Thrive Smart Systems competed in this year’s International Business Model Competition (IMBC), garnering a second-place win and $25,000 for their live pitch and video of a wireless solution for commercial and residential irrigation applications. Presenting teams submitted a 5-8 minute video of their proposed product and how it solves real-world problems.

“We’ve never competed on this level prior to this competition,” said co-founder Bryan Brittain. “We had many serious contenders and are pleased with our performance and second place winnings.”

IMBC hosts a business model competition sponsored by the Rollins Center for Entrepreneurship and Technology at Brigham Young University. This year, 40 invited collegiate teams from across the world competed for cash prizes totaling more than $200,000, including a grand prize of $40,000. To see all winners click here.

Judging was based on teams presenting a hypothesis overview, testing of market acceptance through focus groups, industry professionals and interviews. This information was then coalesced into results validating a hypothesis including potential sales, partners, and development.

Participants must complete an application and submit a video for initial review. The selected short-list of teams was then invited to present their videos and a live pitch in front a live audience, including a panel of judges.