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Hi, I’m Brad Feld, a managing director at the Foundry Group who lives in Boulder, Colorado. I invest in software and Internet companies around the US, run marathons and read a lot.

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Going Beyond Amazon: A New Model for Authors, Retailers, and Publishers

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As many of you know, I have a keen interest in the future of digital publishing.

One of the reasons we started FG Press was to give control and transparency back to the authors. Specifically, at FG Press the author gets 50% royalty on all books sold (up from the traditional 15%) and we employ the latest technologies, promotions, and marketing efforts to help the author build a personal audience who they have a direct relationship with. Ultimately, we want to create the foundation for how future long-form content (e.g. books) will be created and consumed as well as how the connections between reader and author will be established and managed.

But what about sales and distribution? It’s not enough to create great content. It’s equally important to get the content into the hands of avid readers. And, from our perspective, link the readers to the authors.

Right now, most readers purchase their ebooks from Amazon. But as Amazon battles Hachette and others, this could change. Amazon has no incentive to move away from their centralized online store where they own the consumer/reader and the data.

As an author, I’ve found Amazon’s lack of transparency on data to be frustrating. I can blame some of this on the traditional publisher, but given what could be possible, everyone falls short. As a reader, I find the lack of connection with the author infuriating. I know some authors don’t want to be bothered, but for the one’s who do, I’d love to interact with them directly. And, as an author who loves to hear from and interact with his readers, I often want to scream when I am confronted with the wall that is “the publishing industry.”

We’ve explored many different approaches. There are hundreds of startups working on a wide variety of things, many of which we are systematically incorporating into our infrastructure at FG Press. I’ve used some of them for my Startup Revolution series with many more coming now that we have a manageable way to deploy them, and a team to make it happen, versus just me in my spare time, which is basically non-existent.

One of these approaches is BookShout, a technology platform which can allow “any site to become a bookstore.” With iOS, Android, HTML5, and web apps, BookShout has created technology to power the sales and distribution of ebooks from nearly any site. It allows authors and retailers to do things that are difficult to do in the current publishing ecosystem, including:

  • maintain brand identity
  • generate more revenue
  • build direct consumer relationships and like-minded communities

BookShout has also taken the additional step to make sure the content is connected and the distribution is social. As BookShout CEO Jason Illian often says, “Content is king, but viral, connected content is King Kong.”

BookShout’s unique implementation allows every brand or author to use Twitter, Facebook, and other technologies to build audience and naturally stimulate re-occurring purchases and interaction. As an example, not only could Ben Horowitz sell his great book The Hard Thing about Hard Things from the A16Z site (beyond just a banner ad that clicks through to a landing page with a link to Amazon and other places to buy the book), he could also leave notes and create conversations with readers, allow those readers to invite others into the fold, and create new offers and promotions for his next book.

If an e-retailer wants to sell ebooks alongside any of their products on their own site, they can now do so with Bookshout. If a media company wants all of their largest brands to provide ebooks, each brand can build its own community and stay connected around ebooks. If a bestselling author wants to sell her next book from her own site, she now has the tools to generate more revenue and build an audience. Ebay, Urban Outfitters, Nike, James Patterson, NPR, Walmart, Alibaba – they can now each control their own future.

I’m not an investor in BookShout, but I’m a fan and I believe they are on to something big. Look for more from them, and more from us with them.

Book Cover Blurbs Should Die

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As we gear up to release Uncommon Stock, our first FG Press book, we just had an internal discussion about book blurbs. The concept of a blurb was apparently invented in 1907. The origin story of the blurb is amusing – according to Wikipedia:

“The word blurb originated in 1907. American humorist Gelett Burgess’s short 1906 book Are You a Bromide? was presented in a limited edition to an annual trade association dinner. The custom at such events was to have a dust jacket promoting the work and with, as Burgess’ publisher B. W. Huebsch described it, “the picture of a damsel — languishing, heroic, or coquettish — anyhow, a damsel on the jacket of every novel” In this case the jacket proclaimed “YES, this is a ‘BLURB’!” and the picture was of a (fictitious) young woman “Miss Belinda Blurb” shown calling out, described as “in the act of blurbing.”

While the history lesson is cute, the blurb has long since ceased to be useful. As a reader, I’m incredibly suspicious of them because as a writer, I know how they are manufactured. More on that in a bit, but for now, take a few minutes and check out some #HonestBlurbs.

Our internal back and forth on whether to include blurbs on our FG Press books resulted in the following rant from me.

I think endorsements like this are bullshit. I’m literally getting asked daily (5 times / week – sometimes more) to endorse books. I used to do it, now I say no unless it’s a friend, and even then they usually write the endorsement.

It’s an artifact of the publishing business that existed before “earned media” – blog posts, reviews, etc.

I’d love to just BLOW UP blurbs.

I think we should be focusing on real earned media, real reviews, real substantive support, rather than marketing nonsense the industry has been pushing since the early 1900s.

We had a little more back and forth but the more I thought about it, the more I have no interest in blurbs. I’ve been saying no to a lot of the requests I get recently, after having my name on probably 50 blurbs for other books in the last few years. At first, I always read the book before writing the blurb. Then, I started skimming the book before writing the blurb. Recently, I’ve been either asking the writer to send me a draft of the blurb they’d like, or I’ve just said something generically positive but non-substantive.

I’ve watched the other direction work the same way. It’s similar to press release quotes – it ends up being manufactured PR stuff, rather the authentic commentary. The idea that a static, short, manufactured blurb from a well known person as an endorsement of a book is so much less authentic than Amazon reviews, GoodReads, and blog posts from people who actually read the book.

When people send me a note that they liked my book, I ask them to put up a review on Amazon if they are game. When someone writes with constructive feedback on a book I’ve written, I ask them to put up a review on Amazon, with the constructive feedback, if they are game. I appreciate all the serious feedback – both good and bad. Sure – I get trolled by some people who say things like “Feld is a moron, this book is another stupid thing he’s done.” I ignore that kind of thing, and feel that most rational humans can separate the signal from the noise.

So, at least for now, we aren’t going to do blurbs on FG Press books. Instead, we’ll ask people to put up reviews on Amazon, GoodReads, their blog, and other sites that make sense. And, when someone requests a blurb from me, I’m going to start passing and defaulting to writing a review on this site and putting up the review on Amazon on GoodReads, like I have for many of the books I’ve read.

Introducing FG Press

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FG PressEvery year or so my partners and I at Foundry Group create a new company, or start a new project, that we believe had the potential to change the way something works in our world, while simultaneously helping the entrepreneurs we work with, and the entrepreneurs we aspire to work with.

For example, in 2006, we co-founded Techstars. At the time David Cohen, the co-founder and CEO, was unhappy with how angel investing worked. He was dissatisfied with his experience and had a hypothesis around helping a group of companies get going, surrounding them with active mentors, and accelerating their early growth. The Techstars Boulder 2007 program was an experiment – we had no idea if it would work. Looking back seven years later, I’m immensely proud and satisfied with the impact Techstars has had on the world of entrepreneurship, especially at the early stages of company creation, and look forward to our goal over the next seven years of building the most powerful and connected early stage startup network in the world.

Our 2014 project is FG Press.

I wrote my first book, Do More Faster, with David Cohen in 2010. We worked with our publisher Wiley, who took a chance on us. I had absolutely no idea what I was doing and it was really fucking hard. I remember sitting at my kitchen table in Homer, Alaska in July 2010 at 2am almost crying with frustration. I was just grinding through the last bit of it and the tedium of the process was overwhelming. I kept thinking “there has to be a better way” even back then, but there was something magical about holding the book in my hands in October 2010 when it came out.

In 2011, when my partner Jason Mendelson and I wrote my second back, Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist, I had figured out the writing drill, but I was still baffled by the publishing process. It was painful and tedious, and there were many steps along the way that made no sense. But I kept writing and learning.

In 2012 I thought hard about self-publishing everything I did going forward, but I didn’t feel like I completely grokked the publishing business yet. Venture Deals was a very successful book and Wiley increased their focus and attention on me. I had an expectation that somehow things would be different, better, more impactful, and more aligned, especially around process, promotion, and economics. So I decided to do four more books, which make up the Startup Revolution series, including the most recent one  - Startup Boards: Getting the Most Out of Your Board of Directors (the third in the series) – which just came out. Along the way, my long time friend Matt Blumberg (CEO of Return Path) decided to write a book so we added it on to the Startup Revolution series, resulting in Startup CEO: A Field Guide To Scaling Up Your Business.

There’s a lot more history, which I’ll cover in later posts, but all of this led to a place in fall of 2013 where my partners and I at Foundry Group started having a discussion about doing something different around the book publishing industry. We all are extensive readers and believe the long-form book is something that is very valuable, especially ones like Venture Deals that we believe will have at least a 20 year relevance, assuming we continue to update it. We also think it should be easier for more people to write and produce high quality, useful long-form books. While we think the entire process and engagement model is completely broken, that leads us to the punchline of the thing that is really wrong.

The relationship between the reader and the author has an immense amount of friction in it. And that friction comes from the publisher. It’s not just that the economics are wrong (why should the economic split between publisher and author be – on average – 85% to the publisher and 15% to the author?) but that the publisher sits in between the author and the reader. Sure – industrious writers can build direct relationships with their readers around their publisher – which is what happens today, but that’s silly. Shouldn’t the publisher be in the business of helping facilitate these relationships in addition to theoretically curating and producing the content?

We spent a morning together one day talking about this stuff. We came up with a very long list of issues, like the ones above, and then put the key question on the table: “What should we do about this.” My response was “let’s start our own publishing company.” Hence FG Press.

As with all new ideas, we started looking for patterns in things in the world that we liked. If you are familiar with McSweeney’s, O’Reilly, or Granta, then you understand where our brains were going and some of the companies that inspire us. Ultimately, we realized that the optimal model for what we were doing was Techstars, specifically the Techstars of 2006.

If you are a fan of analogies, Techstars is to “angel investing before Techstars” as FG Press is to “traditional publishing.” We are running an experiment in the first year. The experiment involves anyone who wants to participate. We expect to learn a lot and iterate very rapidly on what we are doing. And we plan to share out ideas widely, as a way of open-sourcing our learning, engaging with other people working on similar problems, while taking an author and reader-centric point of view, in the same way that Techstars took an entrepreneur and mentor-centric point of view.

Like Techstars, this is a new entity. It has a full time co-founder/CEO (Dane McDonald), just like Techstars was co-founded and run by David Cohen. It’s a self-funded entity, just like Techstars was for the first two years. Our goal is that it’s deeply complementary and integrated into everything we do and our point of view about the world of entrepreneurship, as Techstars is.

Will make mistakes. We’ll learn a lot. We’ll have fun. We hope you’ll come along for the journey with us. If you want to get a feel for one of the characters from our first book, just follow Mara Winkel on Twitter. And we’ll take Bitcoin, once we get the damn software working right.

It’s Startup, Not Start-up or Start Up

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When I created Startup Revolution and began writing Startup Communities, I insisted with Wiley (my publisher) that the word be “startup” and not “start-up” or “start up” or even “StartUp”. It took a while to (a) get everyone to agree to that and (b) expunge the efforts of the copy-editor to reintroduce some gross variant of “startup” but I finally got it done.

Today I noticed a post from Andrew Hyde titled Washington Post Style Guide Now Includes “Startup” as A WordAwesome.

We had a similar conversation when Startup America Partnership was formed in 2011. After some back and forth we all got it right.

I’m glad that “Startup” is making its way into the style guides of the old media world.

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