HangEase was a promising invention—a collapsible hanger designed to solve the common problem of broken hangers and damaged clothes. Invented by Ryan Landis as a third-grade school project, the product quickly gained attention for its practical and innovative design. HangEase became a household name after its appearance on Shark Tank in Season 5, Episode 27. Here, we’ll explore the story of HangEase, its Shark Tank pitch, net worth, and what happened after its moment in the spotlight.
What is HangEase All About?
HangEase is a foldable hanger that collapses in the middle, allowing users to easily remove clothes without stretching or damaging the hanger or garment. The idea was born when Ryan Landis noticed how often hangers snapped while trying to remove clothes. Designed for durability and convenience, HangEase offered a simple yet effective solution to an everyday problem.
HangEase Shark Tank Pitch
When Ryan Landis appeared on Shark Tank, he was just a high school senior. His confidence and entrepreneurial spirit won over the sharks as he pitched HangEase. He sought $80,000 in exchange for 30% equity, valuing the company at $266,667.
Here’s a breakdown of his pitch:
| Aspect | Details |
|---|---|
| Product | Collapsible hanger |
| Founder | Ryan Landis |
| Shark Tank Valuation | $266,667 |
| Investment Sought | $80,000 for 30% equity |
| Deal Offered | $80,000 for 30% equity (contingent on patent validation) |
| Revenue Pre-Shark Tank | $200,000 from Walmart order |
| Current Status | Out of business as of 2015 |
| Sharks Interested | Lori Greiner and Mark Cuban |
| Founder’s Current Activity | Patented a lytic peptide biosensor in 2019; roles in merchandise planning and buying |
While the deal seemed promising, it was later revealed that the partnership with Lori and Mark did not materialize, and HangEase faced challenges moving forward.
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HangEase Net Worth and Revenue
During its time on Shark Tank, HangEase was valued at $266,667. Before appearing on the show, the business had already generated $200,000 in revenue through an order of 400,000 units sold to Walmart.
However, after the Shark Tank appearance, the business struggled to maintain momentum. HangEase ceased operations around 2015. As of now, the company is no longer in business, and its net worth is unavailable.
How HangEase Is Doing After Shark Tank?
Unfortunately, the deal with Lori Greiner and Mark Cuban did not finalize due to complications with patent validation. HangEase was unable to scale, and the brand eventually faded out.
Ryan Landis, the brain behind the invention, moved on to new ventures. He patented a lytic peptide biosensor in 2019, showcasing his scientific ingenuity. He has also worked in merchandise planning and buying roles, demonstrating his continued interest in business and innovation.
Conclusion
HangEase’s journey shows the challenges startups face, even with Shark Tank exposure. The product was innovative, but patent issues and scaling hurdles were tough to overcome. Ryan Landis, however, continues to excel as an inventor and professional, proving that entrepreneurship can lead to bigger opportunities
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