Ryan from Plano, Texas brings Hangease into Shark Tank. The collapsible clothing hanger makes it easier to get clothes off the rack.
Ryan developed Hangease as a third-grade project to find something in your house that needed improving. Ryan looked in his closet and came up with the collapsible hanger.
Hangease Collapsable clothes hanger protects from stretched out shirts
He had stretched out shirts, and broken clothes hangers. Hangease works by a hinge that is on the hanger that collapses when you take a shirt off the rack.
He sold the idea when he was a third grader and is now a sophomore at Southern Methodist University. They sold 400,000 hangers to Walmart when he was in third grade. Ryan made $70,000 off the $200,000 sale.
Clothesease comes with a fully issued utility patent. Lori said that she sees hangers that do the same thing, but Ryan has not seen any yet.
Entrepreneur: Ryan Landis
Ask: $80k for 30% equity
From: Plano, TX
Companies in this episode: The Bouqs Company, Angellift, and Susty Party
Season: Season 5 Episode 527
Sharks: Mark Cuban, Barbara Corcoran, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 05/02/2014
Deal: Mark Cuban and Lori Greiner give $80,000 for 30%
What do the Shark Tank Investors say about Hangease
- Mark Cuban will make him an offer of $80,000 for 30% contingent on the validity of the patent. He invites Lori to join him on this deal because he thinks two heads are better than one. Mark finds use in his home on this product.
- Lori Greiner is concerned if there are others that are out on the market that might be infringing on your patent.
- Kevin O'Leary does not see the vision of the product, and he thinks the price is too high. He is out.
- Barbara Corcoran has never done well in business put aside, and then they bring it back. Hangease is an idea that you stuffed in your closet, and I think you should leave it and move on.
- Robert Herjavec doesn't see the application for the product, and he is out.
Hangease after Shark Tank
Hangease does not have an active website and appears that the deal did not close.