The crowd-funding site PubSlush had been due to shut down this week, but it has been saved from the scrap heap via an unexpected acquisition.
Toronto-based Colborne Communications has acquired PubSlush for an unknown sum, and will be taking over the site as of 24 August 2015.
Colborne is a publishing services company that offers editing, writing, proofreading, indexing, project management, and research services to publishers and authors alike.
Just about the only service (besides marketing) that Colborne doesn't provide is financing, and that's where PubSlush comes in. Greg Ioannou, president and founder of Colborne, told me over the phone that PubSlush will compliment Colborne's existing suite of services by helping cash-strapped authors raise funds and gauge market interest.
The cost of publishing a book can run into the thousands of dollars, and not all authors can afford to pay that out of pocket. By turning to a crowd-funding site like PubSlush, an author can raise capital by pre-selling copies of their book while at the same time find out if there is a paying audience for the work. A lack of support on PubSlush can provide a necessary reality check to the author. (The crowd-funding publishers Pentian and Inkshares work on a similar principle.)
Ioannou told me that seven or eight Colborne clients have used PubSlush this year alone, and that had the service shut down he would have had to direct clients to Indiegogo or Kickstarter.
In the long run, Colborne plans to turn PubSlush into a services marketplace where authors can hire the services they need to bring their manuscript to market.
image by Wayne Large