A balloon assembly including a balloon pedestal having a cup attached to a collar and an air tube that can be fixedly attached to a one-way balloon valve. The balloon cup is configured with a plurality of creases that allow it to be folded or otherwise reduced in shape for more economical packaging. The collar and air stem are also oval in shape to further reduce the overall volume of the balloon assembly. The balloon cup can be placed over and secured to the air tube, with the cup supporting the base of the balloon. A rod or similar support can also be placed in the end of the air tube to allow the balloon to be more visible.