You may be familiar with Wine Balloon. This is a device which you can use to preserve the wine of an opened bottle by using a balloon. Thus, it will be able to protect wine from oxidation for about 3 up to 4 days. For your information, Eric Corti is someone who has an amazing idea of this wine balloon. Eric Corti sells it, and he joined Shark Tank to introduce this Wine Balloon. By the way, what is the net worth of the Wine Balloon in 2020 – 2021?
The Net Worth of Wine Balloon in 2020 – 2021
We are sure that you are very curious to know the net worth of the Wine Balloon in 2020 – 2021. Unfortunately, when we searched for information about the net worth of the Wine Balloon in 2020 – 2021, we did not get information about that. Instead, we discovered information that Eric Corti entered the Shark Tank to seek $40 thousand in exchange for a 30% stake in his business.
According to Gazette, Wine Balloon has been the only one which has come to life, and he has invested nearly $65 for it. Long time ago, they began to sell on a small scale and have sold 700 units at $22 dollars retail price. It costs $6.50 dollars to make. But, O’Leary showed that he was able to produce massively for $2.00 each.
The Journey of Wine Balloon
Apparently, Eric Corti and his beloved wife like to sit while enjoying a glass of wine. They are people who will not be able to finish a whole bottle in one sitting. Therefore, it is hard to keep a bottle after it has been opened. Finally, they were too tired to waste the rest of the wine in the bottle so they thought of discovering a good idea. Later, Eric Corti had an amazing idea to be able to save the freshness of a bottle of wine after it has been opened. Eric Corti tries to test his idea by taking a blood pressure cuff, and then takes it apart. Eric Corti attached a balloon to it and then inserted the new device inside the bottle of wine. Filling the balloon with air will be able to remove all excess oxygen from the bottle. Afterwards, his wife confirmed that the wine kept fresh long enough. Thus, Eric Corti and his wife created a decision to launch a new business.
Formerly, Eric Corti could make a few sales on their own. However, they eventually made a decision to get help by taking their product Wine Balloon to the Shark Tank (A business reality TV Series in America). They really hoped that they were able to make a deal with one of the Sharks in order to get the financial backing and marketing connections.
In Shark Tank, Eric Corti looked for $40k in exchange for a 30 percent stake in his business. Eric Corti demonstrated how the product will work. Eric Corti did it by inserting the balloon into an opened bottle of wine. After that, he pumped air into it by squeezing the cluster of grapes at the other end of the product. The balloon must be filled until it touches the inside walls of the glass bottle. It is airtight, even he could tilt the wine bottle upside down.
When he did it, he said that only a little air bubble remained in contact with the wine. Therefore, whenever the wine you want to use the bottle again, you only need to twist the little valve on the other end of the Wine Balloon to release the pressure. The Wine Balloon is created from medical grade latex. It has been proven to not change the taste of the wine. It will be able to preserve the wine for about 3 up to 4 days after the bottle has been opened.
According to research, Eric Corti has invested nearly $65 into this product. He and his wife began to sell on a small scale, and they have sold 700 units at $22 dollars retail price. The total cost of making this product is about $6.50 dollars. O’Leary said that Eric Corti could produce this item massively for $2.00 each. Then, he decided to offer Eric Corti the $40k. But, he did it if Eric Corti agreed to take this product and sell it to the number 1 wine preservation company. So, they would be able to collect a royalty on it. Later, Greiner has a counter offer. She wanted to buy it for $500k.
Mark Cuban chimed in and went in with Greiner. They propose a deal of $600k for 100 percent of his company. But, Eric Corti said that he wanted a 3 percent royalty on their sales on top of the $600k. Eventually, Mark Cuban and Greiner denied the request of Eric Corti. O’Leary applauded Eric Corti for this case by stating that Eric Corti was protecting his future. Then, Eric Corti pushed Mark Cuban to back off the offer, while Greiner decided to go back to her original offer. In the end, Eric Corti sold his entire company to Mark Cuban and Greiner for $400k.
Wine Balloon after joining Shark Tank
After Eric Corti and the Sharks were off the screen, things didn’t go as planned. Eric Corti did not sign a contract and got a check for $400k from Mark and Lori. Instead, Eric Corti walked away and decided to reach marketing his product by himself. His hard work made him and his wine balloon appear on another reality tv show. There he obtained a partnership with two other people who work in the food industry.
Once the partnership was made, Wine Balloon was renamed to The Air Cork. Also, it goes through several re-packaging that made it more presentable on retail shelves. Since Wine Balloon appeared on those shows, today the Air Cork has received much attention. Even it has been really successful. Aside from that, many wineries and vineyards purchase this product in huge amounts. Also, the preserver is sold in retail locations. Since the launch of the company, they have already made many new designs, and began a blog regarding their experiences.
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