The Wine Balloon preserves wine even after the bottle is opened because it sucks all the air out of the bottle. Eric Corti has his product patent pending and has invested $65,000 while selling 700 units at $22 each.
His invention helps people who love red wine keep the air out of the bottle, allowing it to stay fresh longer. The Balloon is lowered into the bottle, and then you pump air into the balloon which seals the bottle. When you release the balloon you take it out allowing you to drink the remaining wine.
He patent began as provisional and is now a utility patent. The balloon is made of medical grade material that does not interfere with the taste of the wine. The balloon lasts three to four days, with an option to come back and reseal the wine in another three to four days.
Eric is in construction management, and also is an inventor coming up with ideas regularly. It costs him $6.50 to manufacture as of the episode.
Wine Balloon Episode Data
- Company: Wine Balloon –Website
- Entrepreneur: Eric Corti
- Ask: $40,000 for 30% equity
- Episode Season 3 Episode 304
- Companies in this episode:
- First Aired: 02/21/2013
- Deal: Mark Cuban and Lori Greiner buyout for $400,000
What do the Shark Tank Investors say about Wine Balloon?
- Mark Cuban – jumps in on Lori's offer, raising the cash to $600,000 for the company. Eric comes back wanting a royalty of 3% which causes Mark to go out. Mark decides to come back in after all the others are out, this time offering $400,000 with Lori. Eric takes the deal.
- Daymond John – doesn't see this as a product fitting into his portfolio and goes out.
- Kevin O'Leary – offers $40,000 for 30% stake on a royalty deal.
- Lori Griener – doesn't feel the product should be licensed, she sees this going direct to consumer and offers him $500,000 to buy him out.
- Robert Herjavec – goes out as well.
Wine Balloon after Shark Tank
Due Diligence gives everyone the opportunity to back out of the agreement made in Shark Tank, and that's what happened to this deal Eric Corti decided afterwards that he could not sell the company at $400,000 and I doubt he would sell for $600,000. Then, there is the other side, what could you do with $600,000?
The company rebranded as Air Cork, from Wine Balloon, something that is risky because you lose some of the notoriety you gain with the Shark Tank effect every time the episode reruns. Eric also raised the price from $22 to $28 and it appears they have quite a few sales.