Have you heard about Wine Balloon? It is a device that you are able to use to preserve the wine of an opened bottle by using a balloon. So, it can protect wine from oxidation for 3 to 4 days. Eric Corti is someone who have an idea of this wine balloon. He sells it and even he joined Shark Tank to introduce this item. Now, how is the net worth of Wine Balloon?
The Net Worth of Wine Balloon in 2020
When we tried to search about the net worth of Wine Balloon in 2020, we did not get the information about it. Instead, we found the information that Eric Corti, someone who has this idea, entered the Shark Tank to seek $40k in exchange for a 30% stake in his business.
According to Gazette Review, this product has been the only one which has come to life and he has invested almost $65 for it. Long time ago, they started to sell on a small scale and have sold 700 units at $22 dollars retail price. Totally, it costs $6.50 dollars to make. However, O’Leary points out that he was able to produce massively for $2.00 each.
Below, we have some information about the journey of Wine Balloon before and after entered Shark Tank.
The Journey of Wine Balloon
Eric Corti and his wife like to sit while enjoying a glass of wine. They are people who cannot finish a whole bottle in one sitting. So, it is hard to keep a bottle after it has been opened. They were tired to waste the rest of wine in the bottle so that they thought to find an idea.
Then, Corti had an idea to be able to save the freshness of a bottle of wine after it has been opened. He tries to test his idea by taking a blood pressure cuff and then took it apart. He attached a balloon to it and then inserted the new device inside the bottle of wine. Filling the balloon with air can remove all access oxygen from the bottle. Then, his wife confirmed that the wine kept fresh long enough. So, they made the decision to invest into Eric’s idea so that they were able to launch a new business.
They could make a few sales on their own. However, they eventually made a decision to get help by taking their product to the Shark Tank, a business reality tv series in America. There, they hoped that they can make a deal with one of the Sharks so that they could get the financial backing and marketing connections.
In the Shark Tank, he looked for $40k in exchange for a 30% stake in his business. Eric demonstrated how the product works. He did it by inserting the balloon into an opened bottle of wine. Then, he pumped air into it by squeezing he cluster of grapes at the other end of the product. The balloon should be filled until it touches the inside walls of the glass bottle. It is airtight, even he can tilt the wine bottle upside down.
When he did it, he said that only small little air bubble remains in contact with the wine. So, whenever the wine drinker wants to use the bottle again, they just need to twist the little valve on the other end of the Wine Balloon to be able to release the pressure. The Wine Balloon is made from medical grade latex which has been tested and proved to not change the taste of the wine. It can preserve the wine for about 3 to 4 days after the bottle has been opened.
Eric has invested almost $65 into this product. Eric with his wife started to sell on a small scale and since then, they have sold 700 units at $22 dollars retail price. Totally, the cost of creating this product is $6.50 dollars. O’Leary said that Eric could produce this item massively for $2.00 each. Then, he decided that he offered Corti the $40k. However, he would do it if Eric agreed to take this product and sell it to the #1 wine preserver company. So, they can collect a royalty on it. Then, Greiner has a counter offer. She wanted to purchase it for $500k.
Mark Cuban then chimed in and went in with Greiner and they propose a deal of $600k for 100% of his company. Cuban tried to pressure him to make a decision by telling him that needed to say yes now to get the deal. However, the thing that Eric Corti said was that he wanted a 3% royalty on their sales on top of the $600k. Cuban and Greiner denied the request of Eric Corti, but O’Leary applauded Corti for this by stating that Corti was protecting his future.
Then, Corti pushed Cuban to back of the offer and Greiner decided to go back to her original offer. At the end, Eric sold his entire company to Cuban and Greiner for $400k.
Wine Balloon After Entering Shark Tank
After Eric and the Sharks were off the screen, the things did not go as planned. Eric did not sign a contract and get a check for $400k from Lori and Mark. Instead, he walked away and decided to pursue marketing his product by himself. His hard work made him and his wine balloon appear on another reality tv show. There he gained a partnership with two other people who work in the food industry.
After the partnership was made, the Wine Balloon was renamed to The Air Cork. It also goes through some re-packaging which made it more presentable on retail shelves.
Since this product appeared on those shows, now the Air Cork has received a lot of attention. Even it has been very successful. A lot of wineries and vineyards buy the product in bulk, but the preserver is also sold in retail locations and also online. Since the launch of the company, they have created a variety of new designs and began a blog about their experiences.