstration of his invention, showing how the balloon fills the bottle, eliminating air space and lowering wine oxidation.
The Sharks are perplexed. Lori Greiner wants to know if the product is patent-protected. Eric claims to be the owner of a pending patent. He has laboratory proof to back up his claim that the bladder has no effect on the wine.
Kevin O’Leary wants to know whether he has put the Wine Balloon through its paces to determine how long it can keep wine fresh.
Eric adds that the Wine Balloon will remain inflated for 3-4 days and may need to be refilled on a frequent basis to keep the wine fresh. By merely putting up a website, he was able to sell over 700 pieces with no advertising or marketing.
While Eric’s sales have been disappointing thus far, the Sharks are satisfied with the product’s usefulness and appeal to wine connoisseurs.
Kevin O’Leary was the first to submit an offer. He offers Eric $40,000 in return for Eric enabling him to license the product to a well-known wine preservation company that has sold hundreds of thousands of subpar units.
Lori Greiner counters Eric’s acceptance with another offer. She was not interested in licensing the product, but she was willing to pay $500,000 for Eric.
Mark Cuban steps in, pleading with Eric to accept Lori Greiner’s offer. Lori Greiner’s deal was increased to a $600,000 buyout when he joins her. Mark Cuban puts Eric under pressure to make a decision straight now.
Eric responds by requesting a 3% royalty as part of the deal. Mark Cuban was refusing to include a royalty fee in the deal. Mark Cuban walks out when Eric wants a 2% royalty.
Lori Greiner lowers her offer to $500,000 and encourages Robert Herjavec to join her, but he rejects and exits. Mark Cuban reappears, but his offer was reduced to no royalty and $400,000 instead.
Daymond John has also quit. Under Shark pressure, Eric accepts the $400,000 and walks away from the Tank with a deal by selling the entire company.
What Happened to Wine Balloon Following the Shark Tank?
Deals made under pressure almost always end in regret. When it came time to sign the final documents, Eric backed out of the $400,000 deal. Instead, he chose to retain control of his company and see how far he could get without a Shark investment.
He appeared to have made the proper choice. He called the Wine Balloon the “Air Cork.” Eric appeared on the Food Network’s Kitchen Inventors, a Shark Tank-style show that promotes kitchen/food products.
This time, he reached a deal, which resulted in the name change to Air Cork and broad distribution. He is on his way to monopolizing the market since his sales have been constant and extraordinary. The company is still in business as of November 2021, with annual revenue of $7 million.
Wine Balloon’s Net Worth
During the pitch, the firm was valued at $133,333, following which the two Sharks purchased it for $400,000.
Since then, the firm has produced a lot of sales, with annual revenue of $7 million in 2021.
Wine Balloon FAQs
Can wine balloons be re-used?
In order to reduce wastage of the balloon and for better preservation, one may use a new balloon.
Can I store my wine for an extended period of time using Wine Balloon?
Yes, Wine Balloon is designed to keep the wine fresh and safe for various storage periods. The Wine Balloon keeps the wine tasting fresh even after several days of frequent use.
How many balloons can I use on a wine bottle?
A standard-sized balloon could be used on almost any type of wine bottle. The Wine Balloon should never be overfilled and should not be left in the bottle for longer than 5 days. It is recommended that the Wine Balloon be filled up to only two-thirds of its capacity.
Can I use the Wine Balloon with other wines?
The Wine Balloon keeps most types of wines fresh, so it can basically preserve nearly all types of wines found worldwide.
How safe are Wine Balloon and Wine in the wine balloon?
Wine as long as it is not excessively fermented, supplemented with preservative, or filtered. Aging of wines is caused by oxidation, which could be prevented by the presence of Wine Balloon.
Can I use Wine Balloon to preserve soft drinks?
Yes, one can use Wine Balloon to preserve soft drinks as well, just like other materials used in preserving soft drinks water-sealed.
Can Wine Balloon be used on sparkling wines with low alcohol content?
Wine Balloon preserves all types of wine, sparkling wines with low alcohol content. Its mechanism of action remains the same for all types of wines.
How can I use Wine Balloon to preserve other liquids?
Wine balloons could also be used to preserve other liquids such as water, whiskey and wine or other spirits in the same way they are being preserved. It is important to note that air needs to be eliminated from the bottle to preserve certain liquids.
Can Wine Balloon be left in the car for long periods of time?
Wine balloons can be left in a vehicle for long periods but only if the vehicle is cool and empty. Therefore, it should not be stored in a refrigerator or any other place where air can easily enter in the bottle.
Once they decide to ship the wine, it should be packed into an insulated container that won’t heat up quickly. This includes the shipping box, insulated bottles and specialized straps.
Can Wine Balloon be used as a stopper to keep air out of a bottle?
Wine balloons can be used as a stopper to prevent air from entering the bottle. One can simply place the balloon into the bottle and let go.
However, for wine preservation, it is recommended that the balloon be filled with liquid or gas, leaving very little space for air to enter.
Does Wine Balloon need to be refrigerated?
The Wine Balloon is designed to keep the wine fresh; however, it does not require refrigeration. Wine will still be between 55 and 65 degrees Fahrenheit while in a Wine Balloon.
How do I store wines without Wine Balloon?
In order to prevent oxidation and aging of a wine, one needs to seal the bottle with a stopper that was made from purified cork or glass.