Warren Buffett impressed by children's money-making ideas

Kartoon Studios

18/05/2015 22:38

By Jonathan Stempel 
    May 18 (Reuters) - Miroslav Bergen thought he would be 
"terrified" at meeting Warren Buffett, but he was wrong. 
    Miro, 14, was one of the winners of "Grow Your Own Business 
Challenge," a nationwide contest related to the animated "Secret 
Millionaires Club," which teaches children about finance and 
where Buffett voices his own character. 
    "He's a nice, down-to-earth person," said Miro, who lives in 
Short Hills, New Jersey. "I entered this competition not really 
as an entrepreneur because I wasn't experienced in business. But 
I had an idea. Now business people are giving me advice."  
    The contest, in its fourth year, attracted entries from more 
than 4,000 boys and girls ages 7 to 14. The top entrants flew to 
Omaha, Nebraska to be judged and show Buffett their ideas. 
    "You're looking at the future and it's a pretty good looking 
future," Buffett, chairman of Berkshire Hathaway Inc  BRKa.N  
and the world's third-richest person according to Forbes 
magazine, said in an interview. 
    Bergen won for "Beyond the Books," a website that lets 
people work together to create online courses and study guides, 
in a "Wikipedia of education." People would pay to advertise, or 
pay a monthly fee to have ads removed. 
    Bryn Hansen, 11, and Emily Harkins, 12, of Omaha, won the 
team contest for "Keep Track Sticky Back," sealable plastic 
pouches costing $7.99 to $66.99 that have sticky backs so they 
can be attached to nearly anything. 
    "This competition has taught us a lot, not just business 
skills but also cost-evaluation, problem-solving skills, and 
business etiquette, and how to interact with other people," said 
Emily, who was on "cloud nine" after winning. 
    Winners each got $5,000, and said they plan to invest it 
toward their businesses. Bryn and Emily may also seek a patent. 
    Buffett gave each finalist 10 Class B shares of Berkshire 
-if they vote to reelect him next year as chairman. 
    Many entries were pure online concepts. That is a change 
from when Buffett would buy Coca-Cola six-packs at his 
grandfather's grocery store for 25 cents, and then sell bottles 
for a nickel each. 
    "They've had the benefit of the Internet," Buffett said, 
"and that's reflective of the products they've come up with. 
They are leagues ahead of where I was at the same age." 
    Still, Buffett remains a role model. "He has a ton of 
inspirational quotes to believe in yourself, to save money, and 
maybe someday grow up to be someone like him," Bryn said. 
    The Fairholme Foundation sponsors the contest. By Kids for 
Kids Co oversees it. Genius Brands International Inc  GNUS.PK  
created "Secret Millionaires Club." 
 
 (Reporting by Jonathan Stempel in New York; Editing by Toni 
Reinhold) 
 ((jon.stempel@thomsonreuters.com;)(646 223-6317; Reuters 
Messaging: jon.stempel.thomsonreuters.com@reuters.net)) 
 
Keywords: BUFFETT CHILDREN/