After the Shark Tank episode aired, Wine Balloon experienced a surge in sales, and the company quickly ramped up production to meet demand. However, with increased sales came increased scrutiny, and Wine Balloon faced criticism from some wine experts who claimed that the product did not preserve wine effectively and could even lead to spoilage. Despite this criticism, Wine Balloon continued to grow and expand its product line.
The company has expanded its distribution and now sells its products on its website, as well as in retail stores and online marketplaces such as Amazon. Wine Balloon has also been featured in several media outlets, including Forbes and the Huffington Post.
In this article, we will take a closer look at what happened to Wine Balloon after Shark Tank. We will examine the company’s growth, the challenges it has faced, and the strategies it has used to overcome those challenges. We will also explore the controversy surrounding the effectiveness of the Wine Balloon product and examine the scientific evidence for and against its use. Overall, we will provide an in-depth analysis of the Wine Balloon story and what it can teach us about entrepreneurship, marketing, and innovation in the modern business world.
What Is Wine Balloon?
He attached a balloon to the blood pressure tubing and inserted the device inside the wine bottle. By filling the balloon with air, Corti was able to remove excess oxygen from the bottle, providing an airtight seal that preserved the wine.
He and his wife tested the device on a few bottles of wine and confirmed that the new “wine balloon cork” effectively kept the wine fresh for an extended period, allowing them to finish the bottle. As a result, they began their new business venture.
To use The Wine Balloon, one must lower the deflated balloon into the wine bottle until it reaches the wine. Then, by squeezing the pump, the balloon inflates until it makes contact with the inside of the wine bottle, creating an airtight seal with about an inch and a half of contact between the balloon and the bottle. After months of testing his prototype, which received positive feedback from testers, Corti continued to research and improve every aspect of his invention (via Air Cork) [2].
To expand his business further, Corti sought the assistance of investors by appearing on the popular show Shark Tank.
About the Founders Of Wine Balloon
Eric Corti was frustrated with having to throw away half-drunk bottles of wine due to the lack of proper methods for preserving open wine at the time. To address this problem, Corti used his ingenuity and combined a small balloon with the tube and pump of a blood pressure cuff, resulting in his own product called The Wine Balloon, according to Just Wine [3].
Corti and his wife enjoy a glass of wine now and then, but like many wine drinkers, they struggle to finish an entire bottle in one sitting. They grew frustrated with wasting expensive bottles of wine that lost their freshness once opened, prompting Eric to seek a solution to their problem.
After some contemplation, Corti devised a method to preserve the freshness of opened wine. He disassembled a blood pressure cuff, attached a balloon to it, and inserted the new device into the wine bottle. Inflating the balloon created an airtight seal, removing excess oxygen from the bottle. After his wife confirmed that the wine stayed fresh long enough for her to finish the bottle, the couple decided to invest in Eric’s idea and launch a new business venture.
Despite making a few sales independently, the Cortis recognized that they needed assistance to establish the Wine Balloon’s success. They brought their product to Shark Tank, hoping to strike a deal with one of the Sharks to secure financial backing and marketing connections for their business.
The Pitch Of Wine Balloon At Shark Tank
Eric Corti appeared on Shark Tank to seek $40k in exchange for a 30% stake in his business. During his pitch, Corti emphasized that people often avoid indulging in a glass of wine or two with dinner because they are unable to preserve the rest of the bottle once it’s been opened. The existing wine preservers on the market do not do their job properly, according to Corti, which is why he invented the Wine Balloon.
Corti demonstrated how the product works by inserting the balloon into an opened bottle of wine and pumping air into it until it touches the inside walls of the bottle, creating an airtight seal. He then tilted the wine bottle upside down, showing that only a small air bubble remained in contact with the wine. The Wine Balloon can preserve wine for about 3 to 4 days after being opened and is composed of medical-grade latex, which does not change the taste of the wine [4].
Lori Greiner made a counteroffer, proposing to buy out Corti for $500k. Corti has invested nearly $65k into the product and is patent-pending, with hopes of the patent being accepted soon.
Eric Corti appeared uncertain about the proposal made by Lori Greiner, but Mark Cuban joined forces with her, offering $600k for full ownership of the business. Cuban put pressure on Corti to accept the deal immediately, but he requested a 3% royalty in addition to the $600k. Kevin O’Leary praised his foresight but Cuban and Greiner refused his request, leading Cuban to withdraw his offer.
With Cuban out of the picture, Greiner reverted to her original offer, but then Cuban returned with a new proposal for $400k. Daymond John and Robert Herjavec decided not to invest, leaving Corti with two offers to consider. Under the pressure, Corti eventually caved and accepted the $400k offer from Cuban and Greiner in exchange for full ownership of his business.
Wine Balloon After The Shark Tank
After Eric backed out of the $400K royalty deal with Greiner and Cuban, he decided to market his product on his own, and it turned out to be a wise decision. The product gained attention on Food Network’s The Kitchen Inventors, where Patrick Raymond and Steve Greenberg traveled across the Midwest in search of innovative kitchen gadgets.
They loved the Wine Balloon so much that they offered Eric a partnership, and they renamed the product to “The Air Cork”. They also redesigned the packaging to make it more attractive on store shelves [5].
Since then, The Air Cork has been a huge success. It is used by vineyards and wineries across the country and is available in various retail stores. Interested retailers can apply to become a retailer on their official website.
The official website is not the only place to purchase the product; it is also available on Amazon. The Wine Balloon comes in three different colors: charcoal, white, and burgundy, and there is also a barrel-shaped version that works similarly.
Each item comes with a gift box and branded storage bag and costs $28.50 plus tax. If you buy more than two, shipping is free within the US, and three spare balloons are included with each purchase. For international customers, a flat-rate shipping fee is calculated during checkout.
On Amazon, the Wine Balloon has over 700 reviews and a 4-star rating. Most reviews indicate that the product is effective in preserving wine, although some customers have reported issues with deflation after a few hours. Overall, the response has been positive.
The Net Worth Of Wine Balloon
The success of The Air Cork has been remarkable, with the company generating $7 million in sales in 2022 a significant increase from its original valuation of $133,333 during its pitch on Shark Tank. Eric Corti, the creator of The Air Cork, currently has an estimated net worth of $14 million [6].
The Wine Balloon was valued at approximately $400,000 when it appeared on Shark Tank. Since then, the company has experienced significant growth, and in 2022, its sales surpassed $7 million.
Under the new name The Air Cork, the product is now available for purchase on Amazon. The Air Cork has been well-received in the market and has been purchased in bulk by many wineries and vineyards.
Alternatives To Wine Balloon
- Vacu Vin Wine Saver. This is a vacuum pump that removes air from the bottle, helping to preserve the wine’s flavor and aroma. It comes with reusable rubber stoppers that fit most wine bottles;
- Wine Saver Pro Pump. This is another device that allows you to pump the air out of your wine bottle in order to preserve it;
- Coravin Model Six. This is a high-end wine preservation system that uses a thin needle to extract wine from the bottle without removing the cork. This allows you to enjoy a glass of wine without opening the whole bottle, thus keeping the remaining wine fresh for a longer time;
- Private Preserve Wine Preservation System. This is a spray can that uses inert gas to displace oxygen in the bottle, thus preventing oxidation and preserving the wine’s quality. It is an affordable and easy-to-use option for occasional wine drinkers;
- Wine Condoms. This is a playful and affordable option for sealing open wine bottles. Wine Condoms are small, stretchy covers that fit over the top of the bottle and create an airtight seal. They are disposable and can be used multiple times;
- Repour Wine Saver. This is a small, one-time-use stopper that absorbs oxygen from the bottle, thus preventing oxidation and keeping the wine fresh for up to a week. It is a convenient and cost-effective option for occasional wine drinkers [7];
FAQ:
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How do I use the Wine Balloon?
To use the Wine Balloon, simply insert it into the top of an open bottle of wine and inflate it by blowing into the valve. As the balloon inflates, it will push the remaining air out of the bottle, creating an air-tight seal.
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How long can I keep my wine fresh with the Wine Balloon?
The Wine Balloon can keep your opened wine fresh for several days or even weeks, depending on the type of wine and how well it is stored.
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What are the benefits of using the Wine Balloon?
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Is the Wine Balloon safe to use?
Yes, the Wine Balloon is safe to use and made from food-grade materials. It is also reusable, so you can use it over and over again.
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How much is the balloon industry worth?
According to a report by ResearchAndMarkets.com, the global balloon market size was valued at USD 13.05 billion in 2020 and is expected to reach USD 16.75 billion by 2028, growing at a CAGR of 3.3% during the forecast period (2021-2028). This includes balloons used for various purposes such as decoration, advertising, and entertainment [8].
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Who is most paid in the wine business?
There are several roles in the wine business that can be highly compensated, including winemakers, vineyard managers, sales executives, and sommeliers. The specific individuals who are most highly paid in the wine business can vary depending on factors such as their level of experience, the size of the winery or company they work for, and their specific job responsibilities.
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How much is Lori from Shark Tank worth?
Lori Greiner is a successful entrepreneur and investor who is best known as a cast member on the television show Shark Tank. As of 2023, her net worth is estimated to be around $150 million [9].
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What celebrity owns wine?
There are many celebrities who own or are involved with wine companies, including:
- Drew Barrymore, who owns Barrymore Wines;
- Francis Ford Coppola, who owns Francis Ford Coppola Winery;
- Brad Pitt and Angelina Jolie, who previously owned the Miraval Estate winery in France;
- Dave Matthews, who owns Blenheim Vineyards;
- Yao Ming, who owns Yao Family Wines;
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Who is the largest wine producer in the world?
As of 2022, the largest wine producer in the world is E & J Gallo Winery, based in California, USA. The company produces over 75 million cases of wine annually and has a portfolio of over 100 wine brands [10].
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Why did winemakers stop using cork?
Winemakers have started to move away from cork closures due to the risk of cork taint, which can cause wine to develop unpleasant musty, or moldy flavors. This is caused by a compound called TCA (2,4,6-trichloroanisole), which can be present in natural cork. Other types of closures, such as screw caps and synthetic corks, have become more popular in recent years as a result.
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Who are the biggest wine reviewers?
There are several well-known wine reviewers who have a significant impact on the industry, including:
- Robert Parker, founder of The Wine Advocate;
- Jancis Robinson, author, and wine critic for The Financial Times;
- James Suckling, founder of JamesSuckling.com;
- Antonio Galloni, founder of Vinous;
- Wine Spectator, a popular wine publication that reviews and rates wines;
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References:
- https://www.mashed.com/1120987/heres-what-happened-to-the-wine-balloon-after-shark-tank
- https://justwineapp.com/article/wine-balloonair-cork-wine-update-what-happened-after-shark-tank
- https://bizzbucket.co/wine-balloon-shark-tank-update/
- https://gazettereview.com/wine-balloon-update-see-happened-shark-tank/
- https://www.sharktankblog.com/business/the-wine-balloon/
- https://www.sharktanksuccess.com/wine-balloon-air-cork-update/
- https://www.thedailymeal.com/1227132/where-is-wine-balloon-from-shark-tank-today/
- https://2paragraphs.com/2015/10/wine-balloon-on-shark-tank-gets-makeover-now-the-air-cork
- https://biznewske.com/wine-balloon-shark-tank-update/
- https://sharktanktales.com/wine-balloon-shark-tank-update/