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Boulder-based venture capital investment firm Foundry Group, said this morning that it has launched a new company, FG Press, focused on the publishing world. The startup--which says it is "building a modern publishing company that gives control to authors"--will look to provide a more equitable arrangement to authors, splitting revenues 50-50 with authors -- rather than the old, publishing and royalty model, where less than 15 percent of a book's revenues actually go to the author. The new company came out of the frustrating experience of Foundry's Brad Feld, TechStars' David Cohen, and others on the Foundry Team on publishing a series of books on startups through the more traditional publishing model. Feld, in a blog post describing the new company, called traditional publshing as "painful and tedious". The new venture will be led by Dane McDonald, and is backed by Foundry Group; details on the firm's investment in FG Press were not announced.
posted on Wednesday, February 26, 2014 (Link to more information)

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