CROWDFUNDING AND PUBLISHING: This short video by John Bond of Riverwinds Consulting talks about crowdfunding. FIND OUT more about John Bond and his publishing consulting practice at www.RiverwindsConsulting.com
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TRANSCRIPT
Hi there. I am John Bond from Riverwinds Consulting and this is Publishing Defined.
Today I am going to talk about crowdfunding and scholarly publishing. To start, crowdfunding in general means the practice of funding a project by raising small amounts of money from many people, usually online. Crowdfunding is an offshoot of crowdsourcing which is a sourcing model in which individuals or organizations use contributions from online users to obtain services or ideas.
In 2015, it was estimated that worldwide over US $34 billion was raised via crowdfunding. Crowdfunding in publishing occurs when an individual wants to publish something, and they reach out via a site like Kickstarter or Indiegogo to interested supporters. To date, this model has been used more with book publishing then other forms of publishing, but this surely will change. Also, it has mostly been applied to trade publishing versus scholarly publishing.
Aside from funding sites such as Kickstarter and Indiegogo, there are other companies or sites that more directly target publishing and crowdfunding. Among them are Inkshares, Unbound, Publishizer, Unglue.it.
Many people or groups work under the crowdfunding model as follows: an author or organization develops pitch materials for their idea such as a proposal and a video, they post on one of these sites and connect with people or funders, when they hit the appropriate funding levels, they produce/publish their work, and then the funders receive some reward for their support.
There are many reasons people might fund a project. The most common is reward based whereby the participant might get a free book or subscription or some kind of swag. Others may have to do with having stake or equity in the project.
This model will inevitably expand more into scholarly publishing. A recent post online discussed funding research via crowdfunding. Of course it will be important to ensure funders don’t influence the research or content of the publication.
I saw information on a new venture called ScholaryHub. They launched a crowdfunding campaign to get their new venture up and running. There are building “a new, multi-disciplinary open-access platform for scholarly communications that aims to boost interaction among scholars and enhance their ability to share their work with the public at large, free from the constraints placed by publishing conglomerates and myopic government policies.”
I am sure more such efforts to start a new venture in scholarly publishing via crowdfunding will only grow.
Well that’s it. I’ve released a new eBook called, “Scholarly Publishing: A Primer.” It is a short, focused guide on some of the essential topics that are integral to academic publishing. It was born out of videos on this channel. See the link in the notes below for more information on the book or how to purchase it.
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