WEBVTT - Coravin's Lambrecht on Pouring Wine Without Pulling Cork(Audio)

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<v Speaker 1>included Walmart, Intel, and Cisco, ump Nike led to the upside. Stereocycle, Seagate,

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<v Speaker 1>Live in the first Breaking new staskom bow Maloney, Katherine,

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<v Speaker 1>thank you Bill and to hear love breaking news over

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<v Speaker 1>terminal oil fell from a five month high as an

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<v Speaker 1>West tyxas intermediate crude oil currently up six cents of

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<v Speaker 1>barrel trading at forty six oh eight spot, Bolders up

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<v Speaker 1>twenty eight dollars, thirty cents he ounce at twelve seventy

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<v Speaker 1>and the tenure treasure up two thirty seconds with the

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<v Speaker 1>Bloomberg business flash. We're taking stock blue looks, life, stocks, bonds,

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<v Speaker 1>It's good to be gain. You've been living in a

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<v Speaker 1>label much if they got the fine at chefs around

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<v Speaker 1>waiting for you to pace your order, you must be rich, honey.

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<v Speaker 1>He then you nobody have two tle Bloomberg taking stock

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<v Speaker 1>the lux life on Bloomberg Radio. Well, you may have

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<v Speaker 1>more than two television sets. Perhaps you have a wine cellar,

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<v Speaker 1>or even a bottle of wine or a bottle of

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<v Speaker 1>Screaming Eagle, quite expensive wine. Or perhaps you were putting

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<v Speaker 1>down hundreds of thousands of dollars for a seventeen eighties

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<v Speaker 1>seven Lafitte owned once upon a Time by former President

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<v Speaker 1>Thomas Jefferson. What do you do? Do you take the

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<v Speaker 1>cork out and suffer the consequences? Not? According to my

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<v Speaker 1>next guest, Greg Lambrecht is the founder and the chairman

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<v Speaker 1>of Corvin. They're based in Boston, and he joins us

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<v Speaker 1>here in the studio. Greg, thanks very much for coming

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<v Speaker 1>in my absolute pleasure. Now you have a device that

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<v Speaker 1>you have carried with you, and I'm not sure whether

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<v Speaker 1>you're going to do surgery with this device or whether

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<v Speaker 1>it is connected to wine. I have a feeling that

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<v Speaker 1>the latter is more appropriate. Explain how the two might

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<v Speaker 1>even go together in your case. Sure, so this is

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<v Speaker 1>a whole lot less painful than surgery. But I do

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<v Speaker 1>work in medicine, and actually that's where the idea of

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<v Speaker 1>Corvin came from. In medicine, we take a needle and

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<v Speaker 1>we go in and out of medicine bottles all the time.

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<v Speaker 1>It's no big deal. But in in my home life,

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<v Speaker 1>I was finding that I was drinking wine but not

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<v Speaker 1>necessarily finishing the bottle. And in particular, when my wife

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<v Speaker 1>became pregnant, she stopped drinking completely. So now I had

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<v Speaker 1>nobody to share my wine with. So what I was

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<v Speaker 1>looking for was a way that I could drink a

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<v Speaker 1>glass of wine from any bottle that I owned without

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<v Speaker 1>having to think about when I was going to drink

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<v Speaker 1>it again. So I came up with the core of

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<v Speaker 1>an It's essentially a small handheld system that allows you

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<v Speaker 1>to pass a needle through the cork. You press a

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<v Speaker 1>trigger and we injected inert gas into the bottle. That

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<v Speaker 1>gas pushes the wine out. You can pour as much

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<v Speaker 1>or as little as you like, and when you remove

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<v Speaker 1>the needle from the bottle, the cork is elastic, it

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<v Speaker 1>receals and you can drink it again next week, next month,

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<v Speaker 1>next year. So uh, of course, as many of us

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<v Speaker 1>know of the bottle opens good bottle something, it's hard

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<v Speaker 1>to want to stop drinking it. But but I think

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<v Speaker 1>it's at slutely clear that there are many times like

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<v Speaker 1>that one. So it might have a great bottle of

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<v Speaker 1>wine and they're not going to break the whole bottle

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<v Speaker 1>at once. So this is a great device. Let's start

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<v Speaker 1>with the price. How much is gonna cost me to

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<v Speaker 1>be able to open a lovely bottle of wine and

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<v Speaker 1>not worry about it not being just as lovely when

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<v Speaker 1>I go back in a day or two for another glass.

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<v Speaker 1>I think of it as more of an investment. You

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<v Speaker 1>buy corp of it once and you can use it

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<v Speaker 1>over and over again. So it's we have two different models.

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<v Speaker 1>The original model that we launched, Model eight, is two dollars,

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<v Speaker 1>and then we just launched Model to Elite much more

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<v Speaker 1>for the home use that is three d and forty nine.

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<v Speaker 1>How did you do it? How else? That's really some

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<v Speaker 1>of the steps, because I mean, this is a piece

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<v Speaker 1>of highly machined uh medal and I'm wondering how did

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<v Speaker 1>you put together the financing and how long has it

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<v Speaker 1>taken you to got it to this point. So I'm

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<v Speaker 1>actually an entrepreneur by trainings, I work in medicine. I've

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<v Speaker 1>started a number of different medical device companies, and I'm

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<v Speaker 1>also an inventor and I've been focusing on un medical

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<v Speaker 1>needs since i was three years old, so twenty three

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<v Speaker 1>years ago. Um Corwin really came out of my own need. Basically,

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<v Speaker 1>the invention was to solve my own problem, which was

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<v Speaker 1>I wanted a great glass of wine every night of

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<v Speaker 1>the week, and I actually wanted restaurants to be able

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<v Speaker 1>to serve better glasses of wine to me than they

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<v Speaker 1>were serving because they were worried that they would have wastage.

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<v Speaker 1>So I came up with the idea a long time ago,

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<v Speaker 1>and of course I was running my other medical device companies,

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<v Speaker 1>so it was sort of a pet project for me

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<v Speaker 1>at home. I developed it over the course of a

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<v Speaker 1>period about eight years where I was testing different gases,

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<v Speaker 1>different needles, different wines, different vintages to see what what

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<v Speaker 1>combination was perfect and would preserve the wine perfectly so

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<v Speaker 1>I could drink it five years later and it wouldn't

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<v Speaker 1>be changed. I had enough friends that sought in my

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<v Speaker 1>home that wanted one where I started to make a

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<v Speaker 1>few a week, and I realized that this wasn't just

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<v Speaker 1>my problems. Other people had the same problem. So I

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<v Speaker 1>could I could turn this into a company. But so

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<v Speaker 1>I knew how to raise money from my my medical

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<v Speaker 1>device businesses. But I knew that I was not a

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<v Speaker 1>consumer products guy. I'd never really had any experience in

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<v Speaker 1>the field. So when I started the company in two

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<v Speaker 1>thousand and eleven, I was very fortunate to be able

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<v Speaker 1>to bring on a CEO who was really a true

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<v Speaker 1>expert in consumer products, and actually that was Nick las Arris,

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<v Speaker 1>who had built Curing from the ground up. Nick, uh

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<v Speaker 1>together with some money that I was able to raise,

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<v Speaker 1>was able to make Corvin a reality. Companies are only

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<v Speaker 1>as good as the people that you bring in. Uh.

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<v Speaker 1>Nick was spectacular. I brought him out of retirement. Uh

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<v Speaker 1>he said he wanted to change. He changed the way

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<v Speaker 1>people drank coffee. Wants to change the way people that

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<v Speaker 1>drink wine. Uh So I thought it was really a

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<v Speaker 1>perfect combination. And I've just recently Nick went back into retirement,

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<v Speaker 1>brought on Fred Leavy, who ran an espresso uh So,

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<v Speaker 1>really spectacular team of people up at Corvin made this

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<v Speaker 1>a very real thing. Quick final question. You are a

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<v Speaker 1>doctor who's an inventor and entrepreneur. Give us a word

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<v Speaker 1>of advice to anybody who's I've got a great idea.

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<v Speaker 1>I want to do what he's done, you know. UM.

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<v Speaker 1>The biggest piece of advice as people people with the

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<v Speaker 1>experience and know how to do what it is that

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<v Speaker 1>you want to do. There's often a desire amongst inventors

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<v Speaker 1>to do it entirely on their own and it's to

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<v Speaker 1>maintain ownership and frequently that stops them from actually getting

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<v Speaker 1>it to happen. You want to bring on great investors,

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<v Speaker 1>great employees, great CEOs, a great team to make it

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<v Speaker 1>real and focus on those things that really addressing on

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<v Speaker 1>met need. That's the biggest opportunity. Greg Lamberick, thank you

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<v Speaker 1>so very much. I want to get one. I really do.

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<v Speaker 1>Found her and Shairman of Corvin. You can check him

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<v Speaker 1>out online, open the best bollow line on the shelf

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<v Speaker 1>and you can still drink more tomorrow or the next day.

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<v Speaker 1>This is taking Stock on from the radio. Coming up

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<v Speaker 1>on taking Stock after ten years running the world's biggest

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<v Speaker 1>publicly traded oil company. Excen Mobile chief executive Rex to listen.

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<v Speaker 1>That's some bad news for shareholders. We've got details coming up.