We finished our very first prototype on 17th June 2009. Here's how it looks like:

Although the prototype isn't the same as stated, we are trying to improve on it. As you can see, we haven't changed the tips of the shoelaces yet. Instead, we have placed magnets on the shoelaces to keep them attached to the sides of the shoes. Since this is only our first prototype, we will still be making more prototypes so as to improve on our invention.