Crowdfunding for authors: Spread the love…and the risk

BoldFace

By Carol Harrison

How do you make a small fortune in publishing? Start with a big fortune.

Pretty gloomy, huh? Well, when stalwarts such as Key Porter Books (2010) and Douglas and McIntyre (2012) go bankrupt or must sell off their assets, it sends shivers up the spines of not only established authors but also those wanting to get established.

You can self-publish your book, but anyone who’s done so knows it can be a big financial commitment—even if you create an ebook to avoid PP&B (paper, printing, and binding) costs. The thing still needs to be edited, proofread, and designed. (And, yes, many ebooks have “covers” to gain visual marketing traction.)

Many authors (or, better, entrepreneurs) are now turning to crowdfunding. In a 2011 study published by the Journal of Service Management, “‘crowdfunding’ is a collective effort by people who network and pool their money together, usually via…

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