Traditional wine conservation methods, including cork and vacuum pumps, often cease to function in oxidation processes. Sometimes, it leads to the ruining of wine, due to which oenophiles strive to waste wine. The wastage usually results in spoilage of wine, abrupt flavors, and restricted flexibility. The dissatisfaction of customers’ experiences did not enjoy their favorite wines.
Eric Corti pitched the Wine Balloon in season 3, episode 4 on Shark Tank. He explained the wine balloon in a way that the air cork staves off wine from oxidation by filling the air space in the bottle. Similarly, Eric sought $40k in return for a 30% stake. Will he become successful in making a deal with the Sharks? Let’s find the recent update of the wine balloon with Sharks.
Wine Balloon Net Worth 2024 Shark Tank Update
Eric Corti was looking for an investment of $40k in exchange for 30% equity in the company. At the time of the episode, he valued his company at approximately $133k. Eric successfully secured a deal with Mark Cuban for an investment of $400k, which later fell through, and he decided to continue on his own. After rebranding the product to Air Cork and gaining significant traction, the company’s annual revenue was boosted to $7 million by March 2023. As per my rough estimate, the current net worth of Air Cork in 2024 is around $10 million, considering the steady growth and popularity of the product.
Shark(s) name
Demand or Offer
Counteroffer
Accepted?
Kevin O’Leary
Out
N/A
No
Lori Greiner
Out
N/A
No
Mark Cuban
In
N./A
Yes
Robert Herjavec
Out
N/A
No
Daymond John
Out
N/A
No
Founders Backstory And Their Initial Pitch
In 2012, Eric manifested on a television show to promote the wine balloon. His motivation was subjective as he was persuaded by his acquaintance with the souring effect of wine bottles. The appliance is different from the other wine conservation devices. Traditional wine tools depend on pushing the air from the air. But a wine balloon operates by pressing a balloon into the wine bottle and pumping it once it fills the space medium.
Furthermore, the tool stops oxygen from manufacturing exposure to wine. It also has a prolonged durability. Eric appeared on Shark Tank and asked for $40k for 30% equity. He presented the billion-dollar idea in front of sharks. The air cork helps prevent oxidation. It allows wine enthusiasts to enjoy the wine by extending its life span.
Corti stated that he, along with his wife, often enjoys a glass of wine altogether. The wastage of costly wine leaves it to oxidize in the bottle is a thwarting case for the oenophiles. However, Eric came up with the solution by deconstructing a blood pressure smack and utilizing the tube and pump. The tubing and pumping find a cohesive way to cork wine, respectively. The balloon fills up the air space in the bottle, preventing the wine from oxidation and ruining.
Queries and Shark’s Responses, And Final Deal
Eric Corti demonstrated the wine balloon on the shark tank. He featured his product by showcasing the prevention of oxidation by removing the air space from the wine bottle. After a brief introduction, he expected an amount of $40k for a 30% stake. Following his pitch, Kevin offered him $40k and asked to patent the product to a wine balloon company.
If he did so, Kevin would make a deal with Eric but before accepting a deal, Lori jumped in. She was fascinated by the patenting of the product and offered an amount of $50k. Mark Cuban also shows an interest and advises Eric to make a deal with Lori. Mark offered an amount of $600k to Lori. Similarly, Mark coerces Eric to decide whether he accepts the deal.
Eric counteroffers and asks for a 3% royalty, but Mark denies his offer about the royalty. Meanwhile, Eric seeks a 2% royalty, so Mark doesn’t accept his offer. He was out. Lori depreciates her offer and asks for $500k. She wanted to team up with Robert, but he refused and was out. Mark rushes back and devalues his offer to $400k with no royalty. While Daymond wasn’t interested in the product thus, he was out. Eric was coerced by the Sharks hence, he marked the deal with Mark. Eric accepts an amount of $400k.
What Happened With Wine Balloon After Shark Tank
Eric seeks $400k with the Sharks but later on, thought to get rid of the deal. Then, he started on his own. The “Invention Hunters” is a food tracery, devoted to making new food products, manifesting on the show. It gives an uplift to the wine balloon to network thoroughly.
Eric was associated with the star-studded personas of the show named Steve Greenberg and Patrick Raymond. Then, he interchanged the name of the product to Air Cork. It gave humongous success to the wine balloon. In 2020, Eric updated a Facebook post and stated, “Met great folks and had the fortune to work with great designers who improved and impacted our product with suggestions that remain to this day.”
The Air Cork is breaking the peeks of success. By March 2023, the company’s annual revenue was boosted to $7 million.
Product Availability
The products are available on the official websites of the company and Amazon. The reviewers gave four by five stars which means that the customers are satisfied.
Air Cork pledges to provide the best services to its customers. The Drink Hacker enabled the review to air cork by expressing the effectiveness of the product in 2012. They declared that the appliance was trustworthy by detaching oxygen from the bottle and protecting the vinegar for some time.
In 2018, Food Fanatic also printed a positive review about using air cork. The product can be availed at $28.50 from the official website of the company. Moreover, the product is accessible in different distinct colors, such as burgundy, white, and charcoal.
Conclusion
Eric Corti appeared on the shark tank and sought for $40 in return for a 30% stake. He presented his company and product in front of Sharks. The air cork stops oxygen from getting into the bottle directly. Furthermore, it also prevents oxidation by removing air space from the medium. The oenophiles and restaurant bulks can enjoy the long-lasting effect of the air cork.
Eric wanted to invest money with the Sharks, and he did so by making a deal with Mark Cuban. Mark offered him $400k, and Eric accepted his deal.
Hi! I’m Maleeha Alam, a content writer, English poet, and MPhil Linguistics Scholar. I love watching Shark Tank episodes because it helps me extract business-related ideas. The thrilling series of the Shark Tank fosters competent market analysis, presentation skills, and pitching.
