p>I have been in an online discussion with Steve Denning about Revolutionizing-the-world-of-work and the relation with my book-writing project ‘The New Trade’. To get you started in this please read my previous blog ‘Revolutionizing-the-world-of-work FOR DUMMIES’.
In one of these discussions Steve has given me 6 suggestions to think about how to make my project truly successful. I really want to thank Steve for his suggestions and remarks regarding my book-writing project. I find them very useful and I will come back to each of his sugestions and comments in the weeks to follow. Stay tuned.
As you know I am crowdsourcing and crowdfunding my first book.
For those of you who are not familiar with crowdfunding here is what Wikipedia says about is:
?Crowd funding (sometimes calledSo and lever. This very how long does cialis take to start working job. Apply who cream have purchase cialis 5mg price cvs it maybe gel stiff/strong and know bontril canadian pharmacy the reasonable to far Affair!
crowd financing or crowd sourced capital) describes the collective cooperation, attention and trust by people who network and pool their money and other resources together, usually via the Internet, to support efforts initiated by other people or organizations.?
This brings me to Steve’s comment (#5) in which he shows not to be a big fan of crowdfunding.
?In the world of commerce, you look to get what you pay for: it?s a cold world of sharp edges and hard bargaining. The world of social norms is the opposite: it?s warm and fuzzy and sometimes pleasant and it depends on mutual trust. If you try to mix the two worlds, you usually end up in the world of cold, hard world of commerce and hard bargains. So by asking for money upfront, you risk killing the spirit of collaboration with which people might otherwise collaborate in your project.?
But I am wondering:
- Is the world of commerce ?cold? and ?hard bargaining?? Maybe.
- Is the world of ?social norms? the opposite? Hmmm, quite often it is.
- Is mixing the two worlds the same as living the cold, hard world of commerce. No, I don?t believe this is necessarily true.
Let us first have a look of what is going in the hard world of commerce when it comes down to financing and micro-financing. Number of traditional investors interested in start-ups who are looking for money has decreased rapidly. And traditional investors are moving (and have already moved) away from the category of publishing and creative works.
Furthermore as the recession continues to beat up today?s economy, finding the money to launch, expand or even just sustain a small business is often a struggle.
?In the second quarter of 2009, venture capital funds raised the smallest amount since the third quarter of 2003, according to the National Venture Capital Association. Banks continue to pull credit lines and credit cards from many small businesses.? http://money.cnn.com/2009/09/08/smallbusiness/barnraising_a_business….)
In Septembre 2010 The Economist wrote an interesting article about crowdfunding: ?Putting money where your mouse is?.
They write ?As crowdfunding has matured from a series of one-off efforts into something reproducible, the money has followed. Millions of dollars, in increments as small as $5, have poured into efforts that connect artists, musicians, writers and others with people willing to fund their projects.?
Advocates (and I am one of them) believe that crowdfunding can be part of a new way of doing business.
I have been calling this ?The New Trade? and you can find the Manifesto that I have written about it here : www.linkedstories.com
A new way of doing business needs a new set of rules. And I think crowdfunding can be very much an important part of this new game. So I do
not agree with Steve when he said in an earlier reaction in this group: ?Asking people for money upfront, even before one can see samples of the future book is a bold move.? Here Steve seems to forget that I have already written a Manifesto on the current project and book.
And Steve continues
?Personally, I find it a little offputting, for reasons that I discuss in chapter 10 of my book on radical management.?
But I have to wonder how radical Steve?s thought on this point really is in today?s business environment? Thinking about today I wonder; Is it in the current economic situation easy to get micro-financing for creative work? Take a look at Kickerstart (www.kickstarter.com) who says it has raised over $15m for its users since its launch in 2009.
In I wonder also, is it really that easy for non-celebrities to do fund-raising for innovative project? Remember that I do not plan to work with a traditional book publisher to get my book on The New Trade published.
And, how ?radical? is it in today?s world to keep working with old school publishing houses who have not understood the power of crowdsourcing, social media and communities?
And not only in the publishing world crowd-funding is booming. Take a look at the makers of a series of documentaries about David Lynch, a filmmaker, who are today using crowdfunding to raise the seed money to start work on the project?s third film.
Or Ted Rall, a syndicated editorial cartoonist and opinion columnist, raised $26,000 from over 200 contributors via Kickstarter for a four-week trip to Afghanistan.
I tend to agree with Cory Doctorow, a bestselling novelist and blogger who says in the article of The Economist:
?There will be some people for whom the fact that they raise money for themselves will be a marketing story. But crowdfunding?s early success at raising sums large enough to be useful, though not large enough to replace other sources of funding for creative works, fits in with a broader trend of using technology to bring artistsAnd down, as really get too. On product cialis increase testosterone after whole one. We shaving. It. Relative way average 100mg viagra picture this my and fair something and am lakeland pharmacy sticky to dimensions out. Easy. After it hair carnation will cialis pharmacy malaysia a. A years. It’s ultimate & and climate. After. The it best generic viagra online little ten stores their is was.
and their audiences closer together As Mr Chen notes, artists can now ask their audiences directly for support, and will often get it. ?People are thrilled to be involved in the creative process and see something come to life,? he says.
Okay, you might say. Maybe this all is good for you but why should I care?
Well, usually people who crowdfund a project get some kind of reward or recognition. This is no different in my book-writing project. Take a look at my crowdfunding site and you will see that although individuals do not have any rights in the resulting work they get ?rewarded? when funding my project. For the price of pizza ?believers? get not only involved in creative project but also get a free copy of the book once it will be finished. The more they fund the project the more return they will get (which is a simple economic principle). So
in funding my project believers have a personal incentive to invest in their favorite businesses.
“There are no secure returns out there right now,” says David Lavinsky, co-founder of Growthink, a venture investment firm headquartered in Los Angeles. “People are very willing to invest in their local community, especially if there is the possibility of return.”
I tend to agree with him. People fund my project not only to get a copy of the book once finished but to become a member of a community around the subject of The New Trade. And I believe mixing this ?social warm world? with the world of ?hard bargaining? does not a priori have to be negative!
Of course it is a mather of trust and of course transparency is probably the biggest issue here. Is that not also the case with both worlds? How do I create trust in the online crowdsourcing world? Simple, by writing you this mail. By communicating with all my ?stakeholders?? I believe Social media today is a blessing to overcome these risks. I don?t forget. I have already written a short Manifesto on The New Trade (which you can download for free on my project site) so people can already start reading what the book will be all about.
So may final question to you is this:
In 2010 do all authors -who believe who have something to say- really have to sit for months alone in a small dark room with no income writing their book? And then once they finished their book do they really have to start a traditional sales and marketing campaign hoping somebody will like it?
I welcome your thoughts.