Winedoctor – Wine Stoppers
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 18, 2014
Asking For:
$250,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Intelli-Stopper Technology offers a wine preservation system with a red visual indicator to ensure effective preservation by removing air from the bottle, revolutionizing food and beverage preservation.
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Background Story
Intelli-Stopper Technology, founded by father-and-son duo Chase and Bob Hoyt, is based in Tucson, Arizona. Chase and Bob’s journey into entrepreneurship was fueled by their shared passion for wine and their frustration with the limitations of existing wine preservation methods. With Chase’s background in product development and Bob’s experience in entrepreneurship, the duo set out to revolutionize food and beverage preservation. Their inspiration came from personal experiences with wine preservation. Recognizing the common problem of wine spoilage due to oxygen exposure, they sought to create a solution that would extend the shelf life of opened bottles while maintaining the wine’s quality.
Dissatisfied with the inefficiencies of current preservation systems, they embarked on a mission to develop a more effective and user-friendly solution. Drawing from their combined expertise, they developed Intelli-Stopper, a cutting-edge wine preservation system that utilizes a red visual indicator to signal when all air has been removed from the bottle. This indicator addresses the uncertainty associated with traditional preservation methods, providing users with confidence that their wine is properly preserved.
The idea was not only to enhance the longevity of wine but also to offer a seamless and intuitive preservation experience for wine enthusiasts.Driven by their passion for wine and their desire to innovate in the field of food and beverage preservation, Chase and Bob Hoyt launched Intelli-Stopper Technology with the vision of redefining how people preserve and enjoy their favorite wines. Their entrepreneurial journey reflects a commitment to addressing real-world problems through innovative solutions, and their product aims to revolutionize the way wine lovers preserve and savor their cherished bottles.
The Product
Intelli-Stopper Technology’s flagship product, the Intelli-Stopper, is a revolutionary wine preservation system designed to extend the shelf life of opened wine bottles. Unlike traditional preservation methods that rely on guesswork, Intelli-Stopper provides a reliable solution with its unique red visual indicator.
The Intelli-Stopper works by effectively removing air from the wine bottle, preventing oxidation and preserving the wine’s flavor and aroma. Users simply insert the stopper into the bottle and pump out the air until the red indicator turns clear, signaling that the wine is properly preserved. This innovative technology eliminates the uncertainty associated with other preservation methods, ensuring that every bottle of wine remains fresh for longer periods.
The benefits of Intelli-Stopper extend beyond preserving wine; it also enhances the overall wine-drinking experience. Wine enthusiasts can now confidently open multiple bottles without worrying about wastage or deterioration in quality. Additionally, the system’s user-friendly design makes it accessible to both casual wine drinkers and connoisseurs alike.
Intelli-Stopper Technology offers its product for purchase through various retail channels, including their partnership with major retailer Bed Bath & Beyond. Pricing details may vary depending on the retailer, but the investment in Intelli-Stopper is justified by the savings in wasted wine and the enhanced enjoyment of preserved bottles.
How It Went
The company’s position before Shark Tank
Intelli-Stopper Technology has demonstrated promising growth and market traction since its inception. With sales reaching $150,000 last year and projected to double to $300,000 this year, the company has shown steady progress in penetrating the food and beverage preservation market. Their partnership with major retailer Bed Bath & Beyond signifies recognition and acceptance of their product in the retail space. Intelli-Stopper Technology’s primary customers are likely to be wine enthusiasts, restaurants, bars, and retailers looking to offer innovative preservation solutions to their clientele.
The company’s strategic partnership with Bed Bath & Beyond suggests a focus on retail distribution, targeting both online and brick-and-mortar sales channels. The company’s financial health and position are further bolstered by their intellectual property portfolio, which includes three patents (two design patents in the U.S. and EU, and a pending utility patent). This intellectual property protection provides a competitive advantage and reinforces the company’s position in the market.
In terms of structure, Intelli-Stopper Technology is likely organized as a startup with a small team, led by founders Chase and Bob Hoyt. As they continue to grow and scale their operations, the company may look to expand its team and infrastructure to support increased demand and market expansion initiatives. Overall, Intelli-Stopper Technology is poised for continued growth and innovation in the food and beverage preservation industry, driven by their commitment to quality, innovation, and customer satisfaction.
The Negotiations:
During the negotiations on Shark Tank, Intelli-Stopper Technology faced challenges in securing a deal despite presenting a compelling product and promising sales figures. The sharks expressed interest in the company’s innovative wine preservation system but ultimately raised concerns about market saturation and valuation. Chase and Bob Hoyt initially sought $250,000 in exchange for a 10% equity stake in their company. While the sharks acknowledged the potential of Intelli-Stopper, they were hesitant to invest at the proposed valuation.
Despite some sharks expressing interest in collaborating, including Lori Greiner and Robert Herjavec, none were convinced to make an offer. Lori Greiner highlighted her familiarity with the market but ultimately decided to pass due to concerns about market saturation and the similarity of Intelli-Stopper to existing products. Ultimately, all sharks opted out of making a deal with Intelli-Stopper Technology. Kevin O’Leary criticized the founders for their valuation, suggesting that they were asking for too much given the company’s current position.
While the sharks recognized the potential of the product, they ultimately felt that the valuation was too high to justify an investment. Despite the lack of a deal, Chase and Bob Hoyt remained optimistic about the future of Intelli-Stopper Technology, thanking the sharks for their time and feedback. The negotiation highlighted the challenges of securing investment in a competitive market, but the founders remained committed to growing their business and achieving success in the food and beverage preservation industry.
