When Shark Tank host Robert Herjavec walks down the streets of New York City, he always get approached by children. He says the eight, 10 or 12-year-olds are the ones who approach him to talk about their dreams.

"They think that they can be anything," says Herjavec, who along with his fellow celebrity investors, have made deals with children entrepreneurs on the show. "They think if they can dream it, they can invent it."

Herjavec partnered with Frito-Lay Variety Pack for Dreamvention, a contest for children over the age of seven to see their inventions come to life and win $250,000. The contest launched Thursday, and runs until April 24th.

Herjavec has seen many young entrepreneurs take their shot on Shark Tank. He says ratings spike when children appear on the program, mostly because parents and their kids enjoy watching it together. But he believes Dreamvention is a better opportunity for children for one main reason: "If you go on the show, Kevin [O'Leary] could yell at you and that could scar you for life as a kid," Herjavec says. "No one is yelling at you [at Dreamvention], and you may get free chips."