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Despite the combination of a fragile economy and a roiling publishing industry, people continue to launch presses, although some are doing so by creating innovative business models to minimize their financial risk. Five Stones Press, a press headquartered in Atlanta, jumpstarted operations this past fall by adopting a business model that's already been used in the music and movie industries to finance projects: mystery writer David Fulmer and two business-savvy partners, communications professional Tara Coyt and finance expert Anna Foote, sold 100 shares to 32 of the author's friends and fans in the press's debut publication, The Fall, by Fulmer. The Fall is scheduled for release March 15, 2010.

While Coyt declined to disclose the amount raised by selling shares, she did disclose that enough funds had been raised to produce and market The Fall.

The Fall is Fulmer's seventh mystery novel. Previously, his books have been published by Poisoned Pen Press and Harcourt. His first novel, Chasing the Devil's Tail, won a Shamus Award in 2002, and his fifth novel, The Blue Door, was nominated for a Shamus Award in 2009.

Harcourt's not renewing their option to continue publishing Fulmer -- despite positive reviews and accolades within the industry for his previous works - prompted him to partner with Coyt and Foote in the venture that evolved into Five Stones Press. Despite its unconventional (for the publishing industry) business model, the press will otherwise adhere to industry norms -- such as sending out galleys and ARCs to media reviewers.

Five Stones currently employs its three founders, with assistance from freelancers. Of the three, Coyt has a book publishing background, having performing marketing, editing, and writing responsibilities for various small and mid-sized publishers.

The three principals behind Five Stones Press intend to publish fiction and nonfiction books by previously published authors with an established fan base.

"I don't think what we're doing is an option for anyone who doesn't already have real momentum," Fulmer states on the company's website.

While no other books are scheduled for publication after The Fall, Coyt explained that the press is in the process of soliciting manuscripts from Fulmer's friends and colleagues in the industry, and hopes that by the end of this year, they will have signed on at least one other author.

"There are lots of other authors out there who, like Fulmer, have published five, six, seven books, and then couldn't get another deal," she told PW Daily.

Five Stones Press releases will be distributed through Small Press United, IPG's program for small press distribution.

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