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Over three billion bottles of wine were sold in the U.S. last year, up 18% from the prior year. That's a lot of wine to be stored. The numbers underscore the growing popularity of collecting wines. The self-storage market is estimated to be a $22.6 billion industry. Climate-controlled storage is estimated to make up a sliver of the 1.6 billion square feet of storage on the market, which is estimated to grow by 26% over the next three to five years. Vino Veritas is trying to capture some of that demand for storage by creating energy-efficient commercial facilities. They don't plan on converting existing structures to build these spaces. Rather, they plan on building new facilities underground.
While the initial cost to construct such facilities is more expensive than building above-ground units, the founders of Vino Veritas, Jon Lawrence and Larry Lee, feel they can recoup the costs, and generate significant returns by saving energy. That's because underground temperatures are already close to the optimal conditions - 50 to 60 degree temperatures - needed for wine storage. Red wines are best when served slightly chilled, around 64 degrees, while white wines are best served cold, around 45 degrees, according to an article in Courierpress.
Watch the interview for more about Vino Veritas' strategy and target market - the iTunes generation!
Editor's note: Vino Veritas is also participating in the Redpoint Ventures Wine 2.0 competition.
The competition ends this week. So far, the Vator community has given Vino Veritas the highest rating. Also, Vino Veritas is tied with OpenBottles for the number of votes. (Watch Bambi's interview with OpenBottles' founder/CEO Sagi Solomon.) Crushpad and Wine 2.0 Snooth are in the running with high ratings and a lot of views.
It's going to be a close call. The top five out of the 15 contestants (so far) will be chosen based on a combination of the most votes, highest ratings, most views and comments. So, if you want to cast a vote for your favorite, don't forget to do so. May the best wine company win!
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