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Kids to pitch businesses to Warren Buffett

OMAHA, Neb. (AP) -- A select group of young entrepreneurs have won an opportunity to pitch their business ideas to investor Warren Buffett.

The kids, who are between 7- and 16-years-old, were chosen out of nearly 4,000 entries in the online contest.

The contest is tied to "The Secret Millionaires Club" cartoon that Buffett appears in to teach financial lessons. The contest is sponsored by the Fairholme Foundation and overseen by the By Kids For Kids Co.

Five individuals and three teams will be flown to Omaha to present their ideas to Buffett and a panel of judges.

An online vote from May 6-13 will help determine which of the finalists will win grand prizes of $5,000. The runners up will receive $500 prizes.