runner-up
UK: ˌrʌnər ˈʌp | US: ˌrʌnər ˈʌp
n. a competitor or team that finishes in second place in a contest or competition
n. a person or thing that is next in rank or importance to the winner
The term "runner-up" originated in sports and competitive contexts, combining "runner" (from Old English rinnan, meaning "to run") with "up" (Old English upp, meaning "aloft or in a superior position"). It literally denotes someone who "runs up" to the winning position but does not quite reach it, hence the connotation of second place. The hyphenated form emerged in the 19th century to standardize its usage in rankings.
She was the runner-up in the national spelling bee.
The team celebrated despite being runners-up in the tournament.
As the runner-up, he received a silver medal.
The runner-up prize included a cash award of $5,000.
Their product was the runner-up in the innovation competition.