Name: Unbound
Quick Pitch: Unbound crowdsources funding for books.
Genius Idea: Ending the hunt for the next bestseller and the innovation bottleneck that comes with it.
The book publishing industry, says Unbound co-founder Dan Kieran, is broken.
“Publishers spend huge amounts to secure potential bestsellers, but only a very small number of those work out,” he says.
In the quest for the next big seller, authors who are known for one kind of book are encouraged to continue publishing that kind of book. Covers are designed to be eye-catching rather than beautiful. And innovative ideas that haven’t yet pro ven themselves as sellers can get left in the dust.
Kieran and his two co-founders, who are all authors and/or publishers, decided to rethink publishing in a way that shifts its focus from what might sell onto what readers have already declared they will read. Unbound, which launched on Sunday, allows authors to pitch their ideas directly to readers instead of editors. If enough readers support it — usually between 1,500 and 5,000 — the book will be published. If not, they get their money back.
Readers can pledge their support in different denominations. At the first level, they’ll receive an ebook edition of the book if it is published. At the most expensive, they’ll receive two invites to the launch party, lunch with the author, two signed first editions of the book and two ebook editions.
All supporters get their names printed in the back of the book and access to the author’s “shed,” where they can read updates about the book’s...
