Wednesday, August 13, 2008

Author Tao Lin Sells Shares in Next Novel

1st\NE Quadrant: The Approval Matrix

By Matthew Moore\Telegraph

Investors can pay $2,000 (£1,000) in return for a 10 per cent share of the royalties of Tao Lin’s as-yet-unfinished second novel.

Tao posted details of his “initial public offering” on his popular literary blog last week and claims to have already lined up buyers for five of the six shares.

He predicts, with little supporting evidence, that the novel will sell at least 13,000 copies in the US within two years, and that investors should be able to turn a profit within 40 months.

With potential film and reprint rights included, investors would then continue to reap dividends “every 6 months for the rest of their lives without having to do anything," Tao predicts.

Tao admits that he hopes publicity generated by his innovative money-raising strategy will itself boost sales of the book, but he also says that being publicly owned – at least in a professional sense - would boost his motivation.

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