Crowd-funding – what’s it all about?

Last year I heard about  Unbound publishing for the first time. At first it sounded like a scam, reminding me of when someone I know went to work for an iUnbound photonsurance company and pestered all her friends relentlessly to buy a policy so she got the commission. Crowd-funding a book? I couldn’t understand why someone would pay money for an unfinished product and get nothing in return.

Recently, I’ve learned more about Unbound, and the picture is getting clearer. Firstly, Unbound have to be convinced about the quality of an author’s writing: it’s not in their interests to be promoting and publishing poor books. Secondly, people don’t just send money, they ‘pledge’ an amount of their choosing, depending on the ‘level’ of return they want. They can pledge for an ebook, or a special edition hard back, possibly with their name in it as a ‘subscriber’, or even an invitation to the launch party It’s the way commercial publishing was managed in its infancy, more like a ‘pre-order’ process with bells and whistles. If the necessary level of funding isn’t reached, subscribers can ask for their money to be returned, or transferred to another ‘project’. While the writing is in process the author will keep subscribers in touch with how they’re going, probably through a blog like this one – ‘writing about writing’.

So much for the subscribers’ reward, what does the author get out of it? For a start, they get 50% royalties, which is a vastly better deal than the norm, and could be seen as payment for the effort the author undoubtedly will put into the raising of the initial money. They get more of a partnership with the publishers, and a really well-produced edition of their work which their readers will look forward and value. They also get – as far as I understand – a ‘trade’ edition of the book, published in paperback some months after the hardback, and distributed through Penguin Random House. Yes, Penguin Random House – doesn’t get much bigger than that.

There’s the upside. What’s the downside? Well, if you want to go down this road as an author you’ve got to be happy to promote the funding campaign by any and all means short of pestering and alienating your friends. You do the video explaining your writing life and your hopes for the new book, you talk to people directly and through social media, you invite people to feel part of the project you are undertaking. If this sounds tacky, or scary, or beneath your dignity, then don’t sign up for crowd-funding.

You may have gathered that I’m interested in Unbound. If I get the chance to work with them, I’ll take it. It’s not for everyone, but it sounds like something I would enjoy. It would also give me the chance to reach a much wider readership than I have been able to reach so far, without sacrificing my hard-won self-publishing independence. I would relish the sense of involvement and partnership and appreciate the help with the technical aspects of book production. Wouldn’t you?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s