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Bookbackers puts the reader at the heart of publishing, and by doing so gives publishers a huge advantage. By publishing a book that has been reviewed, selected and invested in by tens, maybe hundreds of readers, you know that there is an army of people incentivised to spread the word - before you've even started.
Here's the process: publishers upload manuscripts they would like to be considered (perhaps from the slush pile, perhaps from agents) by BookBackers readers. Registered readers can download the manuscript (as a read only PDF) and can choose whether they want to invest in it. A critical mass of BookBackers must be reached to make the book's publication viable, so already fans of the book are likely to talk to others about it to get them on side. Once the required level is reached, the BookBackers money is collected and passed to the publisher to spend on some aspect of the book - print, advance, development costs and so on. The book is scheduled and published as normal, and the BookBackers are kept updated via this site. Upon publication, they are likely to help market the book since they have a financial incentive to do so. If the book underperforms, BookBackers investment is written off - like shares, they don't get their money back. But if it takes off, they get a percentage dividend, capped at a pre-agreed level and administered by the BookBackers team.
* Army of evangelists motivated to spread word of mouth
* Additional cash from investors to launch the book
* Insight into what readers want
* Reduced marketing costs due to incentivised BookBackers
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For readers who find it hard to discover books they enjoy, who lament the high number of celebrity books, who enjoy the sense of discovery they get from a show like Richard and Judy or who want to have the chance to financially benefit from their taste in books, BookBackers is an exciting development. Readers sign up to BookBackers' website. They can then browse the descriptions of manuscripts that have been uploaded by publishers, and download the ones they're interested in. If they find a book they really rate, they can buy shares in it - one share typically costs £10, so it's a modest investment. Once the minimum subscription has been reached, their money is used to launch the book by the publisher. Upon publication, they are encouraged, through regular emails from BookBackers, to do whatever they can to support the book, by spreading the word through book groups, libraries, personal networks, facebook, family and so on. If the book takes off, they will get a dividend payout. If not, it was a small risk that won't put them off trying again.
* Chance to make a difference and see 'their' book in stores
* Way of getting publishers to publish the sorts of books they enjoy
* Way to invest in books they rate
BookBackers is an exciting new way to get people to stay longer in your stores, to be more involved, to participate and to feel they're being listened to.
Booksellers can be involved in many ways at all stages of the process. When books are being discussed for investment, booksellers can host discussion evenings, akin to book groups, where potential investors can discuss the merits of a book. Booksellers can sponsor their staff to become BookBackers, providing them with half the capital, for instance, to buy shares in books they love. Once the book is published, booksellers can feature books in promotions - "the top five BookBackers books as chosen by the people of Canterbury" - and when their customers and even staff have a financial stake in their success it adds a new layer of interest to a book.
Perhaps most importantly, this is a great way for booksellers - those at the sharp end of the industry, who hear reader feedback all the time but who have few opportunities to pass it back up the supply chain to publishers - can capitalise on their knowledge and start a feedback loop so the books that are published are the books people want to read.
for media
An exciting new initiative like this, that places the reader at the heart of things, is full of potential for all manner of media, from radio, magazines and newspapers to TV. There is scope for pitching for a TV format that either supports or uses the concept of BookBackers. Formats to date have hinged around celebrity endorsement. If presented in a TV format, there may well be celebrities 'having a go at publishing' with the infrastructure provided by BookBackers. It would be appealing to viewers to be able to do the same as their celebrity idols: choose the books they'd like to see published and see whether they have a better eye than them for a successful book.