The three young men -- who founded the company Sooner Than Already There -- were given the national Young Enterprise award at a Tuesday ceremony in Stockholm, The Local reported Wednesday.

The students said they have sold 350 pairs of the underwear, which they designed to help combat unwanted pregnancy and sexually transmitted diseases.

"A little mistake can have major consequences. It's important to have a condom at the ready when it's needed. It's no use if it's in your jacket pocket," said Nick Larsson, one of the students who received the award.

Larsson and his partners said they are working on a possible deal to get their product into stores.

"We're going to focus on this for a year instead of going to college," said another member of the group, Michael Simby.

The men said their next step is to create a pair of women's underwear with similar pockets for condoms.