Entrepreneur Eric Corti pitched his wine accessory company during
If you’re short on time, here’s a quick overview of what happened to Wine Balloon after
Eric Corti appeared on
|Mark Cuban & Lori Greiner||Accepted deal for $400,000 for 100% equity|
|Kevin O’Leary||$400,000 for 30% of what would be made in perpetuity|
|Daymond John||No offer|
|Robert Herjavec||No offer|
Shark Tank Wine Balloon Update
- Entrepreneur: Eric Corti
- Business: Wine preserver
- Ask: $40,000 for 30% equity
- Result: $400,000 for 100% equity
- Shark: Mark Cuban, Lori Greiner
Eric walked into the tank, and introduced the sharks to his innovative product, the Wine Balloon. He talked about his experience with wasting wine, due to opening it and not being able to finish the bottle.
- Air Cork Wine Preserver - includes Air Cork device, storage pouch, instructions and 2 Spare Balloons (3 balloons with the product).
He then showed the sharks how the Wine Balloon worked by creating an effective seal on the inside of the bottle that could quickly be deflated. Lori Greiner asked whether Eric had a patent on it, and Eric said it was pending.
Kevin O’Leary asked what the balloon was made from, and whether it affected the taste of the wine. Eric told him that it was made from medical-grade latex, that wouldn’t affect the natural flavors of the wine.
Additionally, Kevin talked about other options for preserving wine, and Eric talked about how the visual effect of the balloon added to the appeal.
Mark Cuban asked how much Eric had invested, and Eric said he’d put $65,000 of his own money into it, and had a soft release without marketing of 700 units to some retailers.
Further, each unit retailed for $22, and cost just $6.50 to make. Kevin said he wanted to take the product to the biggest company selling another wine preservation system, and ask for a royalty.
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- Sheets Laundry Club Travel Packs x2
- Honey Bee Bars - 12 Pack
- Snactiv Finger Chopsticks
- FryAway Cooking Oil Solidifier
- Pizza Pack
- Nature’s Wild Berry Sampler Pack
He added that this was the better product, but he had no interest in distributing it. Kevin offered $40,000 for 30% of what would be made in perpetuity.
Lori said she didn’t agree with the licensing plan, and that the best idea would be to go direct to the consumer. She offered to buy Eric out: $500,000 for 100% stake.
Mark jumped in to alter Lori’s offer by partnering up with her to offer $600,000 for 100% stake. Ultimately, Mark wanted an answer immediately, but Eric countered by asking for a 3% royalty in addition to the offer.
Lori asked Mark if he’d consider a 2% royalty, but Mark refused and went out.
Lori eventually asked Robert if he wanted to partner up with her. She kept her $500,000 for 100% on the table, with no royalty, however, Robert went out.
Finally, Mark jumped back in with Lori for an offer of $400,000 for 100%. Eric asked Daymond John if he would consider partnering with Lori for $500,000 but Daymond went out.
All the sharks grouped up to insist that Eric take the offer of $400,000. Nonetheless, Eric accepted Mark and Lori’s offer of $400,000 for 100% equity.
What do you think happened following
Our Wine Balloon update shows that Eric ultimately backed out of the deal, before signing with Lori and Mark. He retained control of his company, and his success soared.
After appearing on another similar show, Eric rebranded the business as Air Cork and got distribution. The company is still operating, and making around $7 million in annual revenue.
You can find the product on the Air Cork website. The product is also available on Amazon.
If we learn anything further about the company, we will certainly let you know. However, in the meantime, you can check out the other companies featured on Season 3 Episode 4, by clicking on the links below.
For even more on companies and products, be sure to stop by our Season 3 Products Page before you go!
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!