OMAHA, Neb. (AP) -- Billionaire Warren Buffett is spending his day listening to business pitches from a select group of kids, but the ideas aren't likely to generate new acquisitions for Buffett's Berkshire Hathaway (NYSE:BRK-A), (NYSE:BRK-B).

The kids, who are between 7 and 16 years old, are all finalists in an online contest tied to Buffett's The Secret Millionaire's Club cartoon. Buffett voices his own character to teach financial lessons in the cartoon.

Five individuals and three teams were flown to Omaha to present their ideas to Buffett and a panel of judges on Monday.

The grand prize winners will receive $5,000. The runners up will receive $500 prizes. The contest is sponsored by the Fairholme Foundation and overseen by the By Kids For Kids Co.