The Fairholme Foundation has announced the launch of the third year of competition for the Warren Buffett Secret Millionaires Club “Grow Your Own Business Challenge.”

The national online competition is open to kids 7-14, who are invited to create a new business idea. The competition, sponsored by the Fairholme Foundation to further its mission of improving financial education, launches at noon on October 22, 2013 and ends on January 31, 2014.

The Secret Millionaires Club is an animated TV series created by A2 Entertainment and airs on the Hub Network, a destination for kids and their families, featuring the voice of Warren Buffett as a mentor to a group of kids as they learn important financial and entrepreneurial lessons.

In May 2014, five individuals and three team finalists in the competition will be flown to Omaha, NE to present their winning ideas to Mr. Buffett and a panel of VIP judges. One Grand Prize individual and members of one Grand Prize team will each be awarded $5,000. The finalists will be invited to nominate a teacher who was most inspirational in the process to join them in Omaha and win up to $1,000. For full rules and to enter please visit www.SMCkids.com.

A new addition to the final event this year is the University of Miami’s Launch Pad Entrepreneur Team. The team will host a workshop at the event to offer advice and guidance to the finalists.

Last year, almost 4,000 kids from across the country entered the “Grow Your Own Business Challenge.” Last year’s winners were Matthew Myer from Cincinnati, OH and Team Kidtrepreneur (Kennedy Sabharwal, Sawyer Beeler and Spencer Sabharwal) from Lexington, KY. Their ideas stood out because of their creativity, entrepreneurship and inventiveness.

“I am proud of the difference that Secret Millionaires Club is making in the lives of today’s youth,” says Warren Buffett, CEO Berkshire Hathaway. “The skill set that all of the children who enter the competition are learning is something that they will have and build on for the rest of their lives.”

“The Fairholme Foundation is passionate about helping young adults succeed,” says Bruce Berkowitz, trustee of the Fairholme Foundation. “This program is a great way for us to provide guidance and information to bright and ambitious students to help them on the path to success.”

The Secret Millionaires Club Learn & Earn promotion offers an educational website and on-line materials for educators, parents and volunteers to extend the valuable lessons from Mr. Buffett into the classroom, home and afterschool programs. Girls, Inc., Junior Achievement and 4H are all participating in the program this year.

The “Grow Your Own Business Challenge” is a part of the Secret Millionaires Club Learn and Earn financial literacy promotion, which is sponsored exclusively by the Fairholme Foundation and reaches over 100,000 classrooms and youth organizations with free tools and lessons for teaching good financial habits to youth.

In October, the Secret Millionaires Club is also launching the SMC Business in a Box, Secret Millionaires Club DVD Volume 2 and a new book, Secret Millionaires Club: Warren Buffett’s 26 Secrets to Success in the Business of Life, written by Andy and Amy Heyward.

The series airs on the Hub Network. Tune in on Sunday, November 24 at 9 a.m. ET/6 a.m. PT for a new episode of “Secret Millionaires Club” titled “The Gift” featuring special guest, Bill Gates. The episode will encore Monday, November 25 at 11 a.m. ET/8 a.m. PT. There will also be a new episode titled “Just Say Snow!” that will air Sunday, December 22 at 9 a.m. ET/6 a.m. ET. The episode will encore Monday, December 23 at 11 a.m. ET/8 a.m. PT.

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