How much is the wine balloon net worth? Read here for the latest updates. The Wine Balloon, more commonly known as The Air Cork is a fantastic product for preserving the quality of an opened bottle of wine. A flat balloon is placed inside the bottle and the air is pumped in by pressing a bunch of grapes. The balloon is inflated until it rests on the lip of the bottle leaving just a tiny air bubble inside.
When the wine connoisseur is ready to drink again, they need only turn the valve on the gadget to deflate the balloon and drink straight from the bottle. In contrast to its $22 retail price, its production cost is only $6.50. The medical-grade latex used to make this balloon ensures that the wine’s flavor is preserved for up to four days after the bottle has been opened.
What happened to Wine Baloon after Shark Tank?
In episode 304 of “Shark Tank” Wine Baloon creator Eric Corti presents his product to the panel of investors known as “The Sharks” in the hopes that they will buy into his idea and try his invention. Asking for $40,000 in exchange for 30% ownership in the air cork company. Lori Greiner preferred the idea of purchasing the entire business along with the pending patent for the wine balloon.
She makes Eric Corti an offer to buy out the company for $500,000, making him yet another “shark”. MarkCuban, like Lori Greiner, is aware of the potential of the wine cork and would like to invest in the business. For Eric’s wine cork business, he’ll put up an additional $100,000, bringing the total to $600,000. This is fifteen times as much as Eric was hoping for.
Almost as if he were ready to accept, Eric Corti still wants a 2% royalty on future profits from Lori and Marks. After the other Sharks have left the table, Mark Cuban reenters negotiations, but this time he offers only $400,000 (down $200,000 from before) and no royalties. Eric Corti reneged on the agreement and went his own way with the promotion of the Wine Balloon, also known as the Air Cork.
How much is Wine Balloon Net Worth?
Even after being opened, a bottle of wine can be preserved with the help of a Wine Balloon, now called The Air Cork. In 2022, the wine bottle company is estimated to have a net worth of around $7 million, according to the reports.
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How much is Wine Baloon’s Investment during The Shark Tank?
Eric Corti went on “Shark Tank” to raise $40,000 for a 30% equity stake in his company. After presenting his offer to the Sharks, he immediately began his sales presentation. He claims that many people have the desire to enjoy a glass of wine with dinner but refrain from doing so because they fear the remainder of the bottle will be wasted.
He and his wife both admit that they have wasted far more wine than they have actually drunk. He suggests that this is because wine preservationists in general are incompetent. His Wine Balloon is perfect for such an occasion. His method of wine preservation will keep opened bottles of wine drinkable for the duration of the bottle’s consumption.
When demonstrating the product, Eric places the balloon inside an already opened bottle of wine and pumps air into it by squeezing the cluster of grapes on the other end. Fill the balloon until it rests against the sides of the bottle. He can turn the wine bottle upside down without any leaks. This demonstrates that only a microscopic air bubble is still in contact with the wine.
Lori Greiner immediately asks if Eric has a patent on the product at hand. He has filed for a patent on it and is waiting for it to be approved. However, Robert Herjavec is interested in taking a closer look at the product in question. As Herjavec gives it a try, Kevin O’Leary wonders what kind of material the balloon is made of. Because it is made from food-grade latex, the Wine Balloon will not alter the flavor of your wine. On top of that, it can keep the wine fresh for another three to four days after it’s been opened.
Eric, a construction project manager with a head full of ideas, jots down most of his inspirations for new inventions in a notebook. He has put nearly $65,000 into this product, the only one of his ideas to reach fruition. Around six months ago, they started making a few sales, and now they’ve moved 700 units at the $22 retail price. O’Leary points out that he could mass produce them for $2.00 each, even though the total production cost is only $6.50.
He settles on offering Corti the $40,000, but only on the condition that Corti sells his invention to the leading wine preservative manufacturer in exchange for a royalty. But Greiner makes a counteroffer. She hopes to get rid of him by paying him $500,000 to leave
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