BRCĒ Update | Shark Tank Season 17

BRCĒ is a story of two indian families who share a similar fate. They put everything on the line to give their children a shot at the American dream. Tanvi & Madhav honored that sacrifice by doing what engineers do (solving problems). Shoelaces have not been innovated in over five centuries. But BRCĒ changes that with their patented lace that stays tied during activity but releases the moment you want it to. Will the sharks give them the shot they deserve at the American dream? Find out in our BRCĒ update and pitch recap below.

If you’re short on time, here’s a quick overview of what happened to BRCĒ after Shark Tank.

Tanvi and Madhav entered Shark Tank Season 17 to pitch their company, BRCĒ. They sought $300,000 for 15% equity. After making their presentation, they struck a deal with Fawn Weaver and Daniel Lubetzky for $300,000 for 20% equity.

In terms of a BRCĒ update, the company got lots of orders for their patent shoe laces shortly after their episode aired.

Shark	Result
Fawn Weaver and Daniel Lubetzky	Accepted offer of $300,000 for 20% equity
Kevin O’Leary	$300,000 for 20% equity + 20% royalty on unit volume until he gets 3× his money back
Robert Herjavec	$300,000 for 15% equity
Lori Greiner	No offer

Shark Tank BRCĒ Pitch

• Entrepreneurs: Tanvi Gadamsetti and Madhav Aggarwal
• Business: Untied shoelaces
• Ask: $300,000 for 15% equity
• Result: $300,000 for 20% equity
• Sharks: Fawn Weaver and Daniel Lubetzky

Tanvi and Madhav both met while studying engineering at Michigan State University. Both were also former athletes who understood the frustration of loose shoelaces.

Tanvi shared that her parents immigrated from India, and after losing her father during COVID, she felt responsible for helping support her family. That motivation pushed her to pursue the business.

Madhav, on the other hand, came to the U.S. in 2022 with support from his family, who sold their house to afford his ticket.

BRCĒ laces use microscopic interlock technology that allows the fibers to grip together at a tiny level. Once tied, the knot holds firmly while the wearer walks, runs, or plays sports.

Lori Greiner then asked how someone unties the laces if they lock together. Tanvi explained that the laces respond to motion. They stay tight during activity but loosen easily when someone intentionally pulls them apart.

The entrepreneurs tell the sharks that they filed their patent earlier in the year and received approval quickly. Plus, they are the only inventors listed on the patent.

Now to the money, a pair of BRCĒ laces sells for $19.99, landed cost sits at $0.52. The large margin surprised the sharks.

Robert Herjavec then asked about cost comparisons. Madhav explained that footwear companies usually buy traditional shoelaces for $0.20 to $0.50 per pair. Their current cost is about $0.30, but they expect it to drop below $0.15 with large production runs.

Robert goes out first because he thinks shoe companies would not pay more than their current lace suppliers.

Lori Greiner liked the guys and praised their effort, but exited the deal because she feels she doesn’t have the right industry connections to help secure a footwear partnership.

Guest shark Fawn Weaver offers $300,000 for 25% equity with a ROFR(right of first refusal) condition on the founders’ next invention.

Kevin O’Leary made a competing offer of $300,000 for 20% equity, with a royalty structure that would allow him to earn 3x his investment before the royalty ended.

Robert re-entered the negotiations and offered $300,000 for 15% equity, on the condition that he help secure a partnership with a major footwear company.

At this point, Tanvi and Madhav knew they had to make the right move. They first asked Robert Herjavec if he would join Daniel Lubetzky, but Robert declined and said he preferred to do a deal on his own.

Daniel then partnered with Fawn Weaver, offering $300,000 for 20% equity, with Fawn retaining her ROFR condition.

Tanvi and Madhav immediately accepted that offer and shook hands with Daniel and Fawn.

Was this the right investment for the entrepreneurs at this time? Let’s find out in our BRCĒ update.

Shark Tank BRCĒ Update

According to our BRCĒ update, there is no news yet regarding the final status of the deal, but it appears to be headed in the right direction.

Shortly after airing, Tanvi and Madhav received strong support from their local community and Michigan State University. Even Governor Gretchen Whitmer shared a message of support for the entrepreneurs on her Facebook page.

According to the founders, the appearance also drove a surge in orders for their patented shoelaces through the company’s website, although no official sales figures have been released yet.

BRCĒ was later featured on national television, with Local 4 News hosting Tanvi and Mahdav. During the interview, they spoke about their experience on the show and explained the vision behind their business.

To celebrate their Shark Tank appearance, BRCĒ is also offering a 15% discount on the first order through its official website.

We can’t wait to bring you more on Tanvi and Mahdav’s journey in our next BRCĒ update.

For more updates from Shark Tank Season 17 Episode 12, be sure to check the links below:

• Cranel Update
• The Chair Blanket Update
• Paco & Pepper Update

Before you go, be sure to check out our list of all the Shark Tank Season 17 products.