PALO ALTO, Calif., July 24, 2013 /PRNewswire/ -- The Stealth M Group, whose focus is on advancing female entrepreneurs, is giving away its concept car, the Stealth M7, to raise business capital for women in technology and other fields to start and/or maintain their own businesses.
To raise such capital, today the company has launched the website www.StealthM7.com. Here it will sell advertisement and announcement space for $7 per day and take donations. Once they have raised $7 million for female-owned start-ups, the winner of the Stealth M7 will be randomly selected from those who advertise on the site or contribute any amount of money to the cause.
The idea to give away its concept car to raise money for women was inspired by a question posted on Quora.com: "Who drives the BMW with the license "VC+E=IPO" in downtown Palo Alto?" The Stealth M7 concept car, created for personal use from a customized BMW 750, has received so much attention in Silicon Valley and Beverly Hills that business owners and individuals have offered to buy the car or trade it for equity in their own companies. But instead of selling it, the Stealth M Group decided that it could raise more capital to support female entrepreneurs if, as incentive to patronize its website, it gave the car away.
According to the National Women's Business Council, businesses owned by women have had a positive $3 trillion yearly impact on the U.S. economy and have created over 23 million jobs. Yet the Huffington Post states that women receive only about 5 percent of US equity capital each year and 80 percent less venture capital then men to launch their businesses. Therefore, many female-owned companies most often fail or never get off the ground due to lack of sufficient capital. "So imagine how much we can improve the financial impact women make on our economy by investing in female entrepreneurs. I'm ready. Let's get started!" says Stealth, one of the founders of the Stealth M Group.
About Stealth M Group
The Stealth M Group, with members in Palo Alto and Los Angeles, is dedicated to supporting female entrepreneurs. Since 2012, the group has devised and is implementing creative ways to raise money for and to support female entrepreneurs and female-owned businesses.
SOURCE Stealth M Group