What do you get when you combine legacy publishing with crowdfunding? A new model of publishing through Inkshares. It’s called crowdfunded publishing.
The startup will provide editing, design, marketing and distribution, just like a regular publisher. But unlike a traditional publishing company, Inkshares will raise the money to pay for those services through crowdfunding.
“Legacy publishing is not broken. It’s just no longer the most efficient way to produce books,” said Adam Gomolin, Inkshares chief legal officer, on the company’s blog.
New Publishing Model
Under the Inkshares publishing model, a book will not get published until it has raised the funding necessary to cover the publishing costs and an initial print run of 1,000 copies. It’s an all-or-nothing model, which means the author must hit the funding goal by end date before he or she sees any of the money. The author may raise more, but not less than the funding goal.
Inkshares will set the price of the book. Once it’s published, authors will receive 70 percent of the net receipt for both paper and digital copies. A traditional publisher typically pays 10 percent to 15 percent.
Inkshares will release titles in print and digital forms. Authors can choose to print in digital only for a lower funding floor.
Crowdfunded Publishing: What to Do
If you’re a writer who is unable to find a traditional publisher, but not interested in self-publishing, this might be the model for you. You can submit a proposal for your project (book, article, e-book) to Inkshares. Backers, typically interested readers and the writer’s network of friends and family, will support the project by pre-ordering the work. When you receive sufficient support, the publishing process begins.
Publishers Weekly published an article about Inkshares. To read it, click here.