Young entrepreneurs are invited to pitch their business ideas to billionaire Warren Buffett, in the second annual “SMC Grow Your Own Business Challenge,” sponsored by the Fairholme Foundation.
Students, age 7 to 16, have until February 15 to submit their ideas for a chance to win $5,000 and the opportunity to meet Mr. Buffett.
According to the official rules, five individuals and three team finalists will be flown to Omaha to present their ideas in person to Warren Buffet, who together with internet input from potential consumers and a panel of professional judges, will determine one grand prize winner and one grand prize team winner—all of whom will win $5,000.
Berkshire Hathaway's chairman and CEO says he was enormously impressed with the ideas presented by all of last year's finalists. The single prize winner's idea was "Shine So Bright," a kit for creating light-up designs on clothing; the team winner's idea was "Deals on Wheels," a portable school store that could sell school supplies and healthy snacks.
To participate, simply go to the Secret Millionaires Club website and open an account. Indicate if you’re entering as an individual or a team and go ahead and answer all the questions about your ideas.
An entry must be a new, original business idea created from a unique product and/or service. The idea must be your own and could be anything from an online business to a physical retail business. But it must result in a “measurable improvement” to an existing product or service business.
Teachers and parents are welcome to help. In fact, the individual and team winners and finalists will have the opportunity to nominate their most “inspirational” teacher/mentors who will win a trip to the grand prize event as well as cash prizes.
There’s no question about it. You’re going to have to be inventive and super creative to win the big bucks. And keep in mind this could be a great project for student members of local DECA high school chapters who already participate in similar competitions and activities.
For more information on the “Grow Your Own Business Challenge,” visit the Secret Millionaires Club website. And go for it!