Or is ‘improving’ a better word than ‘disrupting’?
The Foundry Group, a venture capital firm located in Boulder, Colorado, is entering the book publishing field with an interesting but not totally new business model.
The purpose of the new Foundry Group Press (FGP) will be to connect authors directly with readers by exterminating the traditional role of publishers. FGP will split book revenue 50 – 50, not as good as Amazon, BUT, FGP will help with marketing and distribution (a big deal if done right) and commit to “uncompromising use of forward-looking technologies and approaches to create the best possible book,” their site said.
FGP will also produce traditional print books as well as digital e-books.
Co-founder and CEO Dane McDonald and especially Foundry Group managing director Brad Feld (a prolific writer in his own right) offer many insightful thoughts in their own published books that show why the relationship between authors, publishers, and readers is broken—and that publishing houses are at fault.
Foundry Group Looking to Disrupt Book Publishing With New Startup
The Foundry Group is getting into the book publishing game.
The purpose of the new press will be to better connect authors and readers by upending the traditional role of publishers, according to the FG Press website.
“We believe there should be no barrier to entry for the creation of long-form content, quality should never be compromised to grow the bottom line, and there should exist a direct and continuous relationship between author and reader,” the site said.
Sounds idealistic, perhaps, but not naïve. Among the innovations the press will offer is a 50-50 split of revenue from book sales, help with marketing and distribution, and a commitment to be “uncompromising in using forward-looking technologies and approaches to create the best possible book,” the site said.
The press will produce traditional print books and digital e-books, and it will experiment with technologies that allow for interaction between authors and readers, according to the site.
Co-founder and CEO Dane McDonald said the company will work with authors from a variety of genres, but at the start it will focus on what its backers know best—books about startups, entrepreneurship, and business management, along with some science fiction.
The press already plans to publish eight books this year. It will be self-funded and is a separate entity from Foundry Group.