Third-Grader's Invention, HangEase, Sells 400K Units Through Walmart
In an inspiring entrepreneurial tale, Ryan Landis, then just a third-grader, sold nearly 400,000 units of his invention, HangEase, through Walmart. This remarkable feat earned him $70,000. However, the company is no longer active.
Landis developed the idea for HangEase as a school project. The collapsible hanger, designed to hold a single article of clothing, became a hit with customers due to its convenience. Despite its popularity, HangEase had almost no social media presence or recent sales before appearing on Shark Tank.
On the show, Landis sought $80,000 for a 30% stake in the company. Mark Cuban and Lori Greiner invested the amount, contingent on a fully licensed patent. However, the company's lack of longevity suggests challenges in maintaining its success.
HangEase, once a promising startup, is no longer an active company. Its collapse, despite initial success and investment from prominent figures, serves as a reminder of the challenges faced by young entrepreneurs in the competitive business world. Wonder Hanger Max, a similar product, continues to thrive, offering a thin, strong, and durable design that can hold up to 30 pounds.
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