In neighborhoods across Colombia, there's a great need to build more shelters and schools. In response, local startup Conceptos Plásticos developed a plan to build those structures cheaply and sustainably by turning recycled plastic and rubber waste into bricks.

This innovative approach helped Conceptos Plásticos win $300,000 in funding this week at the annual The Venture competition held in New York City. The contest, launched by whiskey brand Chivas Regal in 2014, is a global search to find entrepreneurs with ideas to help improve society.

Conceptos Plásticos was one of five finalists (among 2,500 applicants across 27 countries) vying for a portion of the $1 million funding prize.

The startup received the biggest percentage of the prize, which was determined by four judges' votes. Each judge assessed the companies based on their ability to create sustainable change through a viable business model and potential to scale.

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