One typical issue that many wine enthusiasts deal with is that they can’t drink a bottle after opening it. When wine is left out too long, the air gets inside and taints the flavor and quality. People become frustrated since they frequently end up throwing the leftover wine down the drain.
Entrepreneur Eric Corti introduced the Wine Balloon as a solution to this issue. The product seals the wine inside the bottle with a balloon to keep air from destroying it; the gadget protects the wine.
Eric introduced Wine Balloon on Shark Tank, hoping to find a shark willing to fund his creative solution. In return for 30% equity, he requested $40,000 in exchange. Did the entrepreneur get a deal on Shark Tank? Check out our Wine Balloon update to find out!
Air Cork (Wine Balloon) Net Worth 2024
Eric Corti asked for a $40,000 investment in exchange for 30% equity in his company. This meant he valued his company at approximately $133,333. He initially agreed to a deal with Mark Cuban and Lori Greiner for $400,000 in exchange for 100% of his company. This new deal valued his company at $400,000. However, Eric decided not to proceed with the deal and retained ownership, rebranding the product as Air Cork. After the show aired, Air Cork saw a big growth and gained popularity among wine enthusiasts. With an estimated $7 million in annual revenue and assuming a standard valuation multiple for a consumer product company (around 2.5x revenue), the current net worth of Air Cork (Wine Balloon) in 2024 is about $17.5 million.
Wine Balloon Shark Tank Update
As for a Wine Balloon Update, Eric Corti finally decided not to sell all of his company and to back out of the deal with Mark Cuban and Lori Greiner after appearing on Shark Tank. Rather, he kept ownership of the Wine Balloon and changed the product’s name to Air Cork. This turned out to be the choice, as the business expanded and the company received recognition and distribution.
Air Cork is still operating as of today, generating an estimated $7 million in revenue per year. The product is sold on Amazon, and the company’s website and it has a devoted following of customers. Eric has scaled his firm successfully while sticking to his vision because he has kept control of his company.
Yes, Eric got the deal on the shark tank with Mark Cuban and Lori Greiner. Mark Cuban and Lori Greiner made him an offer of $400,000 for 100% of the business during the show. Eric first said yes to the offer.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Mark Cuban and Lori Greiner | 1# $600,000 for 100% equity 2# $400,000 for 100% equity | N/A | Yes |
| Lori Greiner | $500,000 for 100% equity | N/A | N/A |
| Kevin O’Leary | $40,000 for 30% equity | N/A | No |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Partnership with Lori | N/A | N/A |
Wine Balloon Shark Tank Pitch
The widespread issue of wine frustrated wine enthusiast Eric Corti going bad after it was opened, which is how Wine Balloon was born. He was determined to find a solution, so he applied his technical experience to construct a device that would seal a wine bottle tightly, keeping air from tainting the wine. To keep the wine fresh, the medical-grade latex device expands inside the bottle.
Similar to many business owners, Eric contributed $65,000 of his own funds to the company’s manufacturing and product development. Even with these obstacles, he remained committed to making Wine Balloon a success.
Eric showed the Shark Tank viewers how Wine Balloon operated during his pitch. The balloon inflates when the gadget is placed inside an open wine bottle, creating a seal that keeps the wine fresh. To collaborate with a shark who could assist him in growing his product, Eric requested $40,000 in exchange for 30% equity.
The product’s ease of use and practicality caught the interest of the sharks. Eric clarified that the balloon’s construction used medical-grade latex to guarantee that the wine’s flavor would not be compromised. He disclosed that each device, which sold for $22, cost $6.50 to create. Keep reading our Wine Balloon update to see what happens next!
Lori Greiner inquired about Eric’s patent status regarding the item. Eric confirmed it was pending.
Kevin O’Leary questioned whether the balloon’s substance would impact the wine’s flavor. Eric clarified that since medical-grade latex was used in its creation, the flavor would not change. It’s also tested in the laboratory.
Kevin also wanted to learn how long it would stay fresh. Eric explained it includes a shot of nitrogen gas. It will last for almost 3 to 4 days if you properly use the product.
Mark Cuban inquired about Eric’s level of investment in the project, expressing his admiration for Eric’s dedication. Eric replied he made $65,000 of personal investment.
Kevin asked about the retail price of the product. Eric revealed he retailed it for $22 and cost $6.50 to make it.
Kevin O’Leary suggested Eric licensing the product to a bigger business instead of selling it directly to consumers.
Lori Greiner offered $500,000 in exchange for 100% shares because she thought the product had the potential to be sold directly to customers.
Mark Cuban, after negotiating, and Lori came to an agreement to pay $600,000 for 100% of the business. Eric countered them with a 3% royalty.
Mark Cuban reduced the offer to $400k for 100% because Eric was taking too much time to decide.
Kevin offered a licensing strategy and $40,000 in exchange for a perpetual 30% stake in future revenue. Eric wasn’t interested in Kevin O’Leary’s deal.
Daymond John and Robert Herjavec both declined, believing the product was not a good fit for them.
In the end, Eric accepted the offer from Mark Cuban and Lori Greiner for $400,000 in exchange for 100% of the company.
Product Availability
From our Wine Balloon research update, the product, now known as Air Cork, remains accessible to consumers as of today. They can purchase it straight from the company’s website Air Cork (wine balloon) or via Amazon. Air Cork is a unique and user-friendly wine preservation tool that keeps wine fresh after it is opened. At about $22, each unit is reasonably priced for wine enthusiasts who wish to save their wine for a later time. The product’s popularity has led to its widespread availability.
Conclusion
Wine Balloon, which has since changed its name to Air Cork, had a fascinating Shark Tank adventure. Although Eric first agreed to a deal with Lori Greiner and Mark Cuban, he finally pulled out and expanded his company on his own. This choice proved wise because Air Cork has grown to be a popular product that brings in millions of dollars a year.
Eric’s history is a fantastic illustration of how success may come from trusting your gut and maintaining control over your company. Air Cork is still assisting wine enthusiasts in preserving their wine and enjoying every drop through ongoing expansion and innovation. We’re excited to see what this creative product and its committed inventor have in store!
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.