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Coravin's Lambrecht on Pouring Wine Without Pulling Cork(Audio) · Bloomberg Intelligence

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  Speaker 1: He then you nobody have two tle Bloomberg taking stock
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  Speaker 1: the lux life on Bloomberg Radio. Well, you may have
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  Speaker 1: more than two television sets. Perhaps you have a wine cellar,
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  Speaker 1: or even a bottle of wine or a bottle of
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  Speaker 1: Screaming Eagle, quite expensive wine. Or perhaps you were putting
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  Speaker 1: down hundreds of thousands of dollars for a seventeen eighties
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  Speaker 1: seven Lafitte owned once upon a Time by former President
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  Speaker 1: Thomas Jefferson. What do you do? Do you take the
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  Speaker 1: cork out and suffer the consequences? Not? According to my
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  Speaker 1: next guest, Greg Lambrecht is the founder and the chairman
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  Speaker 1: of Corvin. They're based in Boston, and he joins us
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  Speaker 1: here in the studio. Greg, thanks very much for coming
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  Speaker 1: in my absolute pleasure. Now you have a device that
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  Speaker 1: you have carried with you, and I'm not sure whether
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  Speaker 1: you're going to do surgery with this device or whether
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  Speaker 1: it is connected to wine. I have a feeling that
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  Speaker 1: the latter is more appropriate. Explain how the two might
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  Speaker 1: even go together in your case. Sure, so this is
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  Speaker 1: a whole lot less painful than surgery. But I do
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  Speaker 1: work in medicine, and actually that's where the idea of
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  Speaker 1: Corvin came from. In medicine, we take a needle and
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  Speaker 1: we go in and out of medicine bottles all the time.
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  Speaker 1: It's no big deal. But in in my home life,
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  Speaker 1: I was finding that I was drinking wine but not
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  Speaker 1: necessarily finishing the bottle. And in particular, when my wife
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  Speaker 1: became pregnant, she stopped drinking completely. So now I had
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  Speaker 1: nobody to share my wine with. So what I was
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  Speaker 1: looking for was a way that I could drink a
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  Speaker 1: glass of wine from any bottle that I owned without
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  Speaker 1: having to think about when I was going to drink
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  Speaker 1: it again. So I came up with the core of
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  Speaker 1: an It's essentially a small handheld system that allows you
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  Speaker 1: to pass a needle through the cork. You press a
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  Speaker 1: trigger and we injected inert gas into the bottle. That
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  Speaker 1: gas pushes the wine out. You can pour as much
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  Speaker 1: or as little as you like, and when you remove
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  Speaker 1: the needle from the bottle, the cork is elastic, it
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  Speaker 1: receals and you can drink it again next week, next month,
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  Speaker 1: next year. So uh, of course, as many of us
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  Speaker 1: know of the bottle opens good bottle something, it's hard
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  Speaker 1: to want to stop drinking it. But but I think
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  Speaker 1: it's at slutely clear that there are many times like
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  Speaker 1: that one. So it might have a great bottle of
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  Speaker 1: wine and they're not going to break the whole bottle
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  Speaker 1: at once. So this is a great device. Let's start
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  Speaker 1: with the price. How much is gonna cost me to
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  Speaker 1: be able to open a lovely bottle of wine and
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  Speaker 1: not worry about it not being just as lovely when
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  Speaker 1: I go back in a day or two for another glass.
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  Speaker 1: I think of it as more of an investment. You
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  Speaker 1: buy corp of it once and you can use it
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  Speaker 1: over and over again. So it's we have two different models.
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  Speaker 1: The original model that we launched, Model eight, is two dollars,
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  Speaker 1: and then we just launched Model to Elite much more
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  Speaker 1: for the home use that is three d and forty nine.
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  Speaker 1: How did you do it? How else? That's really some
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  Speaker 1: of the steps, because I mean, this is a piece
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  Speaker 1: of highly machined uh medal and I'm wondering how did
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  Speaker 1: you put together the financing and how long has it
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  Speaker 1: taken you to got it to this point. So I'm
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  Speaker 1: actually an entrepreneur by trainings, I work in medicine. I've
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  Speaker 1: started a number of different medical device companies, and I'm
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  Speaker 1: also an inventor and I've been focusing on un medical
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  Speaker 1: needs since i was three years old, so twenty three
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  Speaker 1: years ago. Um Corwin really came out of my own need. Basically,
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  Speaker 1: the invention was to solve my own problem, which was
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  Speaker 1: I wanted a great glass of wine every night of
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  Speaker 1: the week, and I actually wanted restaurants to be able
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  Speaker 1: to serve better glasses of wine to me than they
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  Speaker 1: were serving because they were worried that they would have wastage.
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  Speaker 1: So I came up with the idea a long time ago,
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  Speaker 1: and of course I was running my other medical device companies,
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  Speaker 1: so it was sort of a pet project for me
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  Speaker 1: at home. I developed it over the course of a
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  Speaker 1: period about eight years where I was testing different gases,
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  Speaker 1: different needles, different wines, different vintages to see what what
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  Speaker 1: combination was perfect and would preserve the wine perfectly so
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  Speaker 1: I could drink it five years later and it wouldn't
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  Speaker 1: be changed. I had enough friends that sought in my
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  Speaker 1: home that wanted one where I started to make a
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  Speaker 1: few a week, and I realized that this wasn't just
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  Speaker 1: my problems. Other people had the same problem. So I
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  Speaker 1: could I could turn this into a company. But so
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  Speaker 1: I knew how to raise money from my my medical
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  Speaker 1: device businesses. But I knew that I was not a
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  Speaker 1: consumer products guy. I'd never really had any experience in
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  Speaker 1: the field. So when I started the company in two
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  Speaker 1: thousand and eleven, I was very fortunate to be able
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  Speaker 1: to bring on a CEO who was really a true
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  Speaker 1: expert in consumer products, and actually that was Nick las Arris,
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  Speaker 1: who had built Curing from the ground up. Nick, uh
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  Speaker 1: together with some money that I was able to raise,
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  Speaker 1: was able to make Corvin a reality. Companies are only
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  Speaker 1: as good as the people that you bring in. Uh.
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  Speaker 1: Nick was spectacular. I brought him out of retirement. Uh
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  Speaker 1: he said he wanted to change. He changed the way
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  Speaker 1: people drank coffee. Wants to change the way people that
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  Speaker 1: drink wine. Uh So I thought it was really a
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  Speaker 1: perfect combination. And I've just recently Nick went back into retirement,
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  Speaker 1: brought on Fred Leavy, who ran an espresso uh So,
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  Speaker 1: really spectacular team of people up at Corvin made this
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  Speaker 1: a very real thing. Quick final question. You are a
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  Speaker 1: doctor who's an inventor and entrepreneur. Give us a word
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  Speaker 1: of advice to anybody who's I've got a great idea.
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  Speaker 1: I want to do what he's done, you know. UM.
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  Speaker 1: The biggest piece of advice as people people with the
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  Speaker 1: experience and know how to do what it is that
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  Speaker 1: you want to do. There's often a desire amongst inventors
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  Speaker 1: to do it entirely on their own and it's to
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  Speaker 1: maintain ownership and frequently that stops them from actually getting
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  Speaker 1: it to happen. You want to bring on great investors,
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  Speaker 1: great employees, great CEOs, a great team to make it
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  Speaker 1: real and focus on those things that really addressing on
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  Speaker 1: met need. That's the biggest opportunity. Greg Lamberick, thank you
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  Speaker 1: so very much. I want to get one. I really do.
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  Speaker 1: Found her and Shairman of Corvin. You can check him
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  Speaker 1: out online, open the best bollow line on the shelf
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  Speaker 1: and you can still drink more tomorrow or the next day.
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