Here’s how publishing has worked since its inception:

1. Author writes book.
2. Author publishes book (him-/herself or via a publisher).
3. Readers buy book.
4. (Hopefully!) Author makes profit on books sold.

But a new route is emerging in the publishing industry that looks like this:

1. Author writes book.
2. Author asks readers to pay for publication (and possibly marketing of book).
3. Readers back book.
4. Author publishes book.
5. Readers buy book.
6. (Hopefully!) Author makes profit on books sold.

Or even like this:

1. Author comes up with idea for book.
2. Author asks readers to pay, based on idea, for writing and publication (and possibly marketing of book).
3. Readers back book.
4. Author publishes book.
5. Readers buy book.
6. (Hopefully!) Author makes profit on books sold.

This new route is born of crowdfunding. Platforms like Kickstarter (founded in 2009; has helped five million people fund more than 50,000 creative projects) allow authors to secure financial backing for their book before it hits the shelves or online book stores. The basic idea is that you pitch a project on such a platform, ‘selling’ the concept to backers, and you ask for pledges towards a financial goal; $5,000, say. If you get all the pledges you need to hit your target by the deadline, you get the money from backers. If not, the project has failed and you get no money at all. In return for their backing, you offer something special to those who support you – signed first editions, perhaps.

At first glance, this crowdfunding may seem a little crazy. What reader will part with money for a book without being able to then read it at once? Well, plenty, in fact. The UK company Unbound, for example, specialises in book crowdfunding projects, and it has some pretty impressive clients on its list.

The benefits to the author of using crowdfunding successfully are twofold:

1. You get money to put towards the cost of publishing/marketing your book.

2. You build a supporter base.

The latter benefit is perhaps of most interest. Those who crowdfund based purely on an idea (the book isn’t written yet) get a good idea of whether a market exists for their book. And for any project, those who do pledge are showing a commitment to the book. So, with crowdfunding, you can build up a readership before even having the book out. Innovative indeed!

For some projects, crowdfunding has its place. For example, Unbound backs some big author names who want to write a book but can’t find a publisher – such as bestselling author Kate Mosse with her book Chichester Festival Theatre at Fifty. But as a common route for authors? I don’t think so. The beauty of crowdfunded novels is that they are in a niche, special, different. If everyone started doing it, I think readers would quickly become alienated.

What do you think of this new development in publishing? I would love to hear your thoughts.