This foldable hanger fits in your cupboard or closet and can be folded away for convenient storage. It’s a must-have in your pantry.
Hangease was featured on Shark Tank where Ryan Landis pitched his product to the sharks. He managed to secure a deal with Mark Cuban and Barbara Corcoran for $800,000 for 30% equity in his company [1].
However, it seems that not all is well with Hangease after their appearance on Shark Tank. The company has been mired in controversy and lawsuits since then.
On the hit show Shark Tank, entrepreneurs have the opportunity to pitch their business ideas to a panel of investors – also known as “the sharks.” If the sharks are interested in the product or service, they may invest in the company. Recently, one of these businesses appeared on Shark Tank – Hangease.
What Is Hangease?
All Hanger items are intended to keep clothes tidy and wrinkle-free while also freeing up closet space you didn’t know you had.
Ryan Landis of Plano, Texas invented HangEase as a third-grade school project. When he was ten years old, Ryan Landis conceived of a folding hanger called HangEase. He ripped off his clothing hanging in the closet and broke hanger after hanger.
HangEase is made of durable, reinforced plastic that can stand up to regular use and is strong enough to hang heavy winter jackets. HangEase takes up very little space in your closet but can support a lot of weight [2].
Who Is The Founder Of Hangease?
Ryan Landis of Plano, Texas, started HangEase as a third-grade school project. In 2003, when he was in third grade, Ryan built HangEase for a school innovation contest. A parent who runs a business that sells to Wal-Mart became interested in his product. Ryan engaged a patent attorney and offered the device to about 100 shops.
A third-grader had the original idea for Hangease while working on a science project for school. The founder saw his potential and allowed him to sell the product at Walmart. Now, anyone with this problem can easily find a solution that works perfectly for them.
After that, the product was rolled out in 100 shops and a patent was obtained for it. Now at the age of 20, he wishes to see his invention available in many stores across the country as well as online.
Ryan wanted to see HangEase in stores 11 years after he first pitched the idea on Shark Tank. Although the substance is regulated and patented, little has been done with it since its initial flurry of activity between 2003 and 2006 [3].
Ryan was too busy as a youngster to purchase HangEase online, but now he wants to turn it into a company.
Hangease Before Shark Tank
For some entrepreneurs, inspiration for innovative ideas can come from anywhere. For Ryan Landis from Plano, Texas, a third-grade school project was the spark that led him to develop an idea that would save people time and money. This eventually led him to appear on Shark Tank.
Eight-year-old Ryan was like most normal boys in that he would pull his shirts right off of a hanger and, in the process, either the hanger or shirt would be damaged.
The school project, which was called the “Invention Convention”, asked students to go through their own homes and find a problem before inventing a solution for it. Ryan experimented on the hangers in his closet and eventually developed a new type of hanger with a unique hinge in the middle. This hinge allows the hanger to fold up when downwards pressure is applied to it; thereby saving clothes – as well as any damage to the original hangars themselves.
In 2006, Ryan presented his invention at an exhibit at the school, and fortune smiled on him when a school friend’s mother ran a business with connections to large stores. She was able to assist Ryan in getting his creation stocked in Walmart in 2006, and sales were decent.
Unfortunately, Ryan’s studies soon took precedence, and he had to put his business activities on hold while he completed school. In 2014, when he was 19 years old, Ryan had finished his education and hoped to be one of the sharks’ targets for a partnership in the HangEase company. He attempted to do so in April 2014 with this aim in mind [4].
Hangease On Shark Tank: The Pitch
Ryan Landis, the owner of this company, had an easy time with this deal. Ryan goes into the shark tank looking for $800,000 for a 30% stake in the firm. He demonstrates how the product works and delivers his sales pitch to the sharks. To concentrate on his education, he informed the sharks that he did not work in the business for the previous ten years.
Before he arrived at the shark tank, Nathan sold 400,000 hangers and earned $200,000 in sales and $70,000 in profits. The sharks are confused by the fact that Walmart discontinued selling the product. They began to ask why this occurred.
Lori is informed that she has a patent on the device, but she maintains that she’s seen comparable hangers before.
Robert thought the product wasn’t necessary and decided not to invest. Kevin found the idea not interesting and also chose not to invest. Barbara believed that Ryan was taking away time from his business by working on this project, so she too backed out.
Hangease Now In 2022
As of today, the company has no online presence. The firm has shut down. The goods are not available for purchase over the internet and the business does not have a store. For whatever reason, Ryan’s agreement with Lori and Mark failed to bear fruit for his firm. There is currently no social presence for the organization. As of today, the company owner has moved on to more interesting and larger endeavors that have transformed Ryan’s job responsibilities.
The Net Worth Of Hangease
During the shark tank appearance, Hangease was valued at approximately $2.67 million [5].
FAQ
Who got the biggest deal in Shark Tank history?
In exchange for a 10% stake in the Zipz project, Mr. O’Leary agreed to invest $2.5 million in Shark Tank. That’s the most money ever offered on Shark Tank in terms of the amount agreed upon on the show [6].
Which Shark Tank businesses have failed?
While it’s difficult to track the success of businesses after they leave the show, some Shark Tank businesses have failed. Businesses that have failed include Simple Sugars, a sugar scrub company, and Qubits, a toy company.
It’s important to remember that even if a business does not succeed immediately after appearing on Shark Tank, this does not mean that the business is doomed to fail. Many businesses take time to grow and develop before becoming successful.
For example, Scrub Daddy was not an immediate success after appearing on Shark Tank. However, with time and continued effort, Scrub Daddy became one of the most successful Shark Tank businesses.
Is Hangease still in business?
No, Hangease is no longer in operation as of today. The company wanted a strong retail presence for the product that it felt would be its future, and it saw itself in many retail outlets before Shark Tank. However, the product went out of business after a collaboration with Lori and Mark Cuban.
Was Hangease a scam?
No, Hangease was not a scam. The company was a real business with a product that did not end up succeeding in the long run. While Hangease may not have been successful, the company was not a scam.
How do I contact Hangease?
However, it is unlikely that anyone will be able to respond to your inquiry as the company is no longer in business.
Is Hangease still available at Walmart?
No, Hangease is no longer available at Walmart. The product was discontinued after the company went out of business.
While Hangease may not have been successful in the long run, the company’s story is an interesting one. Hangease is a reminder that even businesses with great products can fail. However, failure is not always permanent and with time and effort, even failed businesses can be successful.
Was Hangease shipping?
The company was shipping orders when it went out of business. All customers who had placed orders at the time of the company’s shutdown received their orders.
What was the shipping cost of Hangease?
The shipping cost of Hangease was $9.99.
What was the price of Hangease?
The price of Hangease was $19.99.
Will Hangease return to Shark Tank?
It is highly unlikely that Hangease will return to Shark Tank. The company is no longer in business and it would be difficult for the company to make a comeback at this point.
Useful Video: Mark And Lori Join In On A Closet Accessory | CNBC Prime
References
- https://bizzbucket.co/hangease-shark-tank-update/
- https://biznewske.com/hangease-shark-tank-update
- https://crazyfintech.com/what-happened-to-hangease-after-shark-tank/
- https://gazettereview.com/hangease-update-happened-shark-tank/
- https://bizzbucket.co/hangease-shark-tank-update/
- https://www.looper.com/611168/the-most-expensive-deals-on-shark-tank/