Young entrepreneurs compete to pitch to Warren Buffett

OMAHA, Neb. An online contest is again offering a few young entrepreneurs the chance to present their business ideas to billionaire Warren Buffett.

Students between the ages of 7 and 16 can submit their ideas until Feb. 15. Four individuals and two teams will be flown to Omaha to present their ideas to Buffett in person next May.

The contest is affiliated with the "Secret Millionaire's Club" cartoon that teaches kids financial principles. Buffett voices the animated version of himself that offers advice in the cartoon.

Buffett says he's proud of the cartoon and the contest because of the valuable lessons they teach.

The grand prize winners will receive $5,000 apiece. Details of the contest are available online at www.smckids.com. The contest is sponsored by the Fairholme Foundation.