Warren Buffett Announces Young Contest Winners
Secret Millionaires Club 'Grow Your Own Business' ChallengePhoto: Video by kmtv.com
Omaha, NE - The Secret Millionaires Club announced the winners of its second annual Grow Your Own Business Challenge.
The Secret Millionaires Club is an animated series that features the voice of Warren Buffett and helps children learn important financial and entrepreneurial lessons.
Nearly 4,000 kids ages 7 to 16 entered their business ideas online. The finalists came to Omaha to present their ideas to judges and Buffett.
The grand prize winner in the individual category was 10-year-old Matthew Meyer from Cincinnati, Ohio. He won $5,000 for his Right-Writer which wraps on a child's hand to help them write the correct way.
He also is giving back with the product. Meyer said, "For each Right-Writer bought we will donate one to Crayons to Computers. Crayons to Computers is a store that teachers can go to once a month to get free supplies for their students."
The group grand prize winners took home $15,000 or $5,000 each. Kennedy Sabharwal, Spencer Sabharwal and Sawyer Beeler are cousins from Kentucky. They have started Kidtrepreneur Kits. You can subscribe to get the kits which give you ideas to make money. For example, Kennedy explained, "this one was to plant pumpkin seeds so they can sell the pumpkins around Halloween."
Warren Buffett says the program is great because it allows kids to develop good business and financial habits at a young age. He said, "I always liked business. I started in business when I was six, when I would buy six bottles of Coco Cola at the grocery store for a quarter and then sell them for a nickel each around the neighborhood."
He says the kids have impressed him greatly and he thinks we'll see great things from them.