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Warren Buffett backs new business kits for kids

MGN Online

MGN Online

OMAHA, Neb. (AP) - Earlier this year, Warren Buffett congratulated a group of three Kentucky kids for developing kits to help their peers set up businesses.

Now Buffett is teaching the young entrepreneurs how tough business can be by backing a competing product that will be sold exclusively in Toys R Us stores.

Both the new "Business in a Box" kits and the contest the Kentucky kids won in May are tied to "The Secret Millionaire's Club" cartoon that features advice from an animated Buffett.

A spokeswoman for A Squared Entertainment says the company behind the cartoon started developing the "Business in a Box" kits more than three years ago, so there's no link to the contest-winning idea.

The kids will likely have a hard time competing but their kits are $5 cheaper.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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