After drinking one or two glasses of wine, people use preservation devices to keep the wine fresh and maintain its taste. However, these devices often lack transparency, making it hard to see if all the air has been removed from the bottle. As a better alternative, Eric Corti invented the Wine Balloon, a balloon that goes inside the wine bottle and keeps the air away from the wine.
Eric needs the Sharks’ expertise and money to help increase his product’s sales. So, did any Sharks invest in his business? Let’s find out.
| Company Name | Wine Balloon | |
| Founder/Co-Founder | Eric Corti | |
| Founded | 2010 | |
| Product | wine preservation devices | |
| Asked For | $40k for 30% equity | |
| Final Deal | $400k for 100% equity | |
| Shark | Mark Cuban and Lori Greiner | |
| Episode | S3 E4 | |
| Air Date | Feb 10th, 2012 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Cincinnati, Ohio, United States | |
| Lifetime Worth (Sales) | $25M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Eric asked the Sharks for $40,000 in exchange for 30% equity in his company, valuing it at $133,000. He demonstrated his wine preservation device and explained that the balloon part should be inserted into the wine bottle. By squeezing a grape cluster, the balloon inflates inside the wine, creating a layer that prevents air from touching the wine.
Lori Greiner asked if the product is patented. Eric replied that the utility patent is pending.
Kevin O’Leary asked if sealing the wine with the balloon would affect its taste and how long the wine could be preserved. Eric replied that he had confirmed with a laboratory that the balloon does not alter the taste of the wine and can preserve it for 3 to 4 days.
The product has been on the market for 6 months. Eric has invested a total of $65,000 in the business and has sold over 700 units at a retail price of $22 each, without any advertising or marketing. The cost to make each unit is $6.50.
Kevin O’Leary offered $40,000 for 30% equity on the condition that Eric must sign a licensing agreement with an existing wine preservation company.
Lori expressed interest in buying the entire company and offered $500,000 for 100% ownership. Mark Cuban then teamed up with Lori and made a joint offer of $600,000 for 100% equity.
Eric countered Mark and Lori’s offer by agreeing to sell the company but requesting an additional 3% royalty. Mark declined the offer, and when Eric reduced the royalty request to 2%, Mark said he was out.
Lori approached Robert Herjavec to team up, but he declined, so Lori’s initial offer of $500,000 for 100% equity remained. Mark Cuban stated that he would join the deal if the offer amount was reduced to $400,000. Thus, Lori and Mark’s team-up offer was $400,000 for 100% equity.
Eric proposed that Daymond John team up with Lori for $500,000, but Daymond said he was out.
Eric decided to go with Mark and Lori’s offer, despite Kevin’s offer being on the table as well.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | $200k for 50% equity |
| Kevin O’Leary | $40k for 30% equity (licensing condition) |
| Robert Herjavec | No Offer |
| Lori Greiner | $200k for 50% equity |
| Daymond John | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | $400k for 100% equity |
Wine Balloon Shark Tank Update
After the episode, when it came time to finalize the paperwork, Eric decided against selling the company for $400,000. Instead, he rebranded the product as “Air Cork” and began selling it on Amazon, in some retail stores, and on his website.
As of August 2024, the product is still available on Amazon for $28.50. The company remains in business and generates an estimated $6 million in annual revenue. Eric is now the Principal and COO of Structure First Company.
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